All we want to live a comfortable life for that we do lots of things work hard to earn a good amount of money. In this process, the automobile like a car plays an important role in our life to make it comfortable. Every individual wants a car for their work or personal use. Watching daily a new different car is arriving in the market and we just got attracted to the features of the car and wish to buy it. Some of us can buy it but most people couldn’t afford to buy it. Then they go for cheap cars that fit in our budget. Now the question here is how can we buy our dream car with a low budget? To overcome this problem we have car loan facilities.
Yes Bank is one of the most trusted banks for the car loan. This bank provides car loans on new and pre-owned cars with attractive interest rates and features.
Now with Yes bank, you didn’t need to hesitate to buy your dream car. Yes bank car loans come with most suitable features and benefits. And all the schemes of the bank are customer friendly and easy to understand.
Min loan amount is 1 lakh and max. the loan amount is Rs 500 lakh
Individuals, Proprietorship Firms, Partnership Firms, Public/Pvt. Limited companies can apply for this car loan
LTV of up to 95% on select models
Attractive interest rates
Multiple repayment options
The loan tenure ranges from 1 to 7 years
If you are going for the car loan from Yes bank must check that you come under eligibility criteria. Here below we explain in detail eligibility criteria for Salaried, self-employed, and partnership firs/sole proprietorship/private limited companies
Eligibility
Salaried Individuals
Aged between 21 years and 60 years
Employed for a minimum of 2 years with at least 1 year with the current employer
Earn at least Rs.3 lakh p.a.
Have a telephone/post-paid mobile
Self-Employed Individuals (Sole Proprietorship)
Should be in the business of trading, manufacturing, or services
Aged between 21 years and 65 years
Should have been in business for at least 2 years.
Have an annual income of at least Rs.3 lakh
Self-Employed Individuals (Partnership Firms)
Self-employed partners in the manufacturing, trading or services business
Should have a turnover of at least Rs.3 lakh p.a.
Self-Employed Individuals (Private Limited Companies)
Owners of private companies in the manufacturing, trading or services business
Should have a minimum annual income of Rs.3 lakh
Self-Employed Individuals (Public Limited Companies)
Directors in public limited firms in the manufacturing, trading or services business
Have earnings of at least Rs.3 lakh p.a.
|
Type of charge |
Amount |
|
Documentation fee |
Rs 499 |
|
Cheque swapping fee |
Rs 750/ transaction |
|
Cheque bounce fee |
Rs 750 / bounce |
|
NOC personal and commercial use |
Rs 2250/- per NOC |
|
Valuation charge |
Rs 1000 |
|
Collateral charge |
Rs 499 |
|
Re-booing/ loan cancelation charge |
Rs 1000 |
|
Loan Re-schedulement fee |
Rs 1000 |
|
Processing fee |
For new car- Up to 1% of the loan amount For used car- Up to 2% of the loan amount |
|
Late payment fee |
2% p.m. |
|
Duplicate NOC |
Rs 750 per NOC |
|
Loan statement fee |
Rs 750 per statement |
|
Special NOC charge |
Rs 500 per request |
While applying for a car loan properly check all the documents that are mention below. Without these documents, a loan is not possible to get.
Documents
|
TYPE |
Id Proof |
Address proof |
Income proof |
|
Salaried |
Aadhar card, pan card, passport, voter id |
Electricity bill, registry, rental agreement, voter id, Aadhar card |
Last 6-month bank statement, salary slip last 3 month |
|
Self-employed |
Aadhar card, pan card, passport, voter id |
Electricity bill, registry, rental agreement, voter id, Aadhar card |
Last 6-month bank statement, Form 16, latest ITR, |
|
Partnership Firms/private limited companies |
Aadhar card, pan card, passport, voter id |
Electricity bill, registry, rental agreement, voter id, Aadhar card telephone bill |
Last 3-month bank statement, latest ITR, Registered Lease Document with other utility bills, Sales Tax or VAT Certificate, Shop & Establishment Act Certificate |
|
Yes bank credit card |
There are two ways to get a car loan with YES BANK i.e. online application and in-branch application
The process to apply online
Initially visit yes bank official website
At the 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
Know More How To Apply ??
Know 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) | 10.25% - 12.75% |
| Processing Fees | 1% of the loan amount |
| Loan Tenure | 1 year to 7 years |
| Pre-closure Charges | Varies with bank |
| Guarantor Requirement | Varies with bank |
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