YES BANK is among the better known private banks in India. The bank has its headquarters in Mumbai and enjoys an all India network of more than 900 outlets. Among many financial services, Yes Bank offers many retail loans such as Car Loan, Personal Loan, Home Loan, Commercial Vehicle Loan and more. Yes Bank provides car loan options of as low as Rs 1 lakh, which is something that’s useful when you’re running short of funds on buying a new car or even when buying a used car. Regardless of whether you wish to purchase a used car or a new car, Yes Bank claims to offer one of the lowest interest rates on car loans. The salient features of Yes Bank car loan are provided in the table we have below –
| Interest Rate | 9.25% |
| 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 |
As is the system with almost every private as well as public sector bank that exists, even Yes Bank has provided a concrete set of rules for providing car loan to the bank customers. Basically, a loan applicant is eligible to get the desired loan amount only if he meets a set of conditions. So, the applicant needs to fulfil a pre-defined set of criteria to be eligible for getting the car loan amount he wishes to borrow the money. The eligibility criteria of the Yes bank car loan applicant depends upon the following criteria:-
| 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 years. Maximum permissible age at loan maturity: 65 years. Minimum 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 confirmation). Minimum 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 |
In case you have been desiring to purchase a car so that you can easily meet your transportation needs and even support your lifestyle but mean to use up your savings, you can simply bring home the vehicle of your choice by planning for a car loan at Yes Bank. As Yes Bank is one of the most popular banks in the country, it offers car loans at reasonably low rates of interest.
Provided in the list below are some of the features highlights of Yes Bank new car loan –
While Yes Bank offers new car loan at attractive rates, it also offers used car loans to those who are interested in purchasing a second-hand car. It should be mentioned here that obtaining a used car loan is nowhere as easy as getting a new car loan but one can still benefit from some finance options from Yes bank when buying a second-hand car in case he satisfies the eligibility criteria. Yes Bank also has a tie-up with many used car dealers across India. In the section below, , we have listed all the Yes pre-owned car loan benefits and features:
Yes Bank Used Car Loan Interest Rate | 7.50% per annum |
| Min Loan Amount | Rs 100,000 |
| Max Loan Amount (Loan to Value) | Loan up to 90% of Ex-showroom Price |
| Loan Tenure | 1 year to 7 years |
| Yes Bank Used Car Loan Lowest EMI / Lac | Rs 1,526 |
| Minimum Net Monthly Income | Rs 15,000 |
| Minimum ITR for Self Employed | Rs 300,000 |
| Age Criteria | Salaried: 21 years to 60 years Self Employed: 21 years to 65 years |
| Types of Cars | For All New Passenger Cars, Multi Utility Vehicles (MUVs), and Sport Utility Vehicle (SUVs). |
| Yes Bank Used Car Loan Processing Fee | Up to 1% of the loan amount |
| Foreclosure Charges | 6% of principal outstanding within 6 months to 24 months from 1st EMI, 5% thereafter |
| Basic Documentation | ID Proof, Address Proof, Salary Slip, Bank Statement and Car Quotation |
In case you have already paid your car loan instalments on time for a minimum of 9 months, you can opt for a top-up on your existing car loan with Yes Bank’s Loan against Car. This loan scheme enables the borrower to get an additional loan to the extent of your original loan amount, at a competitive rate of interest. Yes Bank Car Loan against Car comes with the following benefits and features:
Yes Bank Car Loan EMI is the fixed amount that the borrower needs to pay to the bank every month as partial repayment of your car loan. Using a car loan EMI calculator, the borrower can get to know the EMI he’ll have to pay for a certain amount. This can help him plan his finance better and, if required, even adjust the sum he plans to borrow. The free tool calculates the EMI based on the following factors –
| Factors Determining EMI | |
| Rate of interest | This has a direct relation with your EMI. Higher the rate of interest, higher will be the EMI. |
| Loan tenure | Higher the loan tenure, lower will be the EMI. The vice versa also holds true. |
| Loan Amount | Of course, another factor that has a direct relation with your EMI is the loan amount. More the amount you borrow, higher will be the EMI. |
A: You can apply for a Yes Bank car loan by using any one of the below methods.
– Apply on the Yes Bank Website.
– Visit the nearest Yes Bank branch.
A: You can obtain a Yes Bank car loan application form at its bank branches or on the bank’s official website.
A: You can purchase any kind of four-wheeler with a loan from Yes Bank as log as the vehicle is being purchased for personal use.
A: In order to apply for a used of new car loan at Yes Bank website, you need to go through the below steps-
Click on “Bank Branching” and Choose Retail Banking – Loans. Then choose Car Loans and you will see an option to Apply Now! Click on the button, fill out the form and apply.
A: No, Yes Bank doesn’t provide any way to check status of Yes Bank loan application online.
