Every person at one time or another feels the need for funds. Be it for some sudden unforeseen expenses, vacationing and overseas travel expense, medical expenses, and wedding expenses or even for home refurbishment and renovations. We do need a lending hand from banks. A simple solution to all these problems is to avail a Personal Loan. They are generally a short or a medium-term ‘unsecured’ loan which does not require any collateral.
Yes Bank is a reputed Private Bank which has competitive interest rates on Personal Loans in the market. However, with loans, your stress levels are bound to rise because of the thought of repayment. This can be reduced if you look at your repayment capacity before you apply for a Personal Loan.
A loan can be repaid in the form of Equated Monthly Instalments (EMIs). There are EMI calculators available online, where you can quickly calculate the EMI you will be comfortable paying throughout the tenure. You can adjust the tenure and loan amount and choose a repayment schedule and amount that will best suit you.
Calculate Your EMI for Yes Bank Personal Loan
Yes Bank Personal Loans Interest Rates start at 10.75%. The loan amount varies from Rs. 1 Lakh to 25 Lakhs. It is repayable in 1 to 5-year tenure.
To calculate your Yes Bank Personal Loan EMI using online EMI Calculator, you have to enter the preferred loan amount, the preferred tenure and the interest rate being offered to you.
For example, if the loan amount is Rs. 10 Lakhs, tenure is 3 years and the interest rate being offered to you is 11%, the EMI you will be required to pay is Rs. 32,739. If you find this amount to be very high, you can opt for a longer tenure, say 5 years. Then your EMI will be Rs. 21,742. However, if you still find this too high you can opt for a loan amount of 8 Lakhs at the same interest rate, payable in 5 years. For that, the EMI will be Rs. 17,394.
If the interest rate being offered to you is high, let us say 13%, then for the loan of Rs. 8 Lakhs payable in 5 years, the EMI will then be Rs. 18,202.
The above example shows that the EMI is directly affected by the three factors of interest, tenure and amount. The thumb rules to be remembered here are:
- Lower the interest rate, lower the EMI
- Higher the loan tenure, lower the EMI
- Higher the loan amount, higher the EMI
Always remember to first asses your financial obligations first before you apply for a loan. The calculation of the EMI is the deal maker or breaker when availing Personal Loans. If the EMI is higher than 50% of your earnings you need to consider higher loan tenures. Review all your financial liabilities and then see if you are comfortable in paying the EMIs for the loan amount you wish for. This is where the EMI calculator helps you. Always make use of it. When possible always restrict the loan amount to the least required.
Features and Benefits of Yes Bank Personal Loans
- Flexible and convenient loans: These loans are convenient and offered to both salaried and self-employed individuals. It can also be availed by professionals like medical professionals, Chartered Accountants, lawyers, and others. All are offered a loan of Rs. 1 Lakh to Rs. 25 Lakhs and is repayable in 1 year to 5 years.
- Unsecured loans: You are not required to provide any collateral or security or even a guarantor when taking a Yes Bank Personal Loan.
- Eligibility check in just 60 seconds: Whether you are eligible for the loan or not, you can check that instantly on their website.
- Quick processing: The bank takes less than 5 days from the date of receipt of the application to let you know of its decision, provided the documentation process is complete.
- Quick disbursal of funds: Once your application for a Personal Loan gets approved, your funds will get disbursed to your preferred account within a matter of a few hours.
- Attractive interest rates: As already said, Yes Bank offers competitive Personal Loans interest rates, starting from 10.75%.
- Easy application process: You can apply for a Personal Loan online with only basic documentation and the process is very quick. You just need the following documents when applying for the loan:
- Application form
- Identity proof (a copy of any one of these: Passport, driving license, Aadhaar card, voter ID). You can avail Personal Loan on Aadhar Card easily as nowadays most of the lenders seek this document to approve your loan request.
- Address proof: A valid ID proof with your permanent address which is at least a year old.
- Income Proof: Your bank statement from the last 3 months
- Transfer your existing loan is easy:You can also transfer your existing high-cost Personal Loans to Yes Bank to enjoy lower interest rates. You will save more money and you can also avail top-up funds during the process.
- Low processing fee: The processing fee is up to 2.50% of the loan amount or a minimum of Rs 999 plus taxes
- Part pre-payment option available: After the lock-in period of 12 EMIs is complete, you can part pre-pay your personal loan.
- Women and Government employees are provided special offers and products.
We hope that this information will help you ease your burden when you apply for Yes Bank Personal Loan.