Yes Bank is one of the country’s top private operated banks with branches spread across the country and which offers pocket-friendly car loans to its large customer base. Yes Bank gives customers the opportunity to avail the best possible deals on car loans depending on the make and model of the car. The interest rates which are offered by Yes Bank are susceptible to market rates which is why it's offered as a floating interest rate. The car loan offered by Yes Bank ensures that every person’s dream of purchasing their dream vehicle comes to fruition.
How to use BankBazaar Yes Bank Car Loan EMI Calculator to understand your car loan repayment
The EMI Calculator that’s available on the BankBazaar website can be used to determine the EMIs that have to be repaid to the bank during the tenure of the loan. The EMI Calculator is very simple to use and understand which makes it a very user-friendly tool. The user is provided with an amortization table along with the analysis of the loan sanctioned by Yes Bank. This table or graph makes it visually appealing to the user and also makes it a lot easier to understand the loan repayment procedure and timetable of the loan.
Yes Bank Car Loan EMI Calculator – How does it work?
You will have to provide a few personal details when using the Yes Bank Car Loan EMI Calculator to know your monthly car loan EMIs. Listed below are the details you need to enter:
- Select the loan amount you want to borrow on the Yes Bank Car Loan EMI Calculator which is offered on the BankBazaar website.
- Enter the processing fees levied on the car loan by the bank (if any).
- The website will also require the interest rate offered by Yes Bank on a car loan
- Select the tenure of the loan amount by dragging the pointer under the "Loan Tenure" tab.
- The loan applicant can choose to make a prepayment towards their loan during the loan tenure. They can also consider any prepayments that they intend on making when calculating their EMI using the EMI Calculator.
- If the customer does not intend on making a prepayment towards their car loan, then they can simply select the “No” option after which they can click the “Calculate” button to get a breakup of their car loan.
After this, you can select the "Calculate" button which provides a detailed breakup of the total loan amount that is payable. Details of your loan amount along with the amortization table will be provided on this webpage.
Example: Let us now analyse the EMIs (for various tenures) on car loans using the BankBazaar Yes Bank Car Loan EMI Calculator. The interest rate offered on a car loan from Yes Bank ranges between 10.25% and 12.25%. Let’s consider the interest rate currently offered by Yes Bank is 10.25% and if processing fee is 2% of the total loan amount and is non-refundable. The example below assumes that no pre-payments are made towards the loan.
|Loan Amount||Interest Rate||EMI for 2 years (Rs.)||EMI for 3 years (Rs.)||EMI for 4 years (Rs.)||EMI for 5 years (Rs.)||EMI for 6 years (Rs.)||EMI for 7 years (Rs.)|
Yes Bank Car Loan EMI Calculator – Features and Benefits
The Yes Bank Car Loan EMI Calculator performs complicated calculations quickly and this is the primary reason why this tool is very helpful. Some of the key features include:
- The customer can use the prepayment option on the calculator to know how it would affect their EMIs in case they choose to make prepayments on the loan.
- The tool is user-friendly.
- The calculator also gives a breakup of the loan along with accurate EMI results.
- The calculator gives out accurate results within seconds.
- The calculator can be used several times to compare different rates of interest for the car loan.
Yes Bank Car Loan EMI Calculator FAQs
- Why is using an EMI calculator better than calculating the EMI manually?
- What are the main features of the Yes Bank Car Loan?
The EMI calculator eliminates the complications that come with calculating the EMI manually and it is definitely less time consuming.
The Yes Bank Car Loan is characterized by the following features:
- Competitive interest rates with no hidden charges
- The Yes Bank Car Loan is easy to apply and avail
- The car loan application is processed and the loan amount is disbursed in a very short time span
- There are special benefits offered by the bank along with innovative loyalty schemes for its car loan customers
Calculating the EMI using the formula or an excel sheet would be error-prone and time-consuming. Moreover, it would be really complicated if we have to calculate the EMI when pre-payments are made towards the debt. To avoid such problems, it is recommended that we use the BankBazaar Yes Bank Car Loan EMI Calculator for the same.
EMI = [P x R x (1+R) ^N] / [(1+R) ^N – 1],
Where, P is the principal amount, R is the interest rate on a monthly basis, and N is the number of instalments.
This formula does not take into account the pre-payments that you make towards the loan.
A car loan amortization table shows the user the payment schedule of your debt in a tabular format which is easy to read and understand. It displays the breakup of the principal amount, interest rate, the total paid amount, and the outstanding loan balance.