One of the major things that individuals often feel confused about when going for a personal loan is the impact of personal loan interest rate on the repayment amount. You must have known this fact that when you opt for a personal loan from any lender, you need to repay the loan amount in a fixed tenure with the help of a certain amount. This amount is known as the equated monthly installments or EMI. The first thing you need to know about the EMI amount is that it is a part of the principal amount and interest amount.
This is why you should understand the role of YES Bank Personal Loan Interest Rate when you are going to choose your EMI amount. It is important that when you are choosing a personal loan from YES Bank, you should choose an interest rate according to your repayment capacity and monthly income. To ensure this, you should have an estimation about the EMI amount beforehand with the help of YES Bank Personal Loan EMI Calculator. This is a tool that helps customers to know what will be the ideal EMI amount for them according to their required loan amount in a second. In this article, we will be telling you about the functioning of YES Bank Personal Loan EMI Calculator and role of interest rate in the EMI calculation. Keep reading to know more! Details Needed to Use YES Bank Personal Loan EMI Calculator What are those details that you will need to use the YES Bank Personal Loan EMI Calculator? This is one of the major questions that people often ask when going for a personal loan. This is a tool that helps customers to estimate their EMI amount before going for the required loan amount. However, there are a few details that you will need to put into the calculator. We are showing details about them below. Have a look! Required Loan Amount - This is one of the first and foremost details that you will need to put into the calculator. With the help of YES Bank Personal Loan, an individual can choose a loan amount that ranges from INR 1 lakh to INR 50 lakh. However, do remember that you should choose this loan amount according to your need and repayment capacity. Just put that required loan amount into first. YES Bank Personal Loan Interest Rate - The second detail is the personal loan interest rate that you will need to put into the calculator. This is the detail that will define your EMI amount. The higher the interest rate, the higher will be the EMI amount and vice versa. When it comes to the YES Bank Personal Loan interest rate, it starts from 10.45% per annum. However, the final rate of interest will depend on several factors such as age, employment type, job history, monthly income, credit score, etc. Tenure - YES Bank provides a maximum tenure of 60 months within which you can repay the loan amount. For example if you choose a tenure of 4 years, you will need to pay 48 EMIs over this period. There is one important thing you need to know about tenure. When you choose a long tenure, your EMIs will be lower but you will need to pay a higher interest amount. However, if you choose a shorter tenure, your EMIs will be higher with a lower interest outgo. So, these are the three details that you will need to get the exact EMI amount, interest amount and total amount payable with the help of YES Bank personal loan EMI calculator. Other than this purpose, you can also this tool for several other purposes such as balance transfer facility, prepayment of loan, or choosing the right tenure for yourself.
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Anika Sharma
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