Yes Bank offers several types of financial products and services to its customers. Home loan is one of its most popular products that help individuals fulfil their dreams of owning a house. But before getting a home loan from Yes Bank, it is important to calculate the EMI for your benefit. You can use the Yes Bank home loan EMI calculator to calculate your monthly EMI on a loan and make a decision.
Yes Bank home loan EMI calculator on Angel One’s website is a financial tool that is accessible for everyone at no cost.
The online Yes Bank home loan EMI calculator on Angel One’s website is very easy to use and effortless. The financial calculator takes your inputs of the loan amount, interest rate and tenure of the loan. It computes the monthly EMI, total interest and total loan, including the interest. All these details are provided in less than a minute.
The Yes Bank home loan EMI calculator formula to calculate your monthly EMI is as follows, –
EMI = [P x R x (1+R)^N]/[(1+R)^N-1]
P is the amount of money you borrow from the bank
R is the rate of interest per month charged by the bank
N is the tenure by which the loan has to be repaid (in months)
Using the home loan EMI calculator formula to calculate the EMI can be complex and easily prone to errors. Here’s where the online Yes Bank home loan EMI calculator on Angel One comes to your rescue. The usage of this calculator is very simple as follows: –
- Open the Angel One Yes Bank home loan EMI calculator
- Enter the loan amount
- Enter the interest rate
- Enter the tenure of the loan
That’s it. The online Yes Bank home loan EMI calculator computes the EMI on the loan along with the total interest and total amount of the loan in seconds.
Let us consider an example to understand the usage of the home loan EMI calculator.
If you plan to get a loan of Rs. 5,00,000 at the interest rate of 10% for 10 years tenure, enter the values in the online calculator. The online Yes Bank home loan EMI calculator on Angel One will give the results as follows:
- Monthly EMI: Rs. 6,608
- Principal amount: Rs. 5,00,000
- Total interest: Rs. 2,92,904
- Total amount: Rs. 7,92,904
This way, you can use the online calculator and calculate your monthly EMI on the home loan instantly.
- The online Yes Bank home loan EMI calculator helps you in evaluating the monthly EMI on the home loan. This will make you plan your monthly budget accordingly.
- Using the online home loan calculator, you can also see how much loan you can avail and decide the tenure of the loan as well as per your other financial commitments.
- The calculator helps you in getting accurate results instantly. You can avoid miscalculations or errors while evaluating your home loan EMI.
- The calculator is free of charge and can be used at any time and anywhere.
The three primary factors that impact your home loan EMI amount are the interest rate, loan amount and the tenure of the loan.
- Interest rate
The interest rate has a direct impact on the loan EMI amount. It takes away a certain percentage of the EMI you pay as interest. And the interest rate on the loan is determined by several factors like the applicant’s age, profession, monthly income, and other economic factors.
- Loan amount
The amount of loan you borrow also has a direct influence on the EMI you pay monthly. The higher the loan amount, the higher the monthly EMI.
- Tenure of the loan
The tenure of the loan also determines your monthly EMI on the loan. If you opt for a longer tenure, the monthly EMI can be less. However, this will increase the total interest you will pay on the loan.