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YES Bank Car Loan
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Yes Bank Car Loan
Yes Bank is India’s fifth largest bank amongst the private sector banks in India, and has a well-established presence across the nation with over 630 branches across 375 cities in India and a wide network of more than 2000 ATMs. The Yes Bank’s headquarter is in Mumbai and has won numerous awards for its wide gamut of businesses including transaction banking, treasury, investment banking, etc.
Yes Bank’s Car Loan Scheme
Yes Bank offers its patrons some amazing car loan schemes backed with attractive interest rates for any model of the four-wheeler. The bank offers financing of up to 90% on particular list of car models and the loan amount to be disbursed is quite high. Apart from this, the borrowers can choose from a number of repayment options available for a tenure ranging between 1-7 years.
Features of Yes Bank Car Loan
Yes Bank car loans come with a myriad of user-friendly features that allow the customers to enjoy maximum benefits while making their dream come true of owing their favourite car. Mentioned below are some of the favourable features of Yes Bank Car Loan:
- Bank offers car loans to individual, partnership firms, public/private limited companies, etc.
- Loan tenure ranges for 1-7 years
- Multiple repayment options
- LTC of up to 90% on selected car make/models
- Loan amount ranging from Rs. 1 lac to Rs 500 lacs
- The bank asks for collateral or security against the car loan that the bank offers. This implies that the borrower has to submit some security as the hypothecation of the vehicle bought using the Yes Bank car loan.
- Processing fee is charged from the borrower while processing their car loan. The processing fee varies according to the loan amount applied for.
- A small amount is charged from the borrower, in case he/she wishes to prepay (partially or fully) their Yes Bank car loan. The amount is usually calculated at 5-6% of the outstanding principal amount.
Yes Bank Car Loan Interest Rates
The interest rates offered to borrowers are based on varied eligibility criteria and ranges from 10.25% to 12.25%. Mentioned below are other charges that one should be aware of at the time of applying for the Yes Bank Car Loan:
| Processing Fees | Amount up to Rs 10 lakhs - Rs 5000 From Rs 10.01 to Rs 25 lakhs - Rs 7500 More than Rs 25 lakhs - Rs 10000 |
| Loan Tenure | Minimum of 1 year, upto 7 years |
| Statement of Account charges | Rs 750 per statement |
| Quantum of Charges | Up to 90% for select models Minimum of Rs 1 lakh and a Maximum of Rs 500 lakhs. |
| Late payment charges | 2% per month |
| Cheque swapping charges | Rs 750 per transaction |
| Loan cancellation and Rebooking charges | Rs 1000 |
| Issuance of No objection certificate/Duplicate certificate | Rs 750 per issuance |
| Prepayment | Part prepayment isn’t allowed |
| Foreclosure | Foreclosure not allowed within 6-months of disbursement of loan 6% of POS – 6 months to 24 months from the 1st EMI 5% of POS – post 24 months from the 1st EMIs |
| Legal, Repossession & Incidental charges | At actual |
Points to ponder for getting favourable interest rates
- Credit Score is one of the important factors that are counted on by Yes Bank for getting favourable car loan interest rates.
- Car loans can be customized to match customer needs by offering them maximum flexibility owing to the repayment and interest rates.
- Base rate of car loan determines the interest rate offered to the borrower and the base rate tends to vary as the bank revises the same periodically.
- Post 1st July 2017, 18% GST is applicable on all banking products and services.
Eligibility Criteria for Yes Bank Car Loan
There are a number of factors that decide whether an applicant is eligible for the Yes Bank Car Loan. Mentioned below are some of the requirements that make an applicant eligible for loan approval:
Employment type:
Applicants in the following fields can avail a Yes Bank Car Loan:
- Salaried or self-employed professionals
- Public or Private companies
- Partnership firms
Moreover, the eligibilities of the applicant are listed as follows as per their employment type:
Salaried Individuals
- Age of the applicant should be a minimum of 21 years and maximum 58 years (at the time of loan maturity).
- Minimum annual income required is Rs 3 lacs net
- Applicant must have a minimum of 2 years of experience with at least 1 year in the current job.
Self employed individuals
- Age of the applicant should be a minimum of 21 years and maximum 65 years (at the time of loan maturity).
- Minimum annual income required is Rs 2 lacs net
- Applicant must have a minimum of 2 years of experience in the same business.
Partnership Firms
- Minimum annual income of the firm must be Rs 2 lac
- Firm must have spent 2 years in the same businesses
Private limited Companies
- Minimum annual income of the firm must be Rs 2 lac
- Firm must have spent 2 years in the same business
Documentation required for Yes Bank Car Loan
Mentioned below are the documents that are required for processing your Yes Bank Car Loan:
| Documents Needed | Salaried individual | Self-employed professionals |
|---|---|---|
| Proof of Age | Ration Card with DOB, Voter ID card, Pan Card, Driving License, Passport, school leaving certificate, etc | Ration Card with DOB, Voter ID card, Pan Card, Driving License, Passport, school leaving certificate, etc |
| ID Proof | Voter ID card, Pan Card, Driving License, Passport | Voter ID card, Pan Card, Driving License, Passport |
| Address Proof | Property Tax Receipt, Voter ID Card, Passport, Electricity Bill, Telephone Bill | Property Tax Receipt, Voter ID Card, Passport, Electricity Bill, Telephone Bill |
| Proof of Income | Salary slip of past 3 months, Form 16 | ITR for last year and advance tax challan of current year. |
Other than the above documentation, application form duly filled along with passport sized photographs is required for processing the Yes Bank Car Loan.
YES Bank Car Loan FAQs
1. What documents are required that need to be attached along with the Yes Bank Car Loan application?
Here is the list of all the documents that should be attached with the car loan application:
- Know your customer documents as required by the Bank
- ITR proof
- Bank statement
- Signature verification proof
- Pro forma Invoice
2. What is the processing fees charged by Yes Bank for car loan approvals?
Mentioned below is the processing fees paid in case of car loan application:
- Up to Rs 10 Lacs : Rs. 5000
- 10.01 to 25 Lacs : Rs. 7500
- 25 Lacs : Rs. 10000
3. Is there any foreclosure charges taken by Yes Bank for car loan?
Yes Bank does not allow partial pre-payment for car loans. Here are some of the foreclosure charges details for Yes Bank Car Loan:
- No foreclosure within 6 months of availing the car loan.
- 6-24 months from 1st EMI- 6% of POS for pre-closure
- After 24 months from 1st EMI- 5% of POS for pre-closure
4. What is the repayment tenure for Yes Bank Car Loan?
The car loans from Yes Bank have the flexibility of repayment from a minimum of 1 year to a maximum of 7 years.
5. What are the documents required by Bank as income proofs of salaried individuals?
The bank asks for salary slips of past 3 months and the form 16 issued by the organization the borrower works in.
6. Is there any minimum income requirement for applying for car loans from Yes Bank?
Yes, the bank has a minimum income requirement; it is listed as follows:
- Salaried individuals: Rs. 3 Lakh annually
- Self Employed Individuals: Rs. 2 Lakh annually
- Partnership Firms: Rs. 2 Lakh annually
- Private Limited / Limited Companies: Rs. 2 Lakh annually
Yes Bank Car Loan - Customer Reviews
ANILKUMAR
Good Service