Overview- YES BANK Car Loan
When it comes to car loans, YES BANK has emerged as one of the preferred choice amongst people looking to purchase their ideal set of wheels. The bank’s slogan ‘Say YES to your BIG car dream’ is in perfect sync with the Bank’s popularity, its core value of providing comprehensive car loans that match the customers’ taste as per the automobile of their choice, and its overall loan approval and dispersal machinery that is transparent and hassle free.
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Avail Car Loans from YES BANK
YES BANK car loans come attached with attractive interest rates, multiple repayment options with the tenure stretching from 1 to 7 years and the availability of loans for a wide segment of the Indian population. An assurance of speedy document processing and coverage of up to 90% of the car value (on select models), alongside a minimum and maximum loan amount of Rs.1 lakh and Rs.500 lakhs respectively, make car loans from YES BANK an ideal proposition for the serious buyer.
To apply for YES BANK’s car loans, the following documents need be produced 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.
The following documents must be produced post- approval/ pre-disbursement:
- 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.
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Features of YES BANK Car Loan
The YES BANK car loan option is ripe with many customer friendly features. First up, it’s available to a wide customer bracket- individuals, proprietorship firms, partnership firms and public or private limited companies. Next, for select models, the loan provides a coverage of up to 90% on the vehicle cost and seals the deal with some very competitive, attractive interest rates. The loan ensures a minimum pay-out of Rs.1 lakh, while the maximum amount could be Rs.500 lakhs. Also, multiple repayment options are available with the payback tenure ranging from 1 to 7 years.
Eligibility
The eligibility to attain a YES BANK car loan rests on multiple factors, with the requirements differing for various target groups, as listed below-
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 current year showing higher tax paid than previous year, needed for confirmation).
- Minimum experience in 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 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 same business: 2 years
Compliance of the simple requirements listed above puts the applicant on the fast-track to a robust car loan from YES BANK, in turn leading to his/her cherished set of wheels.
Factors to consider before applying for a car loan at Yes Bank
Purchasing a car is a big investment. Therefore, it is advisable to make an informed decision about your auto financing options. Here are some important factors that you should take into account when taking a car loan to purchase a car of your choice:
- Rate of interest on car loan: The interest rate on a car loan depends on the loan amount, loan tenure, and the eligibility of the applicant. Yes Bank offers car loans at attractive interest rates depending on your eligibility and the loan amount and loan tenure that you choose.
- Documentation for car loan application: To process car loan application, banks require identity, age, income, and address proofs from the applicant. Applying for a car loan is a simple process but the documentation process could be a hassle for customers. Which is why, lenders compete with each other to attract and retain customers by offering speedy documentation. Some banks offer minimal documentation for existing customers as they already have the KYC details of the applicant. Other than easy documentation, two other things to look out for in a car loan lender are fast processing and instant approval.
- Car loan eligibility: Before applying for a car loan, check whether you meet the eligibility criteria set by the bank. Car loan eligibility criteria vary from lender to lender. Some banks have a free online car loan eligibility calculator on their website to help applicants calculate their car loan eligibility. Any salaried or self-employed applicant aged between 21 and 58 years with a good credit score, a stable occupation, and a steady income is eligible for a Yes Bank car loan. Credit score of an individual represents his or her creditworthiness while the income of a person represents his or her loan repayment capacity.
- Car loan fees and charges: Banks levy service fees and charges on car loans such as processing fee, foreclosure fee, prepayment fee, stamp duty charges, late payment fee, etc. Processing fee is a small percentage of the principal amount that is deducted from the loan amount at the time of loan disbursal. Prepayment charge is a small percentage of the prepayment amount wherein the percentage varies depending on the time period during the loan tenure at which the loan is partly or wholly prepaid. Late payment charges are imposed on borrowers who fail to make EMI payments on the due date. The penalty fee for a late payment is a small percentage of the outstanding due of the loan amount. Foreclosure charge is a small percentage of the outstanding loan amount that a borrower decides to fully prepay before the end of the loan tenure.
- Down payment: At Yes Bank, you can avail up to 90% of the car value. Therefore, for the remaining amount of the car price, you will have to make a down payment out of your pocket. Applicants without a good credit score or who don't meet the car loan eligibility criteria can obtain an auto loan by making a higher down payment on a car of their choice. Making a high down payment can reduce the cost of your car loan on the whole.
- Car loan EMI: Finding out how much your car loan will cost you on a monthly basis can help you choose an affordable loan amount and a suitable loan tenure. It is advisable to maintain a low debt-to-income ratio wherein the EMI does not exceed more than 50% of the borrower’s income. A high debt-to-income ratio can lead to defaulting on your car loan. Use the free online car loan EMI calculator available on the bank website or a reliable third-party website to get instant and accurate results. Car loan parameters such as loan amount, loan tenure, and interest rate are required to calculate car loan EMI.
Yes Bank Car Loan Service Charges and Fees
| Part prepayment Charges |
Part prepayment is allowed only after 12 EMI payments. It can be done only twice during the loan tenure and only once a year. Part prepayment can’t be more than 25% of the principal outstanding.
5% on the part prepayment amount within 13-24 months of first EMI.
3% on the part prepayment amount post 24 months of first EMI.
|
| Loan reschedulement/rebooking Charges |
Rs.1,000 |
| Loan cancellation Charges |
Cancellation can be done only before clearance of the first EMI.
Rs.1,000
|
| Stamp Duty Charges |
At Actual |
| Documentation Charges |
Rs.600 per case |
| Cheque Swapping Charges |
Rs.750 per transaction |
| Cheque Bounce Charges |
Rs.750 per bounce |
| CIBIL Charges (only on request) |
Rs.50 |
| Commercial/Personal Use NOC (conversion subject to credit approval) |
Rs.2,250 per NOC |
| Collateral Charges |
Rs.450 per case |
| Late Payment Charges |
2% per month |
| Duplicate NOC/NDC Issuance Charges |
Rs.750 per NOC |
| Loan Statement Charges |
Rs.750 per statement |
| Amortisation Schedule Charges |
Rs.750 per schedule |
| Special NOC |
Rs.500 per request |
How do I apply for a Yes Bank Car Loan?
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You can opt to apply for a car loan using one of the following methods.
- Apply on the Yes Bank Website.
- Visit the nearest Yes Bank branch.
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Where can I get a Yes Bank Car Loan Application form?
Yes Bank provides car loan application forms at its bank branches or on its website online.
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What kind of four wheeler can I purchase with finance from Yes Bank?
You can purchase any kind of four-wheeler with a loan from Yes Bank. The car should be bought for personal use.
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How do I apply online for a Yes Bank car loan?
To apply for a car loan on the Yes Bank website, follow these simple steps.
- Click on “Bank Branching” and Choose Retail Banking - Loans. Then choose Car Loans and you will see an option to Apply Now! Click on the button, fill out the form and apply.
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Can I check the status of my Yes Bank loan application online?
No, there is no option on the Yes Bank website.
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Who is eligible to apply for a Yes Bank car loan?
The eligibility requirements are given below.
- Individuals
- Proprietorship Firms
- Partnership Firms
- Public / Private Limited Companies
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What is the minimum income required to be eligible for this loan?
|
Applicant
|
Minimum Salary
|
Minimum Work Experience
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Salary Basis
|
|
Salaried
|
Rs. 3 lakhs per annum
|
2 years overall work experience with 1 year in the current field.
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Last 3 months salary slip and Form 16
|
|
Self-employed
|
Rs. 2 lakhs per annum
|
2 years in the same business
|
Last 2 years ITR
OR 1 year ITR and Advance Tax challan of current year which shows higher tax paid than in the previous year.
|
|
Partnership Firms
|
Rs. 2 lakhs per annum
|
2 years in the same business
|
Last 2 years Audited Financials
OR Last 2 years ITR
|
|
Private Limited / Limited Companies
|
Rs. 2 lakhs per annum
|
2 years in the same business
|
Last 2 years Audited Financials
AND Last 2 years ITR
|
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What are the age limits for the Yes Banks car loan?
Age restrictions for Yes Bank Car Loan is given in the table below.
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Applicant
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Minimum age at the time of application
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Maximum age at loan maturity
|
|
Salaried
|
21 years
|
58 years
|
|
Self-employed
|
21 years
|
65 years
|
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Partnership Firms
|
NA
|
NA
|
|
Private Limited / Limited Companies
|
NA
|
NA
|
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How much of the cost of the car will Yes Bank finance?
Yes Bank can finance up to 90% of the loan to value ratio on select models of four wheelers.
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What is the maximum loan amount offered by Yes Bank?
You can get up to Rs. 500 lakhs to finance the purchase of your car.
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Is there any minimum loan amount with the Yes Bank Car Loan?
Yes, the bank offers Rs. 1 lakh minimum on their car loans.
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What is the minimum car loan tenure?
Yes Bank offers a minimum loan repayment time of 1 year.
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What is the maximum repayment tenure for a Yes Bank car loan?
The maximum repayment tenure is 7 years.
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What is the interest rate offered by Yes Bank on new car loans?
The rate of interest ranges from 10.75% to 13.50% per annum. Your rate of interest is determined on the basis of the car model. The interest rate can vary with changes to the base rate. Kindly check with Yes Bank for any revision in the rate of interest.
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Are there any processing fees on Yes Bank Car Loans?
Yes, there are non-refundable processing charges applicable. The processing charges are inclusive of GST and are listed below.
|
Loan Amount
|
Charge
|
|
Up to Rs. 10 lakhs
|
Rs. 5,000
|
|
Above Rs. 10 lakhs to Rs. 25 lakhs
|
Rs. 7,500
|
|
Above Rs. 25 lakhs
|
Rs. 10,000
|
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What are the stamp duty charges?
Stamp duty is charged at the actual cost.
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Can I foreclose my Yes Bank car loan?
Yes, you can prepay the loan in full after 6 months from the date of taking the loan.
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Can I make part payments on my Yes Bank Car Loan?
No, part prepayments are not allowed. However, the bank may allow this at its sole discretion provided that the prepayment charges are paid.
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What are the foreclosure charges on the Yes Bank Car Loan?
The foreclosure penalty charges are based on the loan tenure already completed. The loan tenure is calculated from the 1st EMI.
|
Tenure
|
Penalty
|
|
Up to 6 months
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Not allowed
|
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6 months to 24 months
|
6% of POS
|
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24 months and above
|
5% of POS
|
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Are there any penalties for late payment?
Yes, you will be charged 2% per month for late payments on your loan.
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What are the charges for bounced cheque?
For bounced cheques, Yes bank charges Rs. 750 per instrument. For cheque swapping the charges are the same.
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Can I cancel my loan application?
Yes, you can cancel your loan application. You can also cancel a rebooking of the loan.
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Are there charges for canceling the loan?
Yes, you will be charged Rs. 1,000. The cancellation charges and the interest charges will be borne by you.
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What are the other charges applicable on a Yes Bank car loan?
|
Particulars
|
Charges
|
|
Duplicate Repayment Schedule charges
|
Rs 750/- per schedule
|
|
Loan Reschedulement charges
|
As applicable at the time of reschedulement
|
|
Duplicate no due certificate / NOC
|
Rs 750/- per NOC
|
|
Special NOC
|
Rs 500/- per request
|
|
Legal, Repossession and Incidental charges
|
At actual
|
|
Statement of Account Charges
Rs 750/- per statement
|
Rs 750/- per statement
|
|
Bounced cheque
|
Rs. 750 per cheque
|
|
Cheque Swapping
|
Rs. 750 per cheque
|
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What Credit score is required for the Yes Bank car loan?
When you apply for a car loan, the bank can enquire about your credit score. The acceptable credit score is 750 and above. Under certain conditions, the banks may accept scores as low as 550 points.
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How do I repay my Yes Bank Car Loan?
Yes, Bank provides three methods of car loan repayment.
- Electronic Clearing Service (ECS) - You can use the Electronic Clearing Service (ECS) which authorises Yes Bank to automatically debit your other bank account to make payments towards your loan.
- Standing Instructions (SI) - If you maintain a bank account with Yes Bank, you can set standing instructions (SI). Yes Bank will debit the set amount from your bank account on the EMI due date.
- Post dated cheques - You can also pay via post dated cheque where ECS and SI facility is not available.
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What are the documents required for Yes Bank Car Loan?
For a car loan from Yes Bank, you need to submit the following:
- Recent Photograph
- Duly filled Application
- Identity Proof
- Age Proof
- Address Proof
- Signature Proof
- Proforma Invoice
- Bank Statement
-
What are the income documents required?
Income documents required varies between different applicants.
- For salaried individuals, the latest 3 months salary slip and Form 16
- For Self-employed, last 2 years ITR OR 1 year ITR and Advance Tax challan of current year which shows higher tax paid than in the previous year.
- For partnership firms, last 2 years Audited Financials OR last 2 years ITR
- Private Limited / Limited Companies, last 2 years Audited Financials AND last 2 years ITR
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What are the documents required after the loan is approved?
After the loan is approved and before it is disbursed, you are required to submit the following:
- The loan agreement which has been signed with RTO set.
- Margin Money receipt
- Repayment forms - Post dated cheques, ECS form, Standing instructions form with post dated cheques.
-
What security is acceptable to Yes Bank?
Acceptable security includes the following:
- Landed property
- House Deed
- Fixed Deposits
- LIC Policy
- PF/PPF
- Any other security acceptable by Yes Bank.
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Do I need to hypothecate the vehicle to Axis Bank?
Yes, hypothecation of the four wheeler is necessary.
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Can I calculate my car loan EMI amount before applying for a Yes Bank car loan?
You can calculate your EMIs using the calculator available on BankBazaar. Access Finance Tools, and click on the calculator. Input your details such as loan amount, interest rate, processing charge and tenure. You can view your results that will include the total cost of the car loan, the interest payable and the EMI amount.
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How is the loan disbursed?
The loan can be disbursed in the following ways:
- Credit to a designated Axis bank account in the name of the borrower.
- Credit to a designated bank account in the name of the borrower where Electronic Debit Instructions are specified.
- Pay order or demand draft made in favour of the Car Dealer or Manufacturer.
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Can I purchase commercial purpose vehicles with a car loan from Yes Bank.
This car loan is only for personal use vehicles. You can avail of a separate loan to purchase commercial vehicles.
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How do I contact the Yes Bank Customer Care for car loan queries?
- The Yes Bank customer care helpline can be reached on their toll free number 1800 2000.
- You can also email them at yestouch@yesbank.in
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