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With the economic uplift in most cities of India, the car loan industry has got a severe boost. People are now not only dreaming about owning a car, but are actually buying it. EMI or Equated Monthly Instalments are making it easier for people to pay loans and enjoy the comfort of a car. YES bank offers car loans with attractive interest rates, multiple repayment options with the tenure stretching from 1 to 7 years.
An EMI or Equated Monthly Instalment is a monthly amount you owe your bank in the event that you take a loan of a particular amount for a given period of time. The calculation of your EMI relies on three factors, which are:
Let’s take a look at how to use the calculator and find out the EMI that the customer needs to pay each month.
Note: The EMI value decreases as the time period increases, and based on the selected time period, the EMI Calculator will calculate the EMIs applicable for different periods of time. Remember, the shorter the time period, the higher the EMI and vice versa.
A car loan EMI is a fixed amount that you pay to YES Bank towards repayment of loan taken. The EMI is paid every month on a fixed day till the Car Loan is fully paid off. The YES bank offers customer friendly features that are available to all types of customers, proprietorship firms, partnership firms and public or private limited companies. They provide coverage of 90% of the car cost and offer attractive interest rates.
YES Bank car loan EMI consists of principal payment and interest payment. In the beginning years, the interest part on loan is more than the principal part. In the whole repayment period, EMI remains constant but the interest component on loan keeps decreasing while principal component keeps increasing apart from change in interest rate on car loan.
In case of change in YES bank floating interest rates, you have two options:
The same options are also available if you plan to make a pre payment of the YES bank car loan.
Post-Approval / Pre Disbursement Documents
While the EMI calculator is readily available for usage, there are a few factors that affect the utility of the EMI calculator.
The amount of loan taken depends on the down payment that you can make towards the on-road price of the car. It is important to make an assessment of your income and obligations to be met. Even though you will be repaying the loan amount in EMIs, the principal amount taken will affect your financial outflow for the entire period of the loan.
The duration of the loan is also called as the loan tenure. The longer tenure you select, the lesser EMI to be paid. However, if you are in a position to pay a higher per month amount, you can opt for a shorter loan term and close the loan debt earlier.
The interest rate applicable on the principal amount borrowed is very critical in determining the monthly outflow. The interest rate can be negotiated with the bank on the basis of your own creditworthiness and financial status. The bank also offers a competitive rate if you are not already paying off any other debts. The interest rates today are calculated on the basis of MCLR and is subject to revision through guidelines provided by the RBI.
1. Why to take Car Loan from YES Bank?
YES Bank offers Car Loan at lower rate of interest. Also, in case the EMI you are paying is more than what is offered to you then you can opt to transfer the balance and relocate the car loan to YES bank.
2. Are there any prepayment charges on YES Bank car loan?
YES Bank does take prepayment charges on a car loan.
3. What are the main features of the YES Bank Car Loan?
The YES Bank Car Loan is characterised by the following features:
4. 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.
5. Will I get a car loan from YES bank if I have a bad credit score?
No, for taking a car loan from YES Bank, an applicant must have a good credit score of 700 and above. Usually, most of the banks avoid giving loans if you have low credit score.
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