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What is the Yes Bank Car Loan EMI Calculator
Getting a car loan can be easy if you meet the eligibility criteria of the lender, but you must ensure that the monthly EMIs on the loan fit into your monthly budget. If you are planning to buy a car, it is important to calculate the monthly EMIs, which helps in planning your finances. Yes Bank offers car loans with several benefits, but before that, use the Yes Bank car loan EMI calculator to calculate the EMIs.
The EMI calculator by Yes Bank is a financial tool on Angel One that is user-friendly and computes the EMIs on the loan. The calculator is free to use and provides instant results.
How Does the Yes Bank Car Loan EMI Calculator Work?
The Yes Bank car loan EMI calculator is used to calculate the monthly EMI on the car loan. It uses a mathematical formula to give you accurate results. You have to enter the basic details regarding your car loan, i.e., the loan amount, interest rate and loan tenure. The online Yes Bank car loan EMI calculator on Angel One calculates the monthly EMI along with the total interest and total amount of the loan.
What is the Yes Bank Car Loan EMI Calculator Formula?
The Yes Bank car loan EMI calculator formula is as follows:
EMI = [PxRx(1+R)^N]/[(1+R)^N-1]
P = Principal loan amount you want to borrow from Yes Bank
R = Rate of interest on the car loan
N = Repayment tenure in months
How to use the Yes Bank Car Loan EMI Calculator Online?
The online Yes Bank car loan EMI calculator on Angel One makes the car loan EMIs calculation simple. Follow the steps given below to calculate your EMI:
- Access the online Yes Bank car loan EMI calculator on Angel One.
- Enter the loan amount you wish to borrow
- Enter the applicable rate of interest
- Enter the repayment tenure in years.
Once you have entered the above details, the online Yes Bank car loan EMI calculator will display the EMI you have to pay on your car loan. Along with it, you will also get the total interest and the loan amount you will be paying by the end of the repayment period.
Let’s take an example to understand the usage of the online calculator better.
Suppose you want to take a loan of Rs. 10,00,000 to purchase a new car. The interest rate on the loan is 7% and the tenure is 8 years. Enter these values in the Angel One Yes Bank car loan EMI calculator. Once you enter these figures, the calculator computes the details as follows.
Monthly EMI = Rs. 13,634 Total interest = Rs. 3,08,837 Total amount = Rs. 13,08,837
Benefits of Using the Yes Bank Car Loan EMI Calculator
- Error-free calculations: You can avoid manual errors using the Yes Bank car loan EMI calculator on Angel One. The online car loan EMI calculator accurately performs all the necessary calculations and provides instant results within seconds.
- Financial planning: The online Yes Bank car loan EMI calculator computes the monthly EMI on the loan. According to the results, you can decide how much loan and tenure you opt for. This helps plan your monthly finances and make informed financial decisions.
- Flexible usage: The online Yes Bank car loan EMI calculator has no usage limitations. You can use it for multiple calculations and determine the loan amount and EMI that works best for you.
- Free of charge: The online Yes Bank car loan EMI calculator on Angel One is completely free.
Types of Car Loans Offered by Yes Bank
Yes Bank offers a car loan with several benefits. Both salaried and self-employed individuals are eligible for the loan. The loan also allows balance transfer.
The Yes Bank car loan EMI calculator is an online financial tool that helps you in calculating the monthly EMI you will pay to repay your car loan.
Open the online Yes Bank car loan EMI calculator on Angel One. Enter the principal loan amount, interest rate, and repayment tenure. The car loan EMI calculator will compute your EMI and total payable amount.
Yes, the Yes Bank car loan EMI calculator is free to use. You can access it on Angel One and use it multiple times.
The car loan interest rate at Yes Bank is determined by various factors like the applicant’s age, profession, monthly income, credit history, credit score, etc. The bank will also consider economic factors while determining the rate of interest.
It depends on the bank. A few banks charge a fee on the prepayment of the car loan.