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  • Yes Bank Car Loan Interest Rates

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    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.

    Yes Bank Car Loan

    Features Car Loan
    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

    Other Charges

    Type of charge Fees
    Documentation charges Rs.600
    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

    Factors Affecting Yes Bank Car Loan Interest Rates

    There are multiple factors that can affect the interest rate charged by Yes Bank. Some of the common factors include:

    • Income: The income of an applicant plays an important part in determining the interest rate for a Yes Bank car loan. Financial institutions prefer customers with a lower debt-to-loan ratio. While processing loans, banks will make sure that the applicant has the required annual income to pay back the car loan and also does not carry too many outstanding debts. The income eligibility criteria can be improved by adding a co-borrower with a reliable credit history, thereby helping the borrower get a low rate of interest.
    • Down payment: Individuals making lump-sum down payments can always get the advantage of getting lower interest rates for their car loans. Lenders will have to approve only smaller loan amounts if the down payment amount is high, thereby reducing the risk factor for themselves. This assures the borrower of lowest interest rates from the institution. New car loan customers must always ensure that they are well prepared with regard to their financial aspects to pay a higher amount as down payment, in order to get attractive interest rates.
    • Debts: Individuals carrying many debts and liabilities will face some hassles with regard to interest rates while applying for a new car loan. Banks consider the debt-to-income ratio to be a major factor when it comes to approving a car loan. Even to get an affordable interest rate, customers must make sure that they have lesser debts and the required income to repay the loan. If the lender notices a regular repayment pattern with efficient money management from an applicant, the bank will definitely offer the best interest rates possible, as per market conditions.
    • Loan tenure: Borrowers opting for a longer loan tenure will have to pay higher amounts as interest by the end of their loan term. Interest rates tend to change according to market fluctuations and based on that, the car laon EMI amounts might also go up or come down. It is always better to go for a shorter loan tenure and pay smaller interest rate amounts. Also, banks might give comparatively better interest rates to individuals paying higher down payments, thereby shortening the loan tenure.
    • Credit score: It is important for one to have a good credit score when they apply for a new car loan. The lender will thoroughly evaluate your credit history and repayment patterns when they process your car loan application. Depending on the score held, the bank might offer a high or low interest rate. Individuals with low scores might get higher interest rates and vice versa. If the bank finds that an applicant has a steady income and is able to capably manage his debts and outstanding liabilities, then the applicant will be able to get a relatively low interest rate.

    FAQs

    1. How much financing can I avail with a car loan from Yes Bank?
    2. You can avail up to 100% of the on-road price of the car for certain models.

    3. Does Yes Bank allow part prepayment of a car loan?
    4. 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.

    5. Does Yes Bank offer pre-approved car loans?
    6. 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.

    7. Are there any collateral charges for a Yes Bank Car Loan?
    8. Yes, you will have to pay collateral charges of Rs.450 for each case.

    9. Does Yes Bank offer car loans to partnership firms and companies?
    10. Yes, the bank provides auto loans to individuals, partnership firms, proprietorship firms, private or public limited companies.

    11. How can I apply for an auto loan from Yes Bank?
    12. You can apply for the car loan via online applications and in-branch applications.

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