Yes Bank Car Loan Key Features 2021
| Yes Bank Car Loan Rate of Interest | 7.35% per annum |
| Min Loan Amount | ₹ 100,000 |
| Max Loan Amount (Loan to Value) |
Loan up to 90% of On Road Price or 100% of Ex-showroom Price |
| Loan Tenure | 1 year to 7 years |
| Lowest EMI / Lac | ₹ 1,526 |
| Minimum Net Monthly Income | ₹ 15,000 |
| Minimum ITR for Self Employed | ₹ 300,000 |
| Age Criteria | Salaried: 21 years to 60 years Self Employed: 21 years to 65 years |
| Types of Cars | For All New Passenger Cars, Multi Utility Vehicles (MUVs) and Sport Utility Vehicle (SUVs). |
| Processing Fee | Up to 0.40% Only |
| Yes Bank car loan Foreclosure Charges | No foreclosure are levied after the first 12 EMIs Up to 2% before the first 12 EMIs |
| Basic Documentation | ID Proof, Address Proof, Salary Slip, Bank Statement and Car Quotation |
About Yes Bank Car Loan
Yes, Bank Limited is a Yes Bank Private Sector Bank headquartered in Mumbai, India, and was founded by Rana Kapoor and Ashok Kapur in 2004. Through retail banking and asset management services, it offers a wide range of banking and financial products for corporate and retail customers.
Yes Bank provides Car Loans at attractive rates of interest to the consumer for buying their dream car, whether new or second hand. It is an easily available loan that anyone can procure, even those who have a slightly low credit/CIBIL score.
Advantages of Yes Bank Car Loan
Yes Bank Car Loan Eligibility
To obtain the loan amount, a person must meet the Eligibility criteria for a car loan.
| Salaried Individual |
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| Self-Employed Individuals |
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| Self-Employed Non-Individuals (Company/Partnership) |
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| Priority Customers |
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Yes Bank Car Loan Interest Rate, Fees and Charges
| Charges | New Car Loan | Used Car Loan |
| Interest Rate | 7.35% per annum |
14.80% p.a. to 16.80% p.a. |
| Processing fee | Up to 0.40% Only | 1% of the loan amount or Rs.6,000, whichever is lower |
| Issuance of Duplicate Repayment Schedule Charges | Rs.500 per instance | Rs.500 per instance |
| Foreclosure Charges | 5% of the principal outstanding | 5% of the principal outstanding |
| Penal Interest | 2% per month | 2% per month |
| Part Payment charges | 5% of the paid amount | 5% of the paid amount |
| Cheque/Instrument Swap Charge | Rs.500 per instance | Rs.500 per instance |
| Documentation Charge | Rs.500 per instance | Rs.500 per instance |
| Issuance of Duplicate No Dues Certificate Charges | Rs.500 per instance | Rs.500 per instance |
| Registration Certification Collection Charge | Rs.200 per instance | Rs.200 per instance |
| Cheque Bounce/Instrument Return Charges | Rs.500 per instance | Rs.500 per instance |
| Issuance of Duplicate Statement Charges | Rs.500 per instance | Rs.500 per instance |
| Loan Cancellation/Re-booking Charges | Rs.2,500 per instance | Rs.2,500 per instance |
| Issuance of Credit Report | Rs.50 per instance | Rs.50 per instance |
How to Increase Your Eligibility for Yes Bank Car Loan
- Opt for a shorter tenure: When you opt for a shorter term to repay the money, the EMI you will pay each month will be higher in Yes Bank. This will be an indication of your higher repayment capacity for Yes Bank Car Loan, which will build a sense of confidence in you.
- Keep your credit score in check: If you wish to increase your Eligibility for a Car Loan for a Yes Bank car loan, ensure that you have a credit score of over 750. You can use the Free Credit Score tool to check and maintain such a healthy credit score for Yes Bank Car Loan.
- Maintain a low debt-to-income ratio: A low debt-to-income ratio in Yes Bank means you have a good balance between your earnings and your spending. This is because before Yes Bank decide to lend to you, they will check the percentage of your earnings that goes into paying your debts, and a low debt-to-income ratio will indicate your high repayment capacity for Yes Bank Car Loan.
- Apply for a loan for a lower amount: You can increase your eligibility for a Yes Bank car loan by applying for a loan for a lower amount. A lower loan amount means that the loan will be repaid faster; therefore, the chances of you being eligible for a Yes Bank loan are higher.
Factors Affecting Yes Bank Car Loan Eligibility
The eligibility for availing of a Yes Bank car will depend on the below-given factors:
- Income: If your income is on the higher side, there is a good chance that your eligibility for a Yes Bank car loan will be higher. This is because a higher income indicates a higher repayment capacity. To be eligible for a Yes Bank car loan, your yearly income should be at least Rs.3 lakh.
- Loan amount: Your Eligibility Criteria for Car Loan from Yes Bank will be higher if you apply for a lower loan amount as if the loan amount is lower, Yes Bank knows that the loan will be paid off quicker. Hence, they will be more confident to give you the loan for Yes Bank Car Loan.
- Repayment tenure: Choosing a longer repayment tenure can decrease your eligibility for a car loan in Yes Bank. It might give an impression to the bank that you do not possess the ability to pay Your Yes Bank loan.
- Credit score: This is an important factor that every bank, including Yes Bank, considers when finding out your eligibility for a car loan. A credit score of 750 and above is considered to be a healthy credit score by Yes Bank and most lenders.
- Relationship with the bank: As stated earlier, Yes Bank offers instant car loans to their existing customers, which allows Yes Bank’s customers to avail a loan instantly, at their convenience, with very few List of documents required for a Car Loan.
Yes Bank Car Loan Documents Required
A person should review the documents required for a car loan before making a decision.
Salaried Individual
| Category | Documents Required |
| Identity Proof
(Any 1) |
Driving Licence Aadhaar Card Passport PAN Voter ID |
| Address Proof
(Any 1) |
Driving Licence Aadhaar Card Passport PAN Voter ID |
| Date of Birth Proof
(Any 1) |
Birth Certificate Passport Driving Licence PAN |
| Signature Proof
(Any 1) |
Passport Bankers Verification PAN |
| Income Proof | Latest Form 16 and Salary Slips |
| Bank Statement | Bank statement of last 3 months |
| Employment Continuity Proof | Work Experience Certificate ITR of Form 16 Salary Slip with Joining Date Appointment Letter Letter of Relieving |
Self-Employed Individuals
| Category | Documents Required |
| Identity Proof (Any 1) | Driving Licence Aadhaar Card Passport PAN Voter ID |
| Address Proof (Any 1) | Driving Licence Aadhaar Card Passport PAN Voter ID |
| Date of Birth Proof (Any 1) | Birth Certificate Passport Driving Licence PAN |
| Signature Proof (Any 1) | Passport Bankers Verification PAN |
| Income Proof | Latest Form 16 and Salary Slips |
| Bank Statement | Bank statement of last 3 months |
| Employment Continuity Proof | Shop & Establishment Act Certificate Current Account Statement SSI or MSME Registration Certificate Sales Tax or VAT Certificate |
| Business Proof | Current Account Statement Telephone Bill Electricity Bill Shop & Establishment Act Certificate SSI or MSME Registration Certificate Sales Tax or VAT Certificate Registered Lease Document with other utility bills |
Self-Employed Non-Individuals:
1. Partnership Firms/Societies
| Category | Documents Required |
| Identity Proof (Any 1) | Driving Licence Aadhaar Card Passport PAN Voter ID |
| Address Proof (Any 1) | Driving Licence Aadhaar Card Passport PAN Voter ID |
| Income Proof | Audited Balance Sheet P&L Account and ITR for the previous 2 years |
| Bank Statement | Bank statement of last 3 months |
| Business Continuity Proof | Shop & Establishment Act Certificate Current Account Statement SSI or MSME Registration Certificate Sales Tax or VAT Certificate |
| Additional documents | Authority Letter/PAN cards |
2. Private Limited/Limited Companies
| Category | Documents Required |
| Identity Proof | Copy of Latest MOA Copy of Incorporation Copy of Latest AOA |
| Address Proof (Any 1) |
Current Account Statement
Telephone Bill Electricity Bill Shop & Establishment Act Certificate SSI or MSME Registration Certificate Sales Tax or VAT Certificate Registered Lease Document with other utility bills |
| Income Proof | Audited Balance Sheet P&L Account and ITR for the previous 2 years |
| Bank Statement | Bank statement of last 3 months |
| Business Continuity Proof | Shop & Establishment Act Certificate Current Account Statement SSI or MSME Registration Certificate Sales Tax or VAT Certificate |
| Additional documents |
List of Directors and Shareholding Partners
PAN Card Board Resolution Certificate of Commencement of Business for Ltd. Co. |
How to Apply for Yes Bank Car Loan?
- Visit Dialabank and fill a form.
- Wait for a call from our Relationship Manager, who will guide you throughout the process.
- You can compare different offers from banks and choose the one which suits your needs.
- Thus, easily apply for a Car Loan through Dialabank and enjoy the best offers.
Tips to decide the right amount of EMI
Car loan EMI – EMI changes in case of prepayment
In case you prepay your loan for the vehicle, a small penalty is charged. Prepayment in Yes Bank is 5% from 13-24 months, 3% after 24 months. When you prepay, the outstanding balance on your loan for the vehicle reduces. Yes Bank provides you two options:
How to Calculate EMI on Yes Bank Car Loan
Before an applicant avail of a car loan from Yes Bank, you may need to understand how much you will be paying towards the loan each month. This is simply known as EMIs or equated monthly instalments, and it offers an easy way to repay your car loan. By calculating the EMI, you will be able to budget your monthly expenses finely.
One can easily calculate the EMI for your car loan by using the below-given formula:
E = P*r*[(1+r) ^n/((1+r) ^n-1)]
In the above formula, E denotes the EMI, P the principal amount, in the interest rate, and n the number of years or tenure of the loan.
One can also calculate the EMI by using the EMI Calculator tool, wherein you just need to enter the loan amount, interest rate, repayment tenure, processing fee, etc. Then, the tool will calculate the EMI and display it to you.
Yes Bank Car Loan EMI Calculator
The applicant has the option to know the EMI’s before availing of a Car Loan. Thus, you can easily check through the link below:
Yes Bank Car Loan Types
Yes Bank offers different types of car loans to its customers. So you have the option of choosing the offer which suits your need the best. It offers the following types of Car Loans:
- New Car Loan – Those who wish to buy a new car are the scheme for you. You can take Yes Bank Car Loan for a minimum of Rs. 1 lakh and a minimum tenure of 7 years.
- Used Car Loan – If you wish to buy a used car, you can choose this scheme that offers a minimum loan of Rs. 1 lakh and a minimum tenure of 5 years.
- Loan Against Car – You can opt for this scheme if you are in need of urgent funds where you can keep your cars as collateral with the bank where you can get Rs. 10 lakh or up to 50% of your car’s value
Compare Yes Bank Car Loan with other Banks in India
| Car loan Banks | Interest Rates | EMI per Rs 1 lakh for 7 Years |
| Bank Of Baroda Car Loan | 8.80% – 10.55% | Rs. 1,599 – Rs. 1,689 |
| Canara Bank Car Loan | 8.70% – 9.35% | Rs. 1,594 – Rs. 1,627 |
| Corporation Bank Car Loan | 8.75% – 9.50% | Rs. 1,596 – Rs. 1,634 |
| HDFC Bank Car Loan | 8.50% – 11.25% | Rs. 1,584 – Rs. 1,725 |
| Yes Bank Car Loan | 8.82% – 12.75% | Rs. 1,600 – Rs. 1,806 |
| Union Bank Car Loan | 8.85% – 11.85% | Rs. 1,601 – Rs. 1,757 |
| SBI Car Loan | 8.65% – 9.70% | Rs. 1,609 – Rs. 1,645 |
Yes Bank Car Loan for Top Selling Cars
Other Available Products from Yes Bank
| Yes Bank Personal Loan | Yes Bank Car loan | Yes Bank Home Loan |
| Yes Bank Credit Card | Yes Bank Two Wheeler Loan | Yes Bank Education Loan |
FAQs for Yes Bank Car Loan
✅ What is a Yes Bank Car loan?
Car loan refers to the various financial products which allow someone to acquire a car, including car finances and leases.
✅ How can I get a Car Loan from Yes Bank?
There are two main ways in which one can avail of a car loan from Yes bank. One is through an online application, and the other is through the in-branch application. In addition, the existing customers could also be eligible for pre-approved car loans based on terms and conditions.
✅ How does the Yes Bank Car loan work?
Yes Bank gives car loans at extremely attractive interest rates based on your eligibility, the amount you borrow as a loan, and the loan period you choose. Any salaried or self-employed borrower between the ages of 21-58 years with a decent credit score, a constant occupation, and a firm income is qualified to apply for a Yes Bank car loan.
✅ How to Check Yes Bank Car Loan status?
You can check your car loan status in Yes Bank by visiting the nearest branch or by checking the bank’s website.
✅What is the maximum loan amount that I can avail myself of on the car loan from Yes Bank?
Contact the Bank for details regarding the same.
✅ What is the loan tenure of Yes Bank Car loan?
The loan tenure of Yes Bank ranges from 1 year to 7 years.
✅ Can I get a 100% Car loan from Yes Bank?
✅ Can you prepay your Yes Bank Car Loan?
You can prepay/foreclose your Yes Bank Car Loan at a charge of 5% of the outstanding principal amount.
✅ Does Yes Bank Car Loan charge any Processing Fees?
Yes Bank charges a processing fee of up to 0.40% Only.
✅ Can I get a Yes Bank Car Loan if I have a low Credit score?
Yes Bank Car Loan requires you to have a good credit score of 700 or above. However, in certain cases, the loan application may be approved in case the credit score is below 700.
✅ What can you keep as Security with Yes Bank to get a Car Loan?
You do not need any other security other than the car itself to get Yes Bank Car Loan.
✅ What is the Yes Bank Car Loan closure procedure?
- Just go to the bank with the documents.
- Write a letter for pre-closure of the Yes Bank Car Loan account.
- Pay the pre-closure charges as per Yes Bank Car Loan.
✅ What are the Yes Bank Car Loan preclosure charges?
Yes Bank Car Loan preclosure charges are up to 2% before the first 12 EMIs.
✅ What is the Yes Bank Car Loan maximum tenure?
The Yes Bank Car Loan maximum tenure is 7 years.
✅ What is the Yes Bank Car Loan minimum tenure?
The Yes Bank Car Loan minimum tenure is 1 year.
