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YES Bank Car Loan EMI Calculator

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.

YES bank offers loans that are available for a wide segment of the Indian population – taking into account their financial stability. They assure speedy document processing and coverage of up to 90% of the car value (on select models), alongside a minimum and maximum loan amount of Rs.1 lakh and Rs.500 lakhs respectively.

What is a Car Loan EMI?

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:

  • The loan amount, i.e. the sum that you have borrowed
  • The rate of interest on the loan – current rate of interest being levied on the loan amount
  • The tenure of the loan – the duration in which the loan amount needs to be repaid

YES Bank Car Loan EMI Calculator

With YES Bank’s car loan EMI calculator, you can now find out your EMI amount, before you even take the loan. With the YES Bank car loan interest rates that are offered, the loan borrower has to make sure that he/she chooses an EMI that he/she is comfortable paying and not put undue pressure on their finances. There are a number of facts that an individual should be aware of about the EMI.

Let’s take a look at how to use the calculator and find out the EMI that the customer needs to pay each month.

  • Select your loan amount; for instance, INR 10,00,000.
  • Interest rate selection is automated, and will be applied as the current rate of interest on the loan.
  • Select the tenure of your loan.
  • Once you’ve entered all the details, click on ‘Calculate’. You’ll have a definite figure to consider as an EMI payment 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.

Features of YES Bank Car Loan

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:

  • To keep the EMI constant and change the loan tenure
  • Reduce the EMI and keeps the loan tenure same

The same options are also available if you plan to make a pre payment of the YES bank car loan.

List of Documents Required

Pre-Approval Documents

  • Duly filled up application form
  • Latest Photograph
  • KYC Docs as per Yes Bank Ltd Policy
  • Income Proof
  • Bank Statement
  • Signature proof verification
  • Proforma Invoice

Post-Approval / Pre Disbursement Documents

  • Loan Agreement duly signed with RTO set
  • Post Dated Cheques (PDCs) / ECS Form / Standing Instruction (SI) Request with security PDCs as applicable
  • Margin Money Receipt

Factors affecting Car Loan EMI Calculator

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.

FAQ – YES Bank Car Loan

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:

  • 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.

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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