Yes Bank Car Loan EMI Calculator
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:
- Enter the loan amount, rate of interest, and loan tenure.
- The monthly EMI will be displayed.
You can also use BankBazaar’s car loan EMI calculator to check the monthly payments. The calculator is easy to use and only basic details such as the loan amount, tenure, interest rate, and processing fee must be entered. Once the relevant details are entered, results are displayed immediately.
Example: Let us now analyse the EMIs (for various tenures) on car loans using the BankBazaar Yes Bank Car Loan EMI Calculator. Yes Bank offers car loans at attractive interest rates.
Let's consider the interest rate currently offered by Yes Bank is 10.25% and if the 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.) |
Rs.10 lakh | 10.25% | 46,260 | 32,385 | 25,483 | 21,370 | 18,652 | 16,731 |
Rs.15 lakh | 10.25% | 69,391 | 48,577 | 38,224 | 32,055 | 27,978 | 25,096 |
Rs.20 lakh | 10.25% | 92,521 | 64,769 | 50,966 | 42,741 | 37,304 | 33,461 |
Rs.25 lakh | 10.25% | 1,15,651 | 80,962 | 63,707 | 53,426 | 46,630 | 41,827 |
Rs.30 lakh | 10.25% | 1,38,781 | 97,154 | 76,448 | 64,111 | 55,956 | 50,192 |
Rs.35 lakh | 10.25% | 1,61,911 | 1,13,346 | 89,190 | 74,796 | 65,283 | 58,557 |
Rs.40 lakh | 10.25% | 1,85,042 | 1,29,539 | 1,01,931 | 85,481 | 74,609 | 66,923 |
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.
What is the formula employed for calculating car loan EMI?
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.
FAQs on Yes Bank Car Loan EMI Calculator
- Why is using an EMI calculator better than calculating the EMI manually?
The EMI calculator eliminates the complications that come with calculating the EMI manually and it is definitely less time consuming.
- What are the main features of the Yes Bank Car Loan?
- 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
- Is it easier to calculate the EMI using the formula or an excel sheet, in comparison to the EMI Calculator tool?
Calculating the EMI using the formula or an excel sheet would be error-prone and time-consuming.
- What is the amortization table provided when using the EMI Calculator available on the BankBazaar website?
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.
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