Yes Bank Car Loan
Last Updated : Sept. 6, 2017, 5:35 p.m.
About Yes Bank Car Loan
Having a car is a dream of many is a fact we all understand. But the key lies in buying the vehicle at an affordable interest rate so that your pocket get saved while servicing the loan. As far as lenders are concerned, Yes Bank can be the one which can let you move the steering without any worry. The private lender offers loan to value (LTV) at 90% on select models for a period ranging from 1 to 7 years. Minimum and maximum loan amount are ₹ 1 lac and ₹ 500 lakhs.
Yes Bank Car Loan Interest Rates and Other Details
| Particulars | Cost |
|---|---|
| Interest rate | 9.25% Onwards |
| Tenure | Upto 7 years |
| Loan Amount | Min amount : ₹ 1 lakh Max. amount : ₹ 500 lakhs |
| Processing fee | ₹ 5,000-₹10,000 |
| Prepayment Charges | No prepayment charges allowed within 6 months from the date of availing the car loan; 6% of POS for preclosures within 6 months to 12 months from 1st EMI; 5% of POS for preclosures post 12-24 months from 1st EMI;3% of POS for preclosures post > 24 months from 1st EMI |
Yes Bank Car Loan Eligibility Criteria
| Parameters | Salaried Professional | Self-employed |
|---|---|---|
| Age | 21-58 years | 21-65 years |
| Minimum Income | Annual income of at least 3 lacs | Annual income of at least 2 lacs |
| Employment/Business Continuity | Minimum work experience of 2 years with one year with the existing employer | Been in the business for at least 2 years |
Documents Required to Avail Yes Bank Car Loan
| Proofs | Salaried Professional | Self-employed |
|---|---|---|
| Age Proof | Passport/PAN Card/ Voter ID card, Photo Driving License with birth date/Photo ration card with DOB/Employer certificate/ID/School/College Leaving Certificate | Passport/PAN Card/ Voter ID card, Photo Driving License with birth date/Photo ration card with DOB/Employer certificate/ID/School/College Leaving Certificate |
| Identity Proof | PAN Card/ Voter ID/Passport/Driving License, photograph | PAN Card/ Voter ID/Passport/Driving License, photograph |
| Income Proof | Latest 3 month salary slip, Form 16 | One previous year ITR and Adv. Tax Challan of current year showing the payment of higher tax compared to the previous year |
| Address Proof | Latest Telephone Bill/ Electricity Bill/Property Tax Receipt/Passport/ Voter ID | Latest Telephone Bill/ Electricity Bill/Property Tax Receipt/Passport/ Voter ID |
| Sign Verification Proof | Passport/Photo Driving License with birth date (laminated, recent , legible)/ Credit Card Statement with Credit Card Copy/Banker's Verification, Copy of Margin money paid to bank | Passport/Photo Driving License with birth date (laminated, recent , legible)/ Credit Card Statement with Credit Card Copy/Banker's Verification, Copy of Margin money paid to bank |
| Application Form with Photograph | Yes | Yes |
| Car Valuation Report | Yes | Yes |
| Loan Agreement Duly Signed with RTO Set (Post Sanction/Pre-Disbursement Documentation) | Yes | Yes |
| Standing Instruction (SI) Request / ECS Form / Post Date Cheques (PDCs). Security Cheques required for SI and ECS (Post Sanction/Pre-Disbursement Documentation) | Yes | Yes |
Yes Bank Car Loan EMI Calculator
If you the amount of EMI you would have to pay before availing a loan, how would you feel? You would be delighted, right! Knowing something related to money beforehand helps instill the discipline in your saving and expenditure pattern. The EMI calculator will let you know the installments payble on a loan. The EMI, which stands for Equated Monthly Installments, is a sum of both interest and principal repayment of the loan. The results of the EMI calculator depend upon the amount of loan, the rate of interest and the loan tenure. The moment these variables are entered, an indicative EMI will be flashed by the calculator, which will also show the amount of interest repayments a borrower has to make over the loan term.
Table showing interests and EMIs on used car loan of Rs 5,00,000 for different periods at Yes Bank
| Loan Amount (in ₹ ) | Loan Tenure (In years) | Interest Rate(in % p.a.) | EMI(in ₹ ) | Total Interest Outgo(in ₹ ) | Total Amount(EMI+Interest) (in ₹ ) |
|---|---|---|---|---|---|
| 5,00,000 | 1 | 8.80%-13.70% | 43,679-44,823 | 24,153-37,876 | 5,24,153-5,37,876 |
| 5,00,000 | 2 | 8.80%-13.70% | 22,797-23,936 | 47,116-74,455 | 5,47,116-5,74,455 |
| 5,00,000 | 3 | 8.80%-13.70% | 15,853-17,016 | 70,721-1,12,578 | 5,70,721-6,12,578 |
| 5,00,000 | 4 | 8.80%-13.70% | 12,395-13,588 | 94,964-1,52,229 | 5,94,964-6,52,229 |
| 5,00,000 | 5 | 8.80%-13.70% | 10,331-11,557 | 1,19,843-1,93,390 | 6,19,843-6,93,390 |
| 5,00,000 | 6 | 8.80%-13.70% | 8,963-10,223 | 1,45,352-2,36,036 | 6,45,352-7,36,036 |
| 5,00,000 | 7 | 8.80%-13.70% | 7,994-9,287 | 1,71,486-2,80,136 | 6,71,486-7,80,136 |
Yes Bank Car Loan Application Form
Want to apply for Yes Bank Car Loan online? Visit the bank’s website, click loan section and come to the link of download forms. Fill in the details properly and submit the same for the bank to process your application. You can even submit the car loan application at any nearest Yes Bank branch in your city.
Yes Bank Car Loan Application Status
Keeping a track of the car loan application is necessary to find out the time by which the loan can be disbursed to your account. You can check the status by either enquiring at the customer care number 18002000, online or even the branch wherein your loan account is opened.