Uncomplicating Personal Loan EMI Calculator
A personal loan EMI is when you are paying the bank a fixed amount against the overall loan that you have taken. The EMI tenure and amount is decided by you when you are applying for the loan. With Yes Bank, you can get loans with EMIs as low as INR 2162 for every 1 lakh of the loan amount and interest rates starting from 10.75%. However, if you are wondering how to calculate the EMI on your loan, Yes Bank offers a convenient solution which is the personal loan EMI calculator.
How EMI Calculator Works?
You can calculate your EMI by filling just three categories: the loan amount, rate of interest and the tenure of the loan. Once you have input all these three details in the Yes Bank personal loan calculator, it gives a graphical representation of the total interest and the total amount that you will be paying by the time the loan tenure ends. Hence, it gives you an exact idea about the amount that you are paying for the loan and what is the ideal tenure you should opt for, while selecting the loan amount.
To put the calculation figure manually, the EMI is calculated using the below mentioned formula:
EMI =(P × R × (1+r)^n)/((1+r)^n-1)
The loan amount- P can be anywhere between 2-20 lakhs
The rate of interest- R is at 10.75% generally
The loan tenure- n can be up to 60 months i.e. 5 years
How to Decide Your Personal Loan EMI?
You can decide the loan amount once you have identified how much money do you need in the form of loan and if you will be able to conveniently handle monthly EMIs with your current financial obligations. After analyzing these two aspects, you can check your personal loan eligibility which is calculated using a Multiplier Based or Fixed Income to Obligations Ratio calculation method. Once you have followed this simple three step process, you get to know the exact EMI amount for your loan and thus, plan your monthly finances effectively.
Benefits of Yes Bank EMI Calculator
Yes Bank EMI calculator functions on a simple formula without any hidden charges and terms. You get to know the processing fees and several available offers and schemes on loans, while you are applying for them. This allows you to make the most suitable choice for a personal loan as per your requirements. At Yes Bank, you also get to change the loan tenure or the EMI amount if the prepayment of your loan changes. So, if you are thinking of applying for a personal loan, check out the Yes Bank personal loan EMI calculator to plan your monthly budget efficiently!