Multiple banks. Different interest rates. Call it a "conflict of interest".

Yes Bank Personal Loan EMI Calculator

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Yes Bank personal loans are available at attractive interest rates, so that your EMI per lakh can be as low as Rs.2,326. Yes Bank offers personal loan interest rates of 13.99% to 16.99% p.a. for salaried borrowers.

Rs.5 lakh @14.6% p.a. 2 years 3 years 5 years
Equated Monthly Instalment (EMI) (Rs.) 24,148 17,235 11,790
Total Interest Payable (Rs.) 79,562 1,20,456 2,07,414
Processing Fee (Rs.) 10,000 10,000 10,000
Total Amount Payable (Rs.) 5,89,562 6,30,456 7,17,414

Example – Suppose you have taken a personal loan of Rs.5 lakh from Yes Bank at an interest rate of 14.6% p.a.Keeping the processing fee at 2% of the loan amount, your loan repayment details for different tenures are shown.

Personal Loan EMI Calculator by BankBazaar

BankBazaar has a personal loan EMI calculator on its website which helps you calculate your loan EMI in seconds. It is a comprehensive tool that also gives a detailed breakup of charges towards the loan, apart from the installment amount. An repayment table is used to generate instant output.

To use the BankBazaar loan EMI calculator, you can follow 9 easy steps given below:

  • Visit the homepage of BankBazaar.
  • On the extreme right of the page, you will find a drop down menu.
  • Click on the menu and then on ‘Finance Tools’.
  • Under Finance Tools, select ‘EMI calculator’ from the list.
  • Then, enter loan details such as loan amount, rate of interest, loan tenure, and processing fees if any.
  • Select the option between yes or no, for pre-payments.
  • Click on ‘Calculate’.
  • The page displays the EMI amount in seconds.
  • The website also presents a graphical display of other loan details including all its charges.

How does the personal loan EMI calculator work?

The calculator requires basic details of the loan such as the principal amount, interest rate, loan tenure, etc. to calculate monthly installment.

The online loan EMI calculator uses the following formula:

E = P x R x (1+R)^n/[(1+R)^n-1]

Where, E is the EMI

P is the amount to be borrowed

R is the interest rate on a monthly basis

n is the loan tenure in months

Processing fee is also included in the calculation sometimes depending on the bank.

Features and Benefits

The personal loan EMI calculator can be used to calculate the EMI that you will have to pay towards a personal loan from Yes Bank. The loan calculator has many benefits such as:

Quick Calculation:

Manual calculation of EMI towards personal loan can take a long time, whereas this online calculator takes a few seconds. It allows you the freedom to explore various tenure options, loan amounts and different interest rates offering, helping you choose the ideal combination for a suitable EMI that fits your budget.

Accurate Calculation:

Manual calculation always carries a risk of errors every time you vary the amount to be borrowed, or interest rate, or loan tenure. When there is a comparison between banks, the chance of mistakes, further increases. The calculator on the other hand is accurate and free of such errors, no matter how many times the data is varied.

Convenience:

The calculator is found online and is very easy to use. Using this tool, you can decide the best loan for yourself in seconds. EMI calculation is the most important criteria in selecting a personal loan and this loan EMI calculator does the job with ease.

Graphic Representation of Loan Details:

The personal loan EMI calculator also displays the monthly payment and charges in a graphic form such as a pie diagram. The diagram displays the total amount that would be repaid towards the loan when the entire loan is complete.

Use of repayment Table:

Repayment table is used in the calculation of EMI as it helps in knowing the loan’s progress with time. The table determines how much loan amount you have repaid each year, in terms of principal and interest.

Yes Bank Personal Loan EMI Calculator FAQs

  1. Is the Personal Loan EMI Calculator easier to use than excel sheets?

    Yes, the personal loan EMI calculator is easier to use than excel sheets as the latter requires you to program the calculator before using it, whereas the online calculator already has an inbuilt formula.

  2. Can I use the same loan EMI calculator to calculate EMIs for personal loans from other banks?

    Yes, this is a universal loan EMI calculator and can be applied to any bank, provided you change the details of the loan, accordingly.

  3. How different are loan calculators on the bank’s website from BankBazaar’s personal loan EMI calculator?

    The loan EMI calculators are not so different from the one on BankBazaar, however the latter provides a detailed analysis of your personal loan and helps you understand your repayment better.

A GST rate of 18% will be applicable on banking services and products from 01 July, 2017.

Display of any trademarks, tradenames, logos and other subject matters of intellectual property belong to their respective intellectual property owners. Display of such IP along with the related product information does not imply BankBazaar's partnership with the owner of the Intellectual Property or issuer/manufacturer of such products.

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