YES Bank Home Loan EMI Calculator
YES Bank is a popular private bank in India offering various financial services, including hassle-free housing loans at a rate of interest starting at 9.40% per annum. Like all other lenders, YES Bank also offers an online tool called the YES Bank EMI calculator to help potential home loan borrowers calculate their Equated Monthly Installments on home loans. Entering details like the loan tenure, loan amount, and interest rate can help you get instant and precise results on the online YES Bank Home Loan EMI Calculator. Come join us in this post to understand all about the home loan calculator YES Bank, how to use it, and its benefits.
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Break up of Total Payment
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Principal Amount
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Total Interest
How to Calculate YES Bank Home Loan EMI?
Calculating the housing loan EMI every month may seem a bit complex, but you, as a borrower, can simplify it using the YES Bank EMI calculator. Using the online calculator tool to get precise results without any scope of errors is always a good idea. Potential home loan borrowers can easily calculate home loan EMI by entering some main loan details on the online EMI calculator.
YES Bank Home Loan EMI Calculator Formula
The easiest way to calculate your housing loan EMI is by using the YES Bank home loan calculator online. The borrower can get instant results within seconds after entering your loan tenure, rate of interest, and principal amount. For your reference, we are now elaborating the YES Bank home loan calculation formula to get an estimated monthly EMI:
EMI = [P x R x (1+R)^N] / [(1+R)^N-1]
In the above formula:
P denotes the Principal Amount
R denotes the Rate of Interest
N denotes the Number of Monthly Repayment Instalments
Factors Affecting YES Bank Bank Home Loan EMI
From the interest rate and loan tenure to the loan amount and the type of interest applied, each factor plays a crucial role in shaping your monthly home loan EMI. Understanding these factors and how they impact your home loan EMI is paramount. So, continue reading to understand the main YES Bank Bank home loan criteria and how they affect your EMI:
Interest Rate: The first main component you search for when shortlisting a lender for a home loan is the interest rate. But have you ever wondered why you aim to look for a lower interest rate? It is because it has a direct impact on your monthly home loan EMI repayments. The lower the rate of interest, the lower would be your EMI.
Principal Amount: Secondly, be ready to shell out more as EMI if you are aiming to get a higher principal loan amount. After all, if you borrow more, you will have to pay more as interest on the total loan amount.
Loan Tenure: The period for which you borrow money from the lender is yet another crucial factor to be taken into consideration when paying the monthly housing loan EMI. Usually, a shorter loan term means higher EMI and vice-versa.
Benefits of Using YES Bank Home Loan Calculator
YES Bank home loan online EMI calculator is not just a numerical aid but a key instrument that helps foster financial awareness, enabling borrowers to comprehend the long-term implications of their home loans. Let us acquaint you with the main benefits of YES Bank home loan EMI calculator:
Quick and Convenient: In today's fast-paced world, do you have time to spare for manual calculations of home loan EMIs? Therefore, it is better to opt for convenience and quick results using the online calculator tool. You are advised to try the online EMI calculator available at the official website of the BASIC Home Loan: EMI.
Accurate Results: Why take chances of errors in human calculations of a home loan EMI, when you can easily access accurate results on the same using the online home loan EMI calculator? Hence, accurate and precise results is one of the major benefits of using the online bank home loan calculator provided by YES Bank.
Free to Use: Another advantage of using the online EMI calculator tool is that it is completely free to use. Moreover, a borrower can use it as many times as required for different loan amounts and tenures to get an estimate of monthly home loan EMI.
YES Bank Home Loan Interest Calculator Formula
You can calculate the interest, too, by focusing on the three same components that were used to calculate the home loan EMI. The main objective of the YES Bank home loan interest rate calculator formula is to help borrowers calculate the interest portion of the monthly home loan EMI. Read on to understand the YES Bank home loan interest rate calculation formula in detail:
Total Interest = (P X R X T) / 100
In the above formula:
P denotes the Principal Amount
R denotes the Rate of Interest
T denotes the Time or Tenure in terms of monthly installments
YES Bank Home Loan Eligibility Criteria
Banks and non-banking financial companies have their own set of eligibility criteria, and borrowers must pass these to get home loans from them. If you are interested in applying for a home loan from YES Bank, then make sure to use the YES Bank home loan eligibility calculator to check whether or not you qualify to apply for a housing loan from this bank. This eligibility calculator will ask you for general details such as age, employment status, nationality, CIBIL score, and income.
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Comparison of Yes Bank Home Loan EMI with other Popular Banks
To make you more confident about your selection to apply for a home loan at YES Bank, we suggest you go through the table given below to see a comparison between the YES Bank EMI with the other 5 leading banks and NBFCs for a 10-year tenure:
| Bank Name | Rate of Interest | Rs. 10 lakhs | Rs. 20 lakhs | Rs. 30 lakhs | Rs. 40 lakhs | Rs. 50 lakhs |
|---|---|---|---|---|---|---|
| YES Bank | 9.40% p.a. onwards | Rs. 12,885 | Rs. 25,770 | Rs. 38,655 | Rs. 51,540 | Rs. 64,425 |
| SBI | 8.40% p.a. onwards | Rs. 12,345 | Rs. 24,690 | Rs. 37,035 | Rs. 49,381 | Rs. 61,726 |
| Bank of India | 8.40% p.a. onwards | Rs. 12,345 | Rs. 24,690 | Rs. 37,035 | Rs. 49,381 | Rs. 61,726 |
| LIC | 8.5% p.a. onwards | Rs. 12,399 | Rs. 24,797 | Rs. 37,196 | Rs. 49,594 | Rs. 61,993 |
| Tata Capital | 8.70% p.a. onwards | Rs. 12,506 | Rs. 25,012 | Rs. 37,517 | Rs. 50,023 | Rs. 62,529 |
| Federal Bank | 8.80% p.a. onwards | Rs. 12,560 | Rs. 25,119 | Rs. 37,679 | Rs. 50,238 | Rs. 62,798 |
| ICICI Bank | 9.00% p.a. onwards | Rs. 12,668 | Rs. 25,335 | Rs. 38,003 | Rs. 50,670 | Rs. 63,338 |
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YES Bank Home Loan Amortization Schedule
YES Bank Home Loan Amortization Schedules provide a comprehensive overview of how a borrower's mortgage will be paid over time. In other words, through this schedule, the borrower can get a complete outline of periodic payments and the distribution of those payments between principal and interest over the life of a mortgage.
Steps to Calculate YES Bank Home Loan Amortized Interest
Step 1: Divide your YES Bank home loan interest rate by the total number of EMIs you will make in a year. For instance, 9.40% p.a. and you make monthly payments, then you would divide 9.40% by 12 = 0.00783
Step 2: Multiply the number you got in Step 1 with your outstanding loan, and you will get the monthly interest payable. For instance, if your loan balance is Rs. 5,000,000, your first month's interest would be 5,000,000 x 0.00783 = Rs. 39,166
Step 3: Deduct the monthly interest calculated in Step 2 from your fixed EMI to know the principal payable in the 1st month. For instance, if your fixed monthly EMI is Rs. 51,910, you will pay Rs. 51,910 - Rs. 39,166 = Rs. 12,743 as the principal amount, and this amount will be deducted from your outstanding loan to calculate the outstanding for the subsequent month
Step 4: Continue repeating these steps to calculate the interest, principal and outstanding loan balance for each month
| Year/Month | Principal Amount | Interest | Loan | EMI |
|---|---|---|---|---|
| 2024 | Rs. 159,683.40 | Rs. 463,236.60 | Rs. 5,000,000.00 | Rs. 622,920 |
| 1st Month | Rs. 12,743.33 | Rs. 39,166.67 | Rs. 5,000,000.00 | Rs. 51,910 |
| 2nd Month | Rs. 12,843.16 | Rs. 39,066.84 | Rs. 4,987,256.67 | Rs. 51,910 |
| 3rd Month | Rs. 12,943.76 | Rs. 38,966.24 | Rs. 4,974,413.51 | Rs. 51,910 |
| 4th Month | Rs. 13,045.15 | Rs. 38,864.85 | Rs. 4,961,469.75 | Rs. 51,910 |
| 5th Month | Rs. 13,147.34 | Rs. 38,762.66 | Rs. 4,948,424.60 | Rs. 51,910 |
| 6th Month | Rs. 13,250.33 | Rs. 38,659.67 | Rs. 4,935,277.26 | Rs. 51,910 |
| 7th Month | Rs. 13,354.12 | Rs. 38,555.88 | Rs. 4,922,026.93 | Rs. 51,910 |
| 8th Month | Rs. 13,458.73 | Rs. 38,451.27 | Rs. 4,908,672.80 | Rs. 51,910 |
| 9th Month | Rs. 13,564.16 | Rs. 38,345.84 | Rs. 4,895,214.08 | Rs. 51,910 |
| 10th Month | Rs. 13,670.41 | Rs. 38,239.59 | Rs. 4,881,649.92 | Rs. 51,910 |
| 11th Month | Rs. 13,777.49 | Rs. 38,132.51 | Rs. 4,867,979.51 | Rs. 51,910 |
| 12th Month | Rs. 13,885.42 | Rs. 38024.58 | Rs. 4854202.02 | Rs. 51,910 |
FAQs
The maximum tenure on the YES Bank EMI calculator is 35 years.
To use the YES Bank EMI calculator, you need to fill in the details such as the principal amount, loan tenure, and interest rate.
Yes, you can easily apply online for a YES Bank home loan after using the EMI calculator on the bank's official website or the BASIChomeloan website.
The three main components that may affect YES Bank housing loan EMI are the interest rate, loan tenure, and the loan amount.
Borrowers are strongly recommended to calculate the YES Bank EMI before taking a loan for better monthly budget planning. This useful online tool also helps them assess whether or not they can afford a home loan for a certain loan amount.
Yes, women borrowers can enjoy a concession of 0.05% on home loan interest rate from YES Bank. However, we suggest you verify the same by contacting the bank officials.