YES Bank Car Loan

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:

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:

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