YES BANK Car Loan Eligibility Calculator

Self Employed Individuals

1. The applicant should be at least 21 years old at the time of applying for the car loan.
2. The applicant should not be over 65 years of age at the time of maturity of the loan.

The applicant must meet at least one of the following eligibility criteria:

1. A self-employed applicant should earn a Annual Income of at least Rs 2,00,000 and also provide his/her latest 2 years' Income Tax Returns.
2. Previous year's Income Tax Returns and current year's Tax Challan indicating a higher tax paid compared to the previous year.
3. A self-employed applicant must have been in the same business for at least 2 years.

Partnership Firms

1. Partnership firms earning an Annual Income of at least Rs 2,00,000 will be eligible for a YES BANK car loan, provided that the firm is able to submit their latest 2 years' Audited Financials.

If the above criteria cannot be met, the applicant must meet at least one of the following eligibility criteria:

1. If the audited financials is not available, the last 2 years' ITR can be submitted.

Private Limited Companies / Public Limited Companies

1. Private Limited companies and Public Limited Companies should earn an Annual Income of at least Rs. 2,00,000 and should be able to submit the Income Tax return statement of the last 2 years along with the Audited financial statement.
2. The company must have been in the same business for at least 2 years.

Factors affecting YES BANK Car Loan Eligibility

1. YES BANK will check an applicant's credit report before processing your loan application and the CIBIL score reflects your financial records. A low credit score can negatively affect your YES BANK Car Loan eligibility. Whereas, a high credit score reflects well on the applicant's repayment capacity and he/she has a better chance of getting the loan approved.
2. Debt-to-Income Ratio: YES BANK not just analyzes an individual's income but also his/her debt-to-income ratio as well. This gives the Bank an insight into the debt burden of a particular applicant as compared to income earned by him/her. This ratio helps the Bank to evaluate the borrower's creditworthiness and repayment capability.
3. Downpayment: By paying a large portion of the invoice value of the car as downpayment, for the car, a borrower requires only a lesser loan amount to finance the purchase of the car. The Bank considers this as a constructive point in evaluating the applicant's creditworthiness. The higher the loan margin, the greater the car loan eligibility of the applicant since Banks are assured of lower risk and quicker repayment.
4. Those who fall within a particular age group can easily avail a car loan from YES BANK. Older applicants find it harder to receive a positive evaluation since there are more risks in repayment involved.
5. By applying for a shorter car loan repayment tenure, an applicant can increase his eligibility. This is because a shorter tenure means faster repayment of loan. Hence the terms of loan approval by YES BANK might be more favorable to the applicant.

How to increase your YES BANK Car Loan Eligibility

1. Improve your Credit History/ CIBIL Score:
   1. Consistently pay back all credit dues to improve your CIBIL score.
   2. Avoid taking several unsecured loans (e.g.: credit cards, personal loans, etc.). Having secured and unsecured loans in a balanced manner is viewed favourably by the Bank.
2. co-signed and joint accounts have to be checked regularly since it affects your credit score.
3. A guarantor with good social standing who vouches for you increases your chances of getting a car loan approval from YES BANK.
4. By providing a collateral or security to the bank in exchange for the car loan, you can increase the Bank's trust in your repayment capacity and strengthen the probability of getting your loan approved.

YES BANK Car Loan Eligibility Calculator

You can easily find out whether or not you are eligible for a YES BANK car loan without having to visit the Bank's branches or getting in touch with customer care centers. You can use the online car loan eligibility calculator which is available free of charge to get an immediate answer. All you need to provide are details such as the car of your choice, its model, price, your date of birth, salaried/ self-employed, income, etc. By clicking on the on the "calculate" tab, you can find out your car loan eligibility status.

A good credit score can help you secure lower interest rates on loans and credit cards.

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