YES Bank Car Loan EMI Calculator

YES Bank is known to be one of the banks that offers a wide range of products and services to its customers. In this list of products are services; there are also car loans that you can avail them.

A car loan is an easier and much simpler way of acquiring a car in real-time. Although this car loan needs to be repaid through an EMI (equated monthly installment) and in order to find what your EMI amount would be if you opted for a car loan from YES Bank - you can use the YES Bank car loan EMI calculator from Groww.

What is the YES bank Car Loan Calculator?

The YES Bank car loan EMI calculator is an online tool that can be used to estimate how much your monthly EMI for a car loan from YES Bank would be. This tool is free of cost, and you can use it on the portal of Groww.

You would only be required to enter some basic details in the calculator, and the calculator can instantly show you the EMI amount of the total interest that is charged on your car loan.

The YES Bank car loan EMI calculator will work on an algorithm, which means it will have a preprogrammed formula box that will assist you with the most accurate solutions instantaneously.

How Does the YES Bank Car Loan EMI Calculator Help You?

This YES Bank car loan calculator is one that is free of cost, and all you need to do is key in the information on your car loan. After this, the calculator will automatically show you the EMI amount that you will have to pay on the borrowed loan.

The calculator is easy to access, and you can be prepared beforehand for the loan that you are about to borrow from YES Bank for a car.

How to Use the YES Bank Car Loan Interest Rate Calculator?

Using the YES Bank car loan calculator is a simple process, all you would have to do is enter three basic details, and they are

1) The Principal Amount

This will be the amount that you want from YES Bank as the principal amount for a car.

2) The Tenure

This is the time period for which you will be paying the EMIs, or in other words repaying your loan.

3) The Rate of Interest

This is the interest rate that YES bank will charge on car loans.

Once these details have been keyed in, you can see the EMI amount, and the total interest accrued on the loan will be displayed to you.

What is the Formula to Calculate the YES Bank Car Loan EMI?

The car loan calculator YES Bank uses a standard formula to calculate the amount of EMI that is incurred on the car loan, and that formula is:

[PxRx(1+R)^N]/[(1+R)^N-1]

In this formula, each letter stands for an element of calculation, and they are:

P = The principal amount that you want.

R = The interest rate from the Bank.

N = The tenure of the loan.

It can be demonstrated at use through an example.

Mr A wanted to take out a car loan from YES Bank in June 2020. Mentioned here are the details of his car loan:

P = Rs. 6.2 lakhs

R = 6.9%

N = 5 Years (60 Months)

EMI = [6,20,000 x 12/100/12 x (1+6.9/100/12)^60] / [(1+6.9/100/12)^60-1]

EMI = Rs. 12,248

Amortization Table of YES Bank Car Loan

Here is the amortization table of the example that has been explained above:

What are the Main Benefits of Car Loan EMI Calculator YES Bank from Groww?

There is a broad course of benefits that can come from using the YES bank car loan foreclosure calculator, and some of the crucial benefits that are important to you are:

• You will always be in the aspect of 100% because there is no element of human error.
• There can be better financial efficiency with the pre-determination of the EMI.
• Users can also compare different outcomes from varied tenures and amounts for the best possible suitability of the loan.