6 June 2019 – RBI brings down repo rate to 5.75% by 25 bps
Yes Bank provides car loans at attractive interest rates starting from 9.7% p.a. The rate of interest on your auto loan from Yes Bank will be determined by factors such as your income, down payment, credit score, the loan tenure that you choose,MCLR, etc. The bank offers car loans for purchasing new and used cars.
|Interest rate||From 9.7% p.a.|
|Processing fee||New car: Rs.10,000 or up to 1% of loan, whichever is lower Used car: Rs.6,000 or 2% of loan, whichever is lower|
|Loan amount||Rs.1 lakh to 5 crore|
|Lowest EMI per lakh||Rs.822 (at 9.7% p.a. at a 7-year tenure)|
|Loan tenure||1 year to 7 years|
|Financing||Up to 100% of the on-road price of the car|
|Prepayment charges||3% to 6% of the outstanding loan amount|
|Type of charge||Fees|
|Part prepayment charges||3% of principal being prepaid|
|Stamp duty charges||At actual|
|Loan cancellation charges||Rs.1,000|
|Late payment charges||2% each month|
|Credit charges (on request)||Rs.50|
There are multiple factors that can affect the interest rate charged by Yes Bank. Some of the common factors include:
You can avail up to 100% of the on-road price of the car for certain models.
Yes, the bank allows part prepayment of a car loan. However, you can do this only after you complete 12 months from when the loan is disbursed. Moreover, you can do a part prepayment only twice during your loan period and only once a year. Also, the part prepayment amount cannot be higher than 25% of the outstanding principal amount.
If you are an existing customer of Yes Bank, you may be able to obtain a pre-approved car loan as per certain terms and conditions.
Yes, you will have to pay collateral charges of Rs.450 for each case.
Yes, the bank provides auto loans to individuals, partnership firms, proprietorship firms, private or public limited companies.
You can apply for the car loan via online applications and in-branch applications.
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