Having its headquarters in Mumbai, YES BANK is among the leading private banks in Indi with over 900 outlets. Yes Bank provides its customers with Car loans, Personal loans, Home loans, and Commercial Vehicle loans. In fact, in case you want a car loan from Yes Bank, you can easily get one from Yes Bank, which offers new car loans starting from as low as Rs 1 lakh. Some more benefits of taking a loan from Yes Bank are that you enjoy quick loan processing and less paperwork of car loan applications.
|Processing Fees||Up to 1%|
|Loan Tenure||Up to 7 years|
|Pre-closure Charges||6% of principal outstanding within 6 months to 24 months from 1st EMI, 5% thereafter|
|Guarantor Requirement||No Guarantor Required|
Yes bank car loan interest rate is decided on the basis of a few factors, including loan amount, borrower’s income and even his employment category, loan tenure and his repayment capacity. The latter is calculated as per his CIBIL score-
|Loan amount||Bigger the loan amount, the lower is the interest rate.|
|Your Salary||Those who earn more get loans at lower interest rates.|
|Employer Category||The borrower’s employer category is a huge deciding factor to finalize the rate of interest he has to pay. Like other banks, even Yes Bank has a list of company categories of salaried individuals to which they offer car loans at more attractive interest rates.|
|Relationship with the Bank||Those who are existing customers of Yes Bank and have a good reputation in the eyes of the bank are offered car loans at special rates. Basically, account holders who have managed their accounts properly and have made all payments on time get car loans at a lower interest rate.|
|Loan Tenure||Yes Bank offers new car loans with a loan period of 7 years.|
|Repayment Capacity||As is the case with all banks, even Yes bank checks the repayment capacity through the CIBIL score of an individual.|
Almost every bank out there has the same criteria for checking the eligibility of someone who has applied for a loan. The factors that play a role in determining the eligibility criteria include the age of the borrower, his annual income, credit score, the tenure of loan and even the loan to value ration. The below table has details of the eligibility criteria one must meet for getting a Yes Bank car loan.
|Eligibility Criteria||Eligibility Details|
|Age||21 years – 65 years|
|Minimum Annual Income||Salaried: ₹3 Lakhs |
Self Employed Professionals: ₹ 2 Lakhs
Self Employed Businessmen: ₹ 2 Lakhs
|Minimum Credit Score||700 and above|
|Loan Tenure||7 years|
|Loan to Value Ratio||90% of on-road price|
Below is a table of the factors that affect the loan eligibility of an applicant of an Yes Bank car loan –
|Age||Yes Bank offers new car loan to people aged between 21 years to 60 years|
|Income||Earning of the loan applicant has a direct role in determining his eligibility to get a new car loan from Yes Bank.|
|Job stability and Profession||Profession and job stability helps a bank determine an individual’s eligibility. Therefore, employees of a reputed company can get higher car loan at a lower rate of interest.|
|CIBIL Score||The CIBIL score, which is, basically, your past repayment record, influences the rate of interest at which you get a new car loan from Yes Bank. Higher your CIBIL score, the lower rate of interest you enjoy. The vice versa also holds true|
|Loan Amount||Yes Bank car loan amount is decided on the basis of the income. Please note that the Yes Bank offers up to 100% finance on the ex-showroom price of the vehicle.|
Yes Bank Car Loan EMI is the amount you need to pay to the bank every month so that you can easily repay the loan through these instalments. Below are the factors that
|Factors Determining EMI|
|Rate of interest||A high rate of interest leads to a higher EMI|
|Loan tenure||A higher loan tenure will lead to a lower EMI|
|Loan Amount||Higher the loan amount, higher will be the EMI|
Once you have got to know the Yes Bank car loan interest rate that will be charged to you, you can quickly determine the EMI through a free Yes Bank car loan EMI Calculator. To use an EMI calculator, you simply need to enter the loan amount, the rate of interest and the loan tenure and he can immediately get to know the EMI he will have to pay every month. All the EMI calculators work on a standard principle equation
E= P. r. (1+r)n/[(1+r) n -1]
P is the principal amount (loan amount)
r is the rate of interest per month which is calculated as rate of annual income/ (12*100)
n is the tenure of loan in months
E represents the monthly payment or EMI
Like all the banks, even Yes Bank has levies certain standard charges on a loan. These include foreclosure charges and processing fee. The former is charged if you repay your loan early, be it in part of full. A processing fee is charged when issuing your loan. The Yes Bank auto loan fee and charges have been given below –
|Foreclosure Charges||6% of principal outstanding within 6 months to 24 months from 1st EMI, 5% thereafter|
|Processing Fee||Yes Bank asks for a processing fee of up to 1% of the loan amount|
You can transfer your Yes Bank car loan balance from another bank. However, the availability of this feature depends on your eligibility and so, you should visit the nearest Yes Bank branch and check your eligibility. Once it’s for sure that you can initiate the transfer process, you can start the paperwork.
You can top up the car loan once you’ve checked your eligibility for doing so. You can check this at any Yes bank branch that has a car loan department.
A loan applicant must submit a set of documents to Yes Bank when applying for a car loan. These documents differ from salaried employees to self-employed professionals. The table that we have below has details of the documents one should provide to the bank –
|Type of Employment||Documents Required|
|For Salaried Individuals||Minimum age to apply: 21 yearsMaximum permissible age at loan maturity: 58 yearsMinimum annual income: Rs.3 lakhs (3 months’ salary slips/ Form 16 needed for confirmation)Minimum work experience in current job: 1 year|
|Self Employed Individuals||Minimum age to apply: 21 yearsMaximum permissible age at loan maturity: 65 yearsMinimum annual income: Rs.2 lakhs (2 years ITR/ Previous year ITR with adv. tax challan for current year showing higher tax paid than previous year, needed for confirmationMinimum experience in same business: 2 years.|
|Partnership Firms||Minimum Annual Income: Rs.2 lakhs (2 years Audited Financials / ITR for last 2 years if audited financials not available are needed for confirmation).Minimum experience in same business: 2 years.|
|Private Limited Company/ Ltd. Co.||Minimum Annual Income: Rs.2 lakhs (Last 2 years ITR & Audited Financial statement needed for confirmation).Minimum experience in same business: 2 years|
The Yes Bank car loan interest rate is based on many factors. The Yes Bank car loan interest rates for both new car loans range from as low as 9.25 per cent per annum. Below, we have a list of factors that determine the interest rate at which you get the car loan:
|Factors Determining Yes Bank Car Loan Interest Rate|
|Loan amount||Higher the loan amount, lower will be the rate of interest.|
|Your Salary||Higher the salary, lower will be the rate of interest at which you’ll get a car loan.|
|Employer Category||The borrower’s employer category plays a huge role in deciding the Yes Bank car loan interest rate. Those working in companies recognized by the Yes Bank tend to get new car loans at a relatively lower interest rate.|
|Relationship with the Bank||You can benefit from a special rate of interest for Yes Bank new car loan in case you are an existing account holder of the Yes bank and enjoy a good reputation in the eyes of the banker.|
|Loan Tenure||Yes Bank offers a loan tenure of up to 7 years.|
|Repayment Capacity||The Yes Bank car loan interest rate is also decided as per the CIBIL score of the borrower.|
A: You can apply for a car loan thru any one of the below methods.
– Apply on the Yes Bank Website.
– Visit the nearest Yes Bank branch.
A: Yes Bank offers car loan application forms at its bank branches as well as on its official website.
A: Using the Yes Bank car loan, you can purchase any kind of four-wheeler as long as it’s being purchased for personal use.
A: In order to apply for a Yes Bank car loan online, the below steps should be followed –
– Click on “Bank Branching”
– Choose Retail Banking – Loans
– Choose Car Loans
– Click on ‘Apply Now!’ button
– Fill out the required forms and apply
A: No, Yes Bank doesn’t offer any option to check the Yes Bank loan application status online.