About YES Bank

Yes Bank is the India's 5th largest private sector bank. Yes Bank offers financing and banking services across all states and seven Union territories of India. Yes Bank is considered as the fastest growing bank in a banking league table. When it comes to the car loans, yes bank is the best in providing the car loans at attractive interest rates. It meets all the requirements of their customers. The bank offers flexible repayment options, attractive rate of interest, loan tenure ranging from 1 to 7 years. Yes bank offers the loan amount up to 90% of the value of the car, as well as fast car loan application processing and simple documentation.

Yes Bank New Car Loan Interest Rates

Below are the car finance interest rates of YES Bank:

Features and Eligibility Kotak Mahindra Bank New Car Loan Scheme
Interest Rate 10.25% to 12.25%
Loan Amount Rs 1 lakh Min
Tenure Range 1-7 years
Processing fee Rs 5k - 10k

Documents Required for Yes bank Car Loan

For Salaried Employee

  • Age Proof - College Provitional Certificate/ School/ /PAN Card/ Passport/ Photo Driving License with birth date/ Voter ID card/ Employer ID/Certificate/ Photo ration card with DOB

  • Identity Proof – PAN Card/ Passport/ Voter ID/ Driving License

  • Income Proof – Form 16, Past 3 month payslip

  • Address Proof - Latest Telephone Bill/ Property Tax Receipt/ Electricity Bill/ Voter ID/ Passport

  • Sign Verification Proof – Passport/Credit Card Copy and Credit Card Statement/ Driving License with birth date/ Copy of Margin money paid to bank, Banker's Verification

  • Application Form and Photograph

  • Report of Car Valuation

For Self Employed

  • Age Proof - College Provitional Certificate/ School/ /PAN Card/ Passport/ Photo Driving License with birth date/ Voter ID card/ Employer ID/Certificate/ Photo ration card with DOB

  • Identity Proof – PAN Card/ Passport/ Voter ID/ Driving License

  • Income Proof – One year ITR and Advanced Tax Challana of present year showing the higher tax payment compared to the previous year

  • Address Proof - Latest Telephone Bill/ Property Tax Receipt/ Electricity Bill/ Voter ID/ Passport

  • Sign Verification Proof – Passport/Credit Card Copy and Credit Card Statement/ Driving License with birth date/ Copy of Margin money paid to bank, Banker's Verification

  • Application Form and Photograph

  • Report of Car Valuation

The following are documents need to submit at the time of application (post approval/ pre disbursement):

  • Loan agreement with the signature of a local RTO.

  • PDCs (Post Dated Cheques)/ Standard Instruction (SI)/ ECS form.

  • Margin money receipt.

Yes Bank Car Loan Eligibility Criteria

For Salaried Individuals,

  • Age should be minimum 21 years old

  • Age should be 58 years old at the time of loan maturity

  • Should earn minimum Rs. 3,00,000 per year

  • Should have minimum 1 year work experience in the present job

For Self Employed Individuals,

  • Age should be minimum 21 years old

  • Age should be 65 years old at the time of loan maturity

  • Should earn minimum Rs. 2,00,000 per year

  • Should have minimum 2 years experience in the same business

For partnership firms,

  • Minimum age should be 21 years

  • Should earn minimum Rs. 2,00,000 per year

  • Should have minimum 2 years experience in the same business

For Private Limited Companies,

  • Should earn minimum Rs. 2,00,000 per year

  • Should have minimum 2 years experience in the same business

Yes Bank Car Loan EMI Calculator

EMI is a monthly amount you have to pay while you take a car loan of a specific amount for a given time period. The EMI calculation for car loan based on 3 factors:

  • Loan Amount - total amount you have borrowed from the Bank

  • Car Loan Interest Rate - Present rate of interest that a bank charges from the loan borrowers

  • Tenure Range - Loan amount need to be repaid within a time period

Use the below EMI calculator to check the Yes Bank car loan EMI

Additional Charges and Fees of YES bank New Car Loan

Documentation Charges - Rs. 600/- per case

Cheque bounce charges - Rs. 750/-

Loan cancellation - 1000 rupees will be charged for cancellation, interest charged from the date of disbursement till disbursement amount refund will be borne by the customer. Documentation fee, Stamp duty and Processing fee are non refundable charges. Cancellation can be done only on clearance of the 1st EMI.

Stamp duty charges - at actuals

Loan Re-booking/ Re-schedulement Charges - Applicable at the time of re-schedulement.

Part Payment Charges - Part payment is allowed after completion of 12 months EMI. Part payment allowed only once in a year. Part payment is allowed twice during the tenure of the loan.

Personal/ Commercial use NOC - Rs. 2250/-

CIBIL charges - Rs.50/-

Late Payment Charges - Rs.50/-

Processing charges - Rs. 10000 or 1% of the loan amount

Duplicate NOC/ NDC issuance charges - Rs. 750/-

Collateral charges - Rs. 450/-

Amortization Schedule Charges - Rs. 750/-

Loan Statement charges - Rs. 750/-

Special NOC - Rs. 500

Cheque swapping charges - Rs. 750/- per transaction

Factors to consider before applying for a new car loan at YES Bank

Purchasing a car is a big thing. So, it it good to take right decision while apply for the car loan. Here are some factors that you need to follow while buying a new car with the help of a car loan.

Car Loan Interest Rate: Rate of Interest is depending up on the car loan amount, applicant's eligibility, loan tenure. Depending on your eligibility, loan amount, tenure period, YES bank offers new car loans at attractive interest rates.

Documentation for New Car Loan application: Bank requires age proof, identity proof, address proof, income proof of the applicant for processing a car loan. Applying a loan is simple but the documentation process is hassle for applicants. That’s why many lenders offering speedy documentation process to attract the customers. Some banks offers minimal documation for their existing customers who already submit the KYC details.

Car Loan eligibility: You need to check the eligibility criteria of the bank before you are going to apply for a new car loan. The eligibility criteria will be different from lender to lender. Some banks provide the car loan eligibility calculator to calculate their eligibility to get a car loan. Any salaried or self employed customer's age should be 21 to 58 year old with a good credit score, steady income, stable occupation is eligible to get a new car loan from YES Bank. Credit score represents the person's credit worthiness and the stable income represents the person's monthly instalment repayment capacity.

Car Loan Charges and Fees: Banks charges some services on new car loans such as foreclosure fee, pre payment fee, processing fee, late payment charges, stamp duty charges, etc. A small percentage of processing fee will be deducted from the principle loan amount at the time of disbursal of a loan. A small percentage of prepayment fee can be charged by the bank. The borrower who pays the repayment lately need to pay the late payment fee. A small percentage of the loan amount that a customer decide to prepay fully before the end of the tenure of a loan.

Down Payment: At YES bank, one can avail loan up to 90% of the value of a car. So, you have to pay the remaining balance as a down payment. Customers who don't have a good credit score or who didn't meet the bank's eligibility criteria, need to pay higher down payment to avail a car loan. Making high down payment can reduce the entire car loan amount.

EMI of a Car Loan: The EMI will help you to know how much loan amount you are eligible for and tenure of your loan. It is better to maintain low debt to income ratio when the EMI didn't more than 50% of your income. Use the EMI calculator on the website to calculate your monthly EMI. Loan amount, loan tenure, interest rate are parameters used to calculate the EMI.

Features of Yes Bank Car Loan

  • Yes Bank Car Loan Hyderabad are available to Proprietorship Firms, Individuals, Public / Private Limited Companies, Partnership Firms

  • Low interest rates

  • Multiple repayments options are available for paying a car loan

  • Low Processing fee

Customer Care Details of a Yes Bank Car Loan

Yes Bank is providing 24x7 customer care service. If you want to talk with Yes Bank representative about your car loan, dial any one of the below toll-free numbers:

  • Toll-free number: 1800 2000

  • Non toll-free number: +91 22 6121 9000

FAQs On YES Bank New Car Loan

1. What are the pre approval documents are need for car loan application of YES bank?

The pre approval documents needed for car loan application of YES bank are:

I. KYC documents

II. Bank statement

III. Income proof

IV. Pro forma Invoice

V. Signature proof verification

2. What are fore closures charges do I need to pay for a YES bank new car loan?

I. No foreclosure charges for 6 months of availing a loan.

II. 6% of POS for pre closure for 1st EMI from 6 - 24 months.

III. 5% of POS for pre closure for post 24 months from 1st EMI.

3. How much processing fee do I need to pay for a new car loan?

Processing fee will be paid in case of a loan application:

  • Rs. 5000 for up to Rs. 10 lakhs

  • Rs. 7500 for Rs. 10 to 25 lakhs

  • Rs. 10000 for Rs. 25 lakhs

4. How much value of a new car can a Yes bank finance?

YES bank new car loan can finance up to 90% of the loan to value ratio.

5. What are the documents do I need to submit to the YES ban car loan?

  • Duly signed application form

  • Latest passport size photo

  • Identity proof

  • Age proof

  • Address Proof

  • Signature proof

  • Income proof

  • Bank Statement

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