How YES BANK Personal Loan Interest Rates Affect Your EMI Amount?

YES Bank is one of the leading private banks of India that provides a wide range of banking products to its customers. Among these products, a personal loan is one of the popular ones among customers. The reason: customers can get the required amount in an easy way without any security. But one of the important things while availing the loan amount is to ensure the lower YES Bank Personal Loan Interest Rates. If you are thinking the reason behind this fact then you know that personal loan interest rates directly affect your repayment amount. The higher the interest rates, the higher will be the repayment amount i.e. EMI.

So, if you choose a lower interest rate, your repayment amount would be lower as compared to a person who has chosen higher interest rates. In this article, we will tell you how YES Bank Personal Loan Interest rates affect your repayment amount and how much money you can save by choosing a lower interest rate. Other than this, we will also tell you how YES Bank Personal Loan EMI Calculator functions. So, keep reading to know more.

How much money can you save by Choosing YES Bank Personal Loan Interest Rates?

YES Bank Personal Loan Interest rates directly affect your repayment amount as we told before. But it would be better to understand via an example. Here, we are taking the case of an individual who wants to opt for a 5-year personal loan of INR 5 lakh. To know how much money he can save by choosing a lower interest rate, we are taking two different interest rates of 12% per annum and 16.50% per annum.

On taking the interest rate of 12% per annum, the EMI amount for the loan amount will be INR 11,122 and the interest outgo will be INR 1,67,333.

On the other hand, when we take the interest rate of 16.50% per annum, the EMI amount would be INR 12,292 and the interest outgo will be INR 2,37,536.

So, you can see yourself that when you are choosing a lower YES Bank Personal Loan Interest Rate of 12%, the difference in the EMI amount is approximately INR 1,000. On the other hand, you can save around INR 60,000 in the interest outgo. That’s why customers always want to choose lower interest rates.

All of these calculations can be done by the YES Bank Personal Loan EMI Calculator. You must be thinking about how to use it? Well, you just need to put a few basic details such as Loan Amount, YES Bank Personal Loan Interest Rate, and Tenure. As soon as you put all these details into the tool, you will get the results within a second.

With the YES Bank personal loan, customers can get a loan amount as high as INR 30 lakh and it can go as low as INR 2 lakh. The interest rates range from 10.75% to 17% per annum that changes from one customer to another based on several factors such as age, employment type, job history, monthly income, residing city, and most importantly credit score. So, if you want to ensure maximum savings on your personal loan, you should go for the YES Bank Personal Loan Interest Rates without any second thought.