Yes Bank was founded by Ashok Kapur and Rana Kapoor and is India's fourth-largest private bank. National and international acclaim has been bestowed upon the bank. The RBI has granted it the only Greenfield license.
Yes, Bank provides consumers with low-interest car loans to help them purchase their dream car, whether new or used. If you have a good credit/CIBIL score, you will be able to easily obtain a loan.
YES BANK USED CAR LOAN ELIGIBILITY
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Salaried Individual
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1.Age: 21-60 years of age.
2.Net Monthly Income: should be minimum ₹ 15000.
3.Employment Duration: Minimum one year.
4.Income Eligibility: Depends on Form no. 16 and Salary Slip.
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Self-Employed Individuals
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1.Age: 21-65 years of age.
2.Minimum ITR: Rs. 4 lakh, Rs. 18 lakhs. (for selected car models)
3.Employment Duration: Minimum three years.
4.Income Eligibility: Depends on the latest Income Tax Returns.
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Self-Employed Non-Individuals (Company/Partnership)
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1.Minimum ITR: Rs. 4 lakh, Rs. 18 lakhs. (for selected car models)
2.Employment Duration: Minimum three years
3.The applicant has to present IT returns and audited financials of two years with Calculated Income.
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Priority Customers
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1.Applicant should have a vintage of at least six months.
2.Average Quarterly Balance: Minimum Rs.1 lakh for last 2 quarters.
3.Maximum Loan Amoun: 3 X Average Quarterly Balance of Last 2 quarters.
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YES BANK USED CAR LOAN INTEREST RATE, FEES AND CHARGES
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Charges
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New Car Loan
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Used Car Loan
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Interest Rate
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7.50% p.a.
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9.25% p.a.
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Processing fee
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Up to 1% of the loan amount.
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Up to 1% of the loan amount.
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Issuance of Duplicate Repayment Schedule Charges
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Rs.500 per instance.
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Rs.500 per instance,
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Foreclosure Charges
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6% of principal outstanding within six months to 24 months from 1st EMI, 5% thereafter.
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6% of principal outstanding within six months to 24 months from 1st EMI, 5% thereafter.
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Penal Interest
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2% per month
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2% per month
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HOW TO APPLY FOR YES BANK CAR LOAN?
There are two ways to get a car loan with YES BANK i.e.
Offline Method: By going to a Yes bank branch near you.
Online Method:
- Visit yes bank official website.
- On 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 are all mandatory documents with the application form and submit it.
- Now wait for few minutes and you will notice soon whether you are eligible for a loan or not.
