YES Bank Used Car Loan Overview

YES bank is the first choice when it comes to used car loans. The slogan of Yes bank is "Say YES to your BIG car dream". YES bank offers used car loans at low rates of interests. The loan application process is simple and hassle free. It is providing the multiple repayment options up to 7 years.

Yes Bank Used Car Loan Interest Rate

Particulars Charges
YES bank interest rates 10.25% to 12.25%
Tenure Range 1 - 7 years
Processing Fee Rs. 5k - 10k
Foreclosure Charges No foreclosure charges for 6 months, 6% pre-closure within 1 year from 7th EMI, 5% pre-closure within 13-24 months from 1st EMI, 3% pre-closure within 24 months from 1st EMI

Additional Charges and Fees of YES Bank Second hand Car Loan

Documentation Charges - Rs. 600/- per case

Cheque swapping charges - Rs. 750/- per transaction

Cheque bounce charges - Rs. 750/-

Stamp duty charges - at actuals

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.

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.

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

CIBIL charges - Rs.50/-

Personal/ Commercial use NOC - Rs. 2250/-

Processing charges - Rs. 6000 or 2% of the loan amount

Late Payment Charges - Rs.50/-

Collateral charges - Rs. 450/-

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

Loan Statement charges - Rs. 750/-

Amortization Schedule Charges - Rs. 750/-

Valuation Charges (for Used Car only) - Rs. 1,200

Special NOC - Rs. 500

Eligibility Criteria for Yes Bank Used Car Loan

For Salaried Individuals,

Minimum age should be 21 years

Maximum age is 58 years at the time of loan maturity

Minimum annual income should be Rs. 3,00,000

Minimum work experience of present job is 1 year

For Self Employed Individuals,

Minimum age should be 21 years

Maximum age is 65 years at the time of loan maturity

Minimum annual income should be Rs. 2,00,000

Minimum 2 years experience in the same business

For partnership firms,

Minimum age should be 21 years

Minimum annual income should be Rs. 2,00,000

Minimum 2 years experience in the same business

For Private Limited Companies,

Minimum annual income should be Rs. 2,00,000

Minimum 2 years experience in the same business

Documentation required for Yes Bank Used Car Loan

  • YES Bank car loan application form with sign

  • Latest passport size photo

  • KYC documents

  • Bank Statement

  • Identity Proof: PAN card/ Passport copy/ Driving License/ Voter ID

  • Address Proof: Driving License/ Ration Card/ Voter ID/ Telephone Bill/ Passport copy/ Life Insurance policy/ Electricity Bill/ PAN card

  • Invoice of the car to be buy

  • Verification proof

Income proof of various employees need to submit the following documents:

For Salaried Individuals,

  • Last 3 months salary slips

  • Form 16

For Self Employed Individuals,

  • Last 2 years Income Tax returns

  • Previous year income tax returns and present year advance tax challan which shows high tax paid when compared to the previous year.

For partnership firms,

  • Last 2 years audited financials

  • Last 2 years Income Tax returns when the audited financials are not available

For Private Limited Companies,

  • Last 2 years audited financials

  • Last 2 years Income Tax returns when the audited financials are not available

Yes Bank Used Car Loan EMI Calculator

An Equated Monthly Instalment (EMI) is a amount that you need to pay in every month when you take a loan from the bank. The calculation is based on 3 factors:

1. Loan Amount: Total loan amount that you have borrowed from the bank.

2. The rate of interest: Interest rate that you have to pay for the bank.

3. Loan Tenure: The time period, you have to pay off the loan.

Many people are applying for a pre owned car loan to buy a car . With EMI calculator, you can calculate your monthly instalments. You have to calculate your EMI, before applying for a pre owned car loan.

How to Use LoanOnMInd's EMI Calculator for YES Bank second hand Car Loan

The following are the steps to calculate EMI for your second hand car loan

Step 1:

Firstly you have to enter the loan amount that you want to get it from the YES bank.

Step 2:

Secondly, you have to enter the interest rate offered by the YES bank.

Step 3:

In this section, you need to choose the loan tenure which is ranging from 1 to 7 years.

Step 4:

If you enter all these values, you can compare and calculate your monthly EMIs.

Features and Benefits of YES Bank EMI calculator

The Yes Bank EMI calculator can quickly calculate the complicated calculations. This tool has many benefits and features.

The applicant can choose the right prepayment option to know how it will be affect on their EMIs.

This tool is user friendly.

This gives accurate EMI results.

This tool can be used in many times to compare the interest rates for the pre owned car loans.

To calculate the EMI for your used car loan Hyderabad, use our EMI calculator

Apply for a YES Bank pre owned Car Loan

1. People who want to apply for the car loan online can be do trough number of ways with easy documentation process.

2. You can visit any YES bank branches, and know the details about car loan and you can directly apply for the car loan.

3. Internet is another way to apply for a pre owned car loans. In official website, you will check the repayment plans and other offers on used car loans.

4. Apply for the used car loan at LoanOnMind website. In LoanOnMin, you can check the offers and deals on used car loans.

5. YES Bank account holders are also avail to get the car loans.

Things to Remember When You are Applying for a second hand Car Loan

If you are applying for a used car loan, you have to consider many factors. The factors include:

1. Rate of Interest

2. Processing Fees

3. Prepayment Charges

4. Loan Tenure

5. Used Car Loan EMI

6. Down Payment

Features of Yes Bank Used Car Loan

  • Attractive interest rates

  • Loan amount Range is Rs. 1 lakh to 500 lakhs

  • Multiple repayment options are available

  • Sending SMS to check the yes bank loan status

How Does CIBIL Score affect on YES Bank Car Loan Interest Rates

CIBIL score is important one to get a used car loan from YES Bank. The lender can check the applicant's previous history of credit and repayment terms. Bank will offer interest rates based on the cibil score. People with low cibil score can get high interest rates and people with good credit score can get low interest rates. If the applicant's income is steady and he is capable to repay the amount, the bank offers low interest rates to him.

Key Points to consider about YES Bank Used Car Loan Interest Rates

People who meet the eligibility criteria and having a good credit score can get the affordable interest rates.

YES Bank offers customized options to apply for a used car loan with flexible repayment methods and attractive interest rates.

Yes Bank Used Car Loan Customer Care Details

Yes Bank is providing 24x7 customer care service. If you want to talk with Yes Bank representative about your used 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 Used Car Loan

1. How do I apply for YES bank used car loan?

You can apply online or visit any branch of YES bank.

2. Where did I get the Application form for YES bank used loan?

You can get the application form at any branch of YES bank or official website of YES bank.

3. What type of vehicle can I buy with finance from YES bank?

You can purchase any type of car with loan (terms and conditions will apply).

4. How do I check my used car loan application status?

There is no option on YES bank's website.

5. Who are eligible to get a used car loan?

YES bank car loan eligibity requirements are:

a. Salaried Employees

b. self employed

c. Proprietorship firms

d. Partnership firms

e. Private/ Public limited companies

6. What is the maximum loan amount can I borrow from YES Bank?

You can get up to Rs. 500 lakhs to purchase a car.

7. What is the minimum tenure of loan?

The loan tenure is 1 year.

8. What is the minimum CIBIL score is considered as good by banks?

The minimum cibil score is 750. This score is considered as the good cibil score to get a used car loan.

9. Can the customers check the EMIs before applying for a used car loan?

Yes, You can check the EMI by using our LoanOnMind's EMI calculator. Open the EMI calculator page to enter the desired values such as loan amount, rate of interest, loan tenure to calculate the EMI easily.

10. Can anyone can apply for a used car loan for commercial purpose from YES bank?

YES bank offers separate loans for commercial vehicles.

11. What are the Documents Required for YES Bank used car loans?

To apply for a used car loan, the following documents are required.

  • Applicant's recent photo

  • Filled application form with signature

  • Identity Proof

  • Voter ID

  • Passport

  • PAN card

  • Aadhar card

  • Driving license

  • government I-card

  • Age Proof

  • Birth Certificate

  • Passport

  • PAN card

  • Voter ID

  • Driving license

  • Employee ID card

  • Leaving certificate of school or college

  • Address Proof

  • Driving license

  • Passport

  • Utility bill

  • Election ID card

  • Bank account statement

  • Signature proof

  • Invoice of the car to be purchase

  • Income proof

  • Applicant's bank statement

12. What are the different methods to repay the used car loans?

YES bank provides different methods to repay the used car loans

Electronic Clearing Service (ECS)

This allows the bank to automatically debit the amount from your bank account for car loan payment.

Standing Instructions (SI)

In this method, the customers who are having the account in YES bank will directly pay the loan EMI amount for every month.

Post date Cheques

Customers can provide post date cheques to repay the loan amount when they don't have ECS and SI facilities.