YES Car Loan Reviews
- When it comes to car loans, YES BANK has established itself as a popular alternative among those trying to purchase their dream vehicle. The bank's slogan, 'Say YES to your BIG car dream,' is perfectly aligned with the bank's popularity, the core value of providing comprehensive car loans that match the customers' taste as per the automobile of their choice, and overall loan approval and disbursement machinery that is transparent and hassle-free.
- Our Yes bank car loan review contains detailed information on the eligibility, charges, documentation and features.
YES bank car loan review in brief
YES BANK vehicle loans come with a low-interest rate, a variety of repayment options ranging from one to seven years, and loans are available to a wide segment of the Indian population. Car loans from YES BANK are a great proposal for serious buyers, with fast document processing and coverage of up to 90% of the car value (on chosen models) with a minimum and maximum loan amount of Rs.1 lakh and Rs.500 lakhs, respectively.
Interest Rate | 9.25% |
Processing Fees | Up to 1% |
Loan Tenure | Up to 7 years |
Pre-closure Charges | 6% of principal outstanding within 6 months to 24 months from 1st EMI, 5% thereafter |
Guarantor Requirement | No Guarantor Required |
To apply for a car loan from YES BANK, you must provide the following papers at the time of application (pre-approval stage):
Duly filled up car loan application form.
KYC Docs as per YES BANK policy.
Proof of Income.
Bank statement copies.
Signature proof verification.
Proforma invoice.
Passport size photographs.
Post-approval/pre-disbursement, the following documents must be produced:
The loan agreement that is duly signed by the local RTO.
Post-dated cheques (PDCs) / ECS form / Standing instruction (SI) request with security PDCs as applicable.
Receipt of margin money.
Eligibility Criteria for Yes Bank Car Loan
Yes Bank, like practically every other private and public sector bank, has established a set of guidelines for offering auto loans to its customers. In general, a loan applicant is only qualified to receive the requested loan amount if he meets a set of criteria. As a result, in order to be qualified for the vehicle loan amount he desires, the applicant must meet a set of pre-determined conditions. The following criteria determine the applicant's eligibility for a Yes Bank car loan:-
For Salaried Individuals | Minimum age to apply: 21 years maximum permissible age at loan maturity: 58 years minimum annual income: Rs.3 lakhs (3 months’ salary slips/ Form 16 needed for confirmation) Minimum work experience in current job: 1 year |
Self Employed Individuals | Minimum age to apply: 21 years. Maximum permissible age at loan maturity: 65 years. Minimum annual income: Rs.2 lakhs (2 years ITR/ Previous year ITR with adv. tax challan for the current year showing higher tax paid than the previous year, needed for confirmation). Minimum experience in the same business: 2 years. |
Partnership Firms: | Minimum Annual Income: Rs.2 lakhs (2 years Audited Financials / ITR for last 2 years if audited financials not available are needed for confirmation).Minimum experience in the same business: 2 years. |
Private Limited Company/ Ltd. Co. | Minimum Annual Income: Rs.2 lakhs (Last 2 years ITR & Audited Financial statement needed for confirmation).Minimum experience in the same business: 2 years |
YES bank car loan review of benefits and features
The following is a list of some of the highlights of the Yes Bank new car loan –
A car loan of up to 90% of the on-road price of a new car can be applied for at Yes Bank. However, it should be noted that this criterion does not apply to all models currently on the market.
Yes auto loans can be used to buy a wide choice of vehicles and MUVs in India.
The loan applicant can repay the loan using any of the several repayment choices available, which range from 12 months to 84 months.
A car loan of up to six times the borrower's annual salary is possible.
In less than a minute, one can check his eligibility for a Yes Bank car loan.
Yes Bank advertises a loan approval time of just 30 minutes for car loans.
On every sort of ICICI vehicle loan, there are many EMI alternatives.
He or she will benefit the most from the Yes Bank Car Loan programme.
Yes Bank offers new car loans with low-interest rates starting at 8%.
Existing customers of Yes Bank can take advantage of special car financing programmes.
New car loans of up to Rs. 1.5 crore are available from Yes Bank.
Factors to consider before applying for a car loan with Yes Bank
- Buying a car is a significant financial commitment. As a result, it is advisable to make a well-informed selection regarding your vehicle financing options. Here are some crucial considerations to make before taking out a car loan to buy the car of your dreams:
- The interest rate on a car loan: The interest rate on a car loan is determined by the loan amount, the loan term, and the applicant's eligibility. Yes Bank offers auto loans at competitive interest rates, depending on your qualifications, loan amount, and loan term.
- Documentation for a car loan application: In order to process a car loan application, banks will need proof of the applicant's identification, age, income, and address. While applying for a car loan is simple, the documentation procedure can be time-consuming for customers. As a result, lenders compete with one another to acquire and keep consumers by providing quick documentation. Some banks need less proof from existing clients because they already have the applicant's KYC information. Fast processing and immediate approval are two more features to seek in an auto loan provider, in addition to simple documentation.
- Eligibility for a car loan: Before applying for a car loan, be sure you meet the bank's eligibility requirements. The requirements for obtaining a car loan differ from one lender to the next. Some banks provide a free online auto loan eligibility calculator on their websites to assist applicants in determining their eligibility for a car loan. A Yes Bank auto loan is available to any salaried or self-employed candidate between the ages of 21 and 58 who has a strong credit score, a stable career, and a consistent income. An individual's credit score reflects his or her creditworthiness, whereas his or her income reflects his or her ability to repay a loan.
- Auto loan charges: Banks charge processing fees, foreclosure fees, prepayment fees, stamp duty fees, late payment fees, and other charges on car loans. A processing fee is a tiny percentage of the loan amount withheld from the loan amount at the time of disbursement. The prepayment charge is a tiny percentage of the prepayment amount, with the percentage varying based on when the loan is partially or fully prepaid within the loan term. Borrowers who do not make their EMI payments on time will be charged late fees. The penalty for making a late payment is a tiny percentage of the amount owed on the loan. A foreclosure fee is a tiny percentage of the outstanding loan amount that a borrower chooses to pay off in full before the loan term ends.
- Yes Bank will lend you up to 90% of the car's worth as a down payment. As a result, you will have to pay the remaining balance of the car's price out of your own money. Applicants with poor credit or who do not match the car loan eligibility criteria might get a car loan by putting down a larger down payment on the vehicle of their choice. Making a large down payment might lower the overall cost of your car loan.
- Auto Loan EMI: Knowing how much your car loan will cost you every month will help you choose a manageable loan amount and an appropriate loan term. Maintaining a low debt-to-income ratio, where the EMI does not exceed 50% of the borrower's income, is recommended. A high debt-to-income ratio can result in vehicle loan default. To receive immediate and accurate results, use the free online vehicle loan EMI calculator accessible on the bank's website or a reputable third-party website. To calculate auto loan EMI, you'll need to know the loan amount, loan tenure, and interest rate.
Frequently asked questions
How do I apply for a car loan from Yes Bank?
You can apply for a Yes Bank car loan through any of the methods listed below.
- On the Yes Bank website, fill out an application.
- Go to a Yes Bank location near you.
Where can I acquire an application for a Yes Bank car loan?
Yes Bank car loan application forms are available in the bank's branches and on the bank's official website.
What kind of four-wheeler can I buy with Yes Bank financing?
As long as the vehicle is acquired for personal use, you can get a loan from Yes Bank to buy any type of four-wheeler.
How do I apply for a car loan with Yes Bank online?
To apply for a used or new car loan through the Yes Bank website, follow the steps below:
Select Retail Banking – Loans from the "Bank Branching" menu. Then select Car Loans from the drop-down menu, and you'll find an option to Apply Now! To apply, click the button, fill out the form, and submit it.
Is it possible to track the progress of my Yes Bank loan application online?
No, there is no way to monitor the status of a Yes Bank loan application online.