Yes Bank was established in 2004 and their headquarters in Mumbai. It offers a wide range of banking and financial services for corporate and retail customers. The Yes Bank is one of the most trusted banks for the car loan. This loan is also available for both salaried and self employed customers. Most people have a car in their minds which they want to buy for their needs. Some of them can buy it and others can't, some of them go for a low price and average looking cars and some want to buy an expensive and beautiful car. Most people love to buy or we can say that they have a dream to buy a certain expensive car but they can’t, the only reason is budget. Yes Bank offers you the best deals for financing the car of your dreams and provides the best and attractive interest rate with an easy documentation process. Individuals, Proprietorship Firms, Partnership Firms, Public/Pvt. Limited companies can apply for this car loan.
1. Attractive interest rates :
The minimum interest rate of YES Bank car loans starts from 9.25%. Basically the rate of interest will be decided by the bank according to the customer age, employment type, overall profile and the most probably Cibil score. So, there will be a very good chance for the customer to get a car loan at an attractive and lower interest rate.
2. Instant loan approval :
Yes Bank provides car loan approval in a very speedy way and instant approval for the customers so they don't have to waste their precious time for loan approval. They can easily get approval for the car loan either online or offline.
3. No guarantor required :
Yes Bank is an unsecured loan that's why it does not require any security and guarantor for car loan.
4. Easy documentation process :
Yes Bank required less and simple documentation for the processing of car loans.The documents submitted by the customers are KYC, address proof and income proof with the loan application form. It is not required to submit so many documents for a car loan. The process of documentation is very simple and easy.
5. Flexible tenure :
Yes Bank car loan offers the best and flexible loan tenure of 1 years to 3 years. The Yes Bank car loans are taken to meet their sudden needs of the customer for their dream car.
|
ELIGIBLE |
Salaried employee, self employee professionals, Partnership firm and public and private limited company |
|
AGE |
For salaried employee : 21 years to 58 years For self employed : 21 years to 65 years |
|
MINIMUM ANNUAL INCOME |
For salaried individuals : Rs.1 lakh Minimum 1 year work experience in current job For self employed individuals/partnership firm/private limited company : Rs.2 lakh Minimum 2 years experience in same business |
|
TYPE |
CHARGES |
|
Processing fees |
Upto 1% of the loan amount |
|
Documentation charges |
Rs.600 |
|
Prepayment charges |
3% to 6% of outstanding loan amount |
|
Stamp duty charges |
At actual |
|
Loan cancellation charges |
Rs.1000 |
|
Late payment fees |
2% per month |
|
Credit charges (on request) |
Rs.50 |
|
TYPE |
Id Proof |
Address proof |
Income proof |
|
Salaried individuals |
Aadhar card, pan card, passport, voter id |
Electricity bill, registry, rental agreement, voter id, Aadhar card |
Last 3 month salary slip, last 6 month bank statement, Form 16 |
|
Self-employed individuals |
Aadhar card, pan card, passport, voter id |
Electricity bill, registry, rental agreement, voter id, Aadhar card |
Last 6 month bank statement, Last 2 years ITR |
|
Partnership Firms |
Aadhar card, pan card, passport, voter id |
Electricity bill, registry, rental agreement, voter id, Aadhar card |
Last 3 month bank statement, last 2years audited financials, ITR for last 2 years |
|
Private limited company |
Aadhar card, pan card, passport, voter id |
Electricity bill, registry, rental agreement, voter id, Aadhar card |
Last year's ITR and audited financial statement |
|
BANKS |
INTEREST RATE |
|
9.05% to 11.30% |
|
|
14.80% to 16.80% |
|
|
13.99% |
|
|
15.00% |
|
|
8.00% to 10.75% |
|
|
8.70% to 9.20% |
|
|
9.75% |
|
|
8.70% to 9.5% |
|
|
8.80% to 10.50% |
|
|
12.75% to 15.30% |
|
|
13.75% to 16% |
|
|
8.00% to 24% |
|
|
9.25% |
|
|
9.30% to 12.85% |
|
|
9.30% to 9.90% |
|
|
12% to 14% |
|
|
10.65% to 15.50% |
|
|
8.85% |
|
|
8.95% |
|
|
7.75% to 10.30% |
|
|
8.45% |
|
|
8.9% to 9.35% |
There are two ways to get a car loan with YES BANK i.e.
Offline Method : By visiting near Yes bank branch.
Online Method :
Initially visit yes bank official website
At home page click on go to “Personal Banking” section
Now go to on “Individual” section and then click on “loans”
Select the “Car loan”
Click on apply now and complete the application form carefully
Attached all mandatory documents with the application form and submit it
Now wait for few minutes and you will notify soon whether you are eligible for loan or not
To calculate the EMI for a Yes Bank car loan, the following formula can be used:
EMI = [P x R x (1 + R) ^ n] / [(1 + R) ^ n - 1]
P = Principal loan amount
R = Car loan interest rates offered
N = the loan tenure
|
|||||||
The maximum limit for Yes Bank car loan is Rs.500 lakh.
Yes Bank car loan interest rate starts from 9.25%.
The minimum and maximum tenure of YES Bank car loans is 1 to 7 years
Processing fee is charged by Yes bank car loan is upto 1% of the loan amount.
YES, you age must be 21 years to 53 years for salaried employees and 21 years to 65 years for self employed at the time of loan maturity for Yes Bank car loan .
Directly visiting the nearest branch or can apply online at their website.
Last Updated on : 29/Jul/2020Know More About
You're eligible for a Yes Bank Car Loan if you:
Are legally adult enough to handle it
Have still got it
Get a regular pay check
Make more than a basic buck
Your eligibility depends on:
Earn more than minimum income required
Maximum allowed Car Loans is Rs. 10K to Rs. 45 lakhs
EMIs of other loans loweryour eligibility
Boost your eligibility by:
Pay off your credit card bills
Choose longer tenure loan up to 5 years
Nothing gets done without that paperwork (which we'll happily carry over to the bank for you, no sweat). Here's what you'll need:
- 1. Photo ID and age proof
- 2. Signed application form with photograph
- 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
Updated on 25 Nov 2017
| Yes Bank Car Loan Details | |
|---|---|
| Interest Rate (Monthly reducing balance) | 9.25% - 0% |
| Processing Fees | Upto 1% of the loan amount |
| Loan Tenure | 1 year to 7 years |
| Pre-closure Charges | Varies with bank |
| Guarantor Requirement | Varies with bank |
Car Loans EMI Calculator