| Interest Rate Range | Processing Fee Range |
Loan Amount
|
Tenure Range
|
| 10.25% - 12.25% Fixed |
₹ 5,000 to ₹ 10,000 One time fee |
1L Min |
1-7 Years
|
YES BANK is a bank with headquarters in Mumbai in India, a pan India community of 900 branches. YES BANK offers loans to product such as Home Loan, Car Loan, Personal Loan. All you have to do is to follow some tasks to get.
Documentation needed to apply for an YES BANK Car Loan
1. Signed application form with photograph
2. Photo ID and age proof
3. Residence proof
4. Last 6 months bank statement
5. Documentation for salaried applicants:
- Last 3 months salary – slips
- Form 16 or Income Tax Returns
6. Documentation for self-employed applicants:
- Last 3 years Income Tax Returns with computation of Income
- Last 3 years CA Certified / Audited Balance Sheet and Profit & Loss Account
YES BANK Car Loan Interest Rates
| Interest Rate | 10.25% to 12.25% |
| Processing Fees | Rs. 5000 to Rs. 10,000 |
| Loan Tenure | 1 year 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 |
The above mentioned interest rates are subject to change as per the revised GST rates.
Eligibility
The eligibility to attain a YES BANK car loan rests on multiple factors, with the requirements differing for various target groups, as listed below-
For Salaried Individuals:- Minimum age to apply: 21 years
- Maximum permissible age at loan maturity: 58 years
- Minimum annual income: Rs.3 lakhs (3 months’ salary slips/ Form 16 needed for confirmation)
- Minimum work experience in current job: 1 year
- 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.
- 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.
- Minimum Annual Income: Rs.2 lakhs (Last 2 years ITR & Audited Financial statement needed for confirmation).
- Minimum experience in same business: 2 years
Features of YES BANK Car Loan
Even the YES lender car loan option is ripe using customer capabilities. First up, it really is available to a wide customer mount - enterprise businesses, proprietorship corporations, individuals and private or public limited businesses. Future, for models, the loan seals the bargain with some rather competitive, attractive interest rates and stipulates a policy up to 90 percent over your automobile cost. The bank mortgage ensures that a minimum payout of Rs.1 lakh, whereas the maximum amount could be Rs.five hundred lakhs. A number of reimbursement choices are also readily accessible with the payback tenure.
Fees and Service Charges of Yes Bank Car Loan
| Charges | Amount |
|---|---|
| Part prepayment Charges | Part prepayment is permitted following 12 EMI payments. It may be carried out once and twice throughout the loan a year. Part prepayment can not be more than 25 percent of the initial. 5 percent within 13-24 months of EMI over the part prepayment sum. 3 percent on the portion prepayment amount post 24 weeks of EMI. |
| Loan reschedulement/rebooking Charges | Rs.1,000 |
| Loan cancellation Charges | Cancellation can be performed before clearance of their EMI. Rs.1,000 |
| Stamp Duty Charges | At Actual |
| Documentation Charges | Rs.600 per case |
| Cheque Swapping Charges | Rs.750 per transaction |
| Cheque Bounce Charges | Rs.750 per bounce |
| CIBIL Charges (only on request) | Rs.50 |
| Commercial/Personal Use NOC (conversion subject to credit approval) | Rs.2,250 per NOC |
| Collateral Charges | Rs.450 per case |
| Late Payment Charges | 2% per month |
| Duplicate NOC/NDC Issuance Charges | Rs.750 per NOC |
| Loan Statement Charges | Rs.750 per statement |
| Amortisation Schedule Charges | Rs.750 per schedule |
| Special NOC | Rs.500 per request |
FAQs
- Who is eligible to apply for a Yes Bank car loan?
The eligibility requirements are given below.
- Individuals
- Proprietorship Firms
- Partnership Firms
- Public / Private Limited Companies
- What is the minimum income required to be eligible for this loan?
|
Applicant |
Minimum Salary |
Minimum Work Experience |
Salary Basis |
|
Salaried |
Rs. 3 lakhs per annum |
2 years overall work experience with 1 year in the current field. |
Last 3 months salary slip and Form 16 |
|
Self-employed |
Rs. 2 lakhs per annum |
2 years in the same business |
Last 2 years ITR |
|
Partnership Firms |
Rs. 2 lakhs per annum |
2 years in the same business |
Last 2 years Audited Financials |
|
Private Limited / Limited Companies |
Rs. 2 lakhs per annum |
2 years in the same business |
Last 2 years Audited Financials |
- What are the age limits for the Yes Banks car loan?
Age restrictions for Yes Bank Car Loan is given in the table below.
|
Applicant |
Minimum age at the time of application |
Maximum age at loan maturity |
|
Salaried |
21 years |
58 years |
|
Self-employed |
21 years |
65 years |
|
Partnership Firms |
NA |
NA |
|
Private Limited / Limited Companies |
NA |
NA |
- How much of the cost of the car will Yes Bank finance?
Yes Bank can finance up to 90% of the loan to value ratio on select models of four wheelers.
- What is the maximum loan amount offered by Yes Bank?
You can get up to Rs. 500 lakhs to finance the purchase of your car.
- Is there any minimum loan amount with the Yes Bank Car Loan?
Yes, the bank offers Rs. 1 lakh minimum on their car loans.
- What is the minimum car loan tenure?
Yes Bank offers a minimum loan repayment time of 1 year.
- What is the maximum repayment tenure for a Yes Bank car loan?
The maximum repayment tenure is 7 years.
- What is the interest rate offered by Yes Bank on new car loans?
The rate of interest ranges from 10.75% to 13.50% per annum. Your rate of interest is determined on the basis of the car model. The interest rate can vary with changes to the base rate. Kindly check with Yes Bank for any revision in the rate of interest.
- Are there any processing fees on Yes Bank Car Loans?
Yes, there are non-refundable processing charges applicable. The processing charges are inclusive of GST and are listed below.
|
Loan Amount |
Charge |
|
Up to Rs. 10 lakhs |
Rs. 5,000 |
|
Above Rs. 10 lakhs to Rs. 25 lakhs |
Rs. 7,500 |
|
Above Rs. 25 lakhs |
Rs. 10,000 |
- What are the stamp duty charges?
Stamp duty is charged at the actual cost.
- Can I foreclose my Yes Bank car loan?
Yes, you can prepay the loan in full after 6 months from the date of taking the loan.
- Can I make part payments on my Yes Bank Car Loan?
No, part prepayments are not allowed. However, the bank may allow this at its sole discretion provided that the prepayment charges are paid.
- What are the foreclosure charges on the Yes Bank Car Loan?
The foreclosure penalty charges are based on the loan tenure already completed. The loan tenure is calculated from the 1st EMI.
|
Tenure |
Penalty |
|
Up to 6 months |
Not allowed |
|
6 months to 24 months |
6% of POS |
|
24 months and above |
5% of POS |
- Are there any penalties for late payment?
Yes, you will be charged 2% per month for late payments on your loan.
- What are the charges for bounced cheque?
For bounced cheques, Yes bank charges Rs. 750 per instrument. For cheque swapping the charges are the same.
- Can I cancel my loan application?
Yes, you can cancel your loan application. You can also cancel a rebooking of the loan.
- Are there charges for canceling the loan?
Yes, you will be charged Rs. 1,000. The cancellation charges and the interest charges will be borne by you.
- What are the other charges applicable on a Yes Bank car loan?
|
Particulars |
Charges |
|
Duplicate Repayment Schedule charges |
Rs 750/- per schedule |
|
Loan Reschedulement charges |
As applicable at the time of reschedulement |
|
Duplicate no due certificate / NOC |
Rs 750/- per NOC |
|
Special NOC |
Rs 500/- per request |
|
Legal, Repossession and Incidental charges |
At actual |
|
Statement of Account Charges Rs 750/- per statement |
Rs 750/- per statement |
|
Bounced cheque |
Rs. 750 per cheque |
|
Cheque Swapping |
Rs. 750 per cheque |
- What Credit score is required for the Yes Bank car loan?
When you apply for a car loan, the bank can enquire about your credit score. The acceptable credit score is 750 and above. Under certain conditions, the banks may accept scores as low as 550 points.
- How do I repay my Yes Bank Car Loan?
Yes, Bank provides three methods of car loan repayment.
- Electronic Clearing Service (ECS) - You can use the Electronic Clearing Service (ECS) which authorises Yes Bank to automatically debit your other bank account to make payments towards your loan.
- Standing Instructions (SI) - If you maintain a bank account with Yes Bank, you can set standing instructions (SI). Yes Bank will debit the set amount from your bank account on the EMI due date.
- Post dated cheques - You can also pay via post dated cheque where ECS and SI facility is not available.
- What are the documents required for Yes Bank Car Loan?
For a car loan from Yes Bank, you need to submit the following:
- Recent Photograph
- Duly filled Application
- Identity Proof
- Age Proof
- Address Proof
- Signature Proof
- Proforma Invoice
- Bank Statement
- What are the income documents required?
Income documents required varies between different applicants.
- For salaried individuals, the latest 3 months salary slip and Form 16
- For Self-employed, last 2 years ITR OR 1 year ITR and Advance Tax challan of current year which shows higher tax paid than in the previous year.
- For partnership firms, last 2 years Audited Financials OR last 2 years ITR
- Private Limited / Limited Companies, last 2 years Audited Financials AND last 2 years ITR
- What are the documents required after the loan is approved?
After the loan is approved and before it is disbursed, you are required to submit the following:
- The loan agreement which has been signed with RTO set.
- Margin Money receipt
- Repayment forms - Post dated cheques, ECS form, Standing instructions form with post dated cheques.
- What security is acceptable to Yes Bank?
Acceptable security includes the following:
- Landed property
- House Deed
- Fixed Deposits
- LIC Policy
- PF/PPF
- Any other security acceptable by Yes Bank.
- Do I need to hypothecate the vehicle to Axis Bank?
Yes, hypothecation of the four wheeler is necessary.
- How is the loan disbursed?
The loan can be disbursed in the following ways:
- Credit to a designated Axis bank account in the name of the borrower.
- Credit to a designated bank account in the name of the borrower where Electronic Debit Instructions are specified.
- Pay order or demand draft made in favour of the Car Dealer or Manufacturer.
- Can I purchase commercial purpose vehicles with a car loan from Yes Bank.
This car loan is only for personal use vehicles. You can avail of a separate loan to purchase commercial vehicles.
- How do I contact the Yes Bank Customer Care for car loan queries?
- The Yes Bank customer care helpline can be reached on their toll free number 1800 2000.
- You can also email them at yestouch@yesbank.in
GST of 18% is applicable on all banking products and services from the 1st of July, 2017.
Yes Bank Car Loan FAQs
How do I apply for a Yes Bank Car Loan?
-
You can opt to apply for a car loan using one of the following methods.
- Apply on the Yes Bank Website.
- Visit the nearest Yes Bank branch.
- Where can I get a Yes Bank Car Loan Application form?
Yes Bank provides car loan application forms at its bank branches or on its website online.
- What kind of four wheeler can I purchase with finance from Yes Bank?
You can purchase any kind of four-wheeler with a loan from Yes Bank. The car should be bought for personal use.
- How do I apply online for a Yes Bank car loan?
To apply for a car loan on the Yes Bank website, follow these simple 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.
- Can I check the status of my Yes Bank loan application online?
No, there is no option on the Yes Bank website.
Comments
0 comments
Please sign in to leave a comment.