Yes Bank Car Loan EMI Calculator
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Yes Bank Car Loan EMI Calculator

Team CARS24
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Yes Bank Car Loan EMI Calculator

Team CARS24
editor

Yes Bank is one of the most popular private sector banks in the country. It is headquartered in Mumbai and has a pan-India network of above 900 outlets. Yes Bank offers a range of retail loans, including Car loans, Personal loans, Home loans, and Commercial Vehicle loans. The car loan options provided by Yes Bank range from as low as Rs 1 lakh. The private bank even offers quick loan processing and less paperwork of car loan applications.

How Does Yes Bank Car Loan Calculator Work?

All car loan EMI calculators work on a standard formula, and hence, it doesn’t come as a surprise that even the Yes Bank Car Loan EMI calculator works non the same principle. The EMI calculator tells you the monthly installment that you’ll be required to pay for a given some at a pre-defined loan tenure and rate of interest. The formula as per which this calculator works is as follows –

EMI = [P x R x (1+R) ^N] / [(1+R) ^N – 1]

Where,

‘P’ stands for the Principal amount

‘R’ stands for the monthly rate of interest

‘N’ stands for the number of instalments

It must be noted here that the above formula doesn’t take into account the pre-payment that is made for early repayment of the loan.

Yes Bank Car Loan EMI Calculator India 2021

At present, Yes Bank offers car loans at a starting rate of interest of 9.25%. It even charges a low processing fee. At Yes Bank, you can opt for a repayment tenure of up to 7 years. The bank also provides its customers with a high loan-to-value ratio, with up to 90% finance of on-road price. Finally, Yes Bank provides new and used car loans to not only salaried employees but also to businessmen, proprietorship firms, partnership firms, companies, trusts, and societies.

To make the repayment of car loan easy, all banks provide EMI (Equated Monthly Installment) facility. Hence, before you opt for a car loan, you need to plan the repayment properly. For this, the Yes Bank Car Loan EMI calculator comes in hand. At the moment, the new car loan interest rates that the Yes Bank offers range from 9.25%. However, at a 10.25% rate of interest, the EMI per lakh for the total amount comes out to be Rs 8,768 for a 1-year loan and Rs 4,591 for a 2-year loan.

Loan AmountInterest RateEMI 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 lakh10.25%46,26032,38525,48321,37018,65216,731
Rs.15 lakh10.25%69,39148,57738,22432,05527,97825,096
Rs.20 lakh10.25%92,52164,76950,96642,74137,30433,461

Yes Bank Car Loan EMI Calculator – Features and Benefits

The Yes Bank Car Loan EMI Calculator takes care of all the large and complicated calculations quickly instead of you having to take care of them manually. Some of the key features of the EMI calculator provided by the Yes Bank include:

  • One can make use of the prepayment option on the EMI calculator to figure out how the prepayment would affect the EMIs.
  • The tool is free of cost.
  • The tool is user-friendly.
  • It 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

Yes Bank Car Loan EMI Calculator Tenure

In the table provided below, one can have a look at the EMI for multiple loan amounts taken at a hypothetical rate of interest of 7 per cent. As you can see in the table given below, the EMI changes as the tenure of the loan changes from 2 years to 7 years.

  • Basically, the EMI is inversely proportional to the loan tenure.
  • However, the interest one pays is higher if the loan tenure is higher.
  • The EMI one has to pay comprises of the principal component as well as the interest that is payable at the decided rate of interest. While the EMI remains the same throughout the loan period, the interest component of every EMI differs. It’s the highest in the first EMI you pay and reduces with every instalment.
Loan AmountInterest RateEMI 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 lakh10.25%46,26032,38525,48321,37018,65216,731
Rs.15 lakh10.25%69,39148,57738,22432,05527,97825,096
Rs.20 lakh10.25%92,52164,76950,96642,74137,30433,461
Rs.25 lakh10.25%1,15,65180,96263,70753,42646,63041,827
Rs.30 lakh10.25%1,38,78197,15476,44864,11155,95650,192
Rs.35 lakh10.25%1,61,9111,13,34689,19074,79665,28358,557
Rs.40 lakh10.25%1,85,0421,29,5391,01,93185,48174,60966,923

EMI Calculator to calculate your interest on vehicle loan at different tenure

The table we have given below clearly shows that the loan tenure is inversely proportional to the EMI you have to pay. However, the interest is directly proportional to the loan tenure. For instance, in case you take a loan of Rs 1,00,000 for a period of 5 years, you need to pay the lowest EMI of Rs 2,028. However, you end up paying Rs 21,658 in interest on a loan of Rs 1,00,000.

On the other hand, in case you borrow Rs 1,00,000 from ICICI at the lowest available rate for a period of 2 years, you end up paying a higher vehicle loan EMI of Rs 4,523, while paying an interest of just Rs 8,546, which, in contrast, is less than half of what you would pay for the same loan amount borrowed for a tenure of 5 years.

Vehicle Loan EMI for ₹ 1 Lakh loan amount at 9% interest rate offered by Yes Bank for different tenures2 Years3 Years5 Years
Yes Bank EMI for a loan amount Rs 1 Lakh at 8.00% Rs 4,477Rs 3,134Rs 2,028
Total amount you pay, including interestRs 1,08,546Rs 1,12,811Rs 1,21,658
Total interest paidRs 8,546Rs 12,811Rs 21,658

Factors affecting Yes Bank Car Loan EMI

  • Amount Borrowed – Essentially, bigger the loan amount, higher is the EMI. Also, it is necessary to mention here that Yes Bank provides a maximum loan of up to 90 per cent of the on-road price of the car.
  • Interest rate – Another important factor is the interest rate at which ICICI Bank gives you the car loan. Obviously, a higher interest rate will translate into a higher EMI over a given time period. At present, the lowest interest rate offered by ICICI is 8.8 per cent.
  • Loan tenure – A loan tenure is the number of years you take a car loan for. At ICICI Bank, the largest possible loan tenure is of 7 years. It is important to mention here that larger the loan tenure, lower the EMI. However, you do nd up paying more interest over longer loan tenure periods.

Yes Bank Car Loan Amortization Calculator

Basically, an amortization schedule is nothing but a table of regular loan payments that tell you about the principal component and the interest component of every EMI that you pay until the loan is totally paid back. It is necessary to know that EMI is a fixed sum that consists of a fixed principal amount and fixed interest. The table you see here gives an EMI schedule for 3 years for a loan amount of Rs 2 lakh –

YearInterest Paid During The YearPrincipal Repaid During The YearTotal Amount Paid During The Year (Interest + Principal)Outstanding Principal
2020 Rs 3,025Rs 15,295Rs 18,320Rs 1,84,705
2021 Rs 13,047Rs 96,872Rs 1,09,919Rs 87,832
2022 Rs 3,767Rs 87,832Rs 91,599Rs 0

Yes Bank Car Loan Calculator Formula

All available car loan EMI calculators work on the same forumla, which is –

EMI = [P x R x (1+R) ^N] / [(1+R) ^N – 1]

Here,

P is for the principal amount (basically the money you borrow)

r is the rate of interest per month which is calculated as rate of annual income/ (12*100)

n is the loan tenure of loan in months

E is the EMI (equated monthly payment)

Yes Bank Car Loan Tips

  • Decide the amount required: One should have an accurate estimate of the loan amount he or she needs to take before approaching the bank. The decided amount should be based on how easy it will be for you to pay back the money after accounting for your monthly expenses and financial requirements.
  • Know your Yes Bank car loan eligibility: Your loan application can be rejected if you try to borrow more than your eligibility. This eligibility is calculated as per the borrower’s repayment capacity based on the monthly income. Basically, there are two ways to decide the borrower’s eligibility.

Multiplier based loan amount eligibility – ICICI Bank calculates the loan eligibility by applying a multiplier to your net take-home income. In most cases, the result turns out to be 2.5 to 3 times the annual income for salaried individuals and 6 times the annual income for self-employed professionals. Also, this multiplier is calculated based on your employer company’s reputation, stability, size and growth in turnover.

FOIR based loan amount eligibility – The ICICI Bank even calculates your Fixed Income to Obligations Ratio (FOIR) to get to know the maximum EMI you can pay on basis of your current income and other monthly expenses. The proportion of fixed income to your calculated fixed obligations gives your FOIR. In most cases, banks are known to lend up to a maximum FOIR of 0.50.

Yes Bank Car Loan EMI Prepayment

If you intend to pay back your car loan before the loan tenure gets over, you will need to pay a small penalty to the ICICI Bank. It charges a part pre-payment penalty of 5 per cent on the outstanding principal. ICICI Bank allows prepayment of a car loan after you’ve paid the first EMI. Through prepayment, you can reduce your loan tenure by paying the EMI for a shorter time period.

FAQs

Q: Why is using an EMI calculator better than calculating the EMI manually?

A: Using an EMI Calculator instead of calculating the EMI manually is preferable as there is no room for error due to complex calculations. It also saves time.

Q: What are the main features of the Yes Bank Car Loan?

A: The main features of Yes Bank Car Loan have been given below –

– Low rate of interest
– No hidden charges
– Easy to apply and avail
– Quick disbursement of loan amount
– Special benefits such as loyal schemes

Q: Is it easier to calculate the EMI using the formula or an excel sheet, in comparison to the EMI Calculator tool?

A: Calculating the EMI through the use of a formula or through an Excel sheet can lead to errors. It’s also more time consuming. Also, the calculations will get all the more complicated if you take into account any prepayment against the loan amount. On the other hand, one can quickly and efficiently calculate the EMI if using the Yes Bank Car Loan EMI Calculator for all the calculations.

Q: What is the formula employed for calculating car loan EMI?

A: The formula on which all car loan EMI calculators are based is –

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.

Q: What is the amortization table provided when using the EMI Calculator?

A: Basically, an amortization schedule is nothing but a table of regular loan payments that tell you about the principal component and the interest component of every EMI that you pay until the loan is totally paid back.