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YES BANK offers car loans for as low an amount as Rs.1 lakh, which is useful for when you want to buy a used car. Whether you want a used car or a new car, YES BANK offers one of the most competitive interest rates.
Enquire through BankBazaar and get all the information you need within 30 minutes or less.
YES BANK is a private bank in India with headquarters in Mumbai, a pan India network of 900 branches. YES BANK offer retail loans to product like Home Loan, Personal Loan, Car Loan, Commercial Vehicle Loan. All you have to do is to follow some simple steps to get attractive deals.
Documentation needed to apply for an YES BANK Car Loan
1. Signed application form with photograph
2. Photo ID and age proof
3. Residence proof
4. Last 6 months bank statement
5. Documentation for salaried applicants:
Last 3 months salary – slips
Form 16 or Income Tax Returns
6. Documentation for self-employed applicants:
Last 3 years Income Tax Returns with computation of Income
Last 3 years CA Certified / Audited Balance Sheet and Profit & Loss Account
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.
Perfect Car Loan Deals for you
Mr. Sharma was tired of taking a cab every day. We helped him get his own car. Explore Car Loans
Avail Car Loans from YES BANK
YES BANK car loans come attached with attractive interest rate, 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.
Choose that suits you, now.
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 criteria 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
Charges
Amount
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)
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.
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.
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.
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.
Can I check the status of my Yes Bank loan application online?
No, there is no option on the Yes Bank website.
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
What is the minimum income required to be eligible for this loan?
Applicant
Minimum Salary
Minimum Work Experience
Salary Basis
Salaried
Rs. 3 lakhs per annum
2 years overall work experience with 1 year in the current field.
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
What are the age limits for the Yes Banks car loan?
Age restrictions for Yes Bank Car Loan is given in the table below.
Applicant
Minimum age at the time of application
Maximum age at loan maturity
Salaried
21 years
58 years
Self-employed
21 years
65 years
Partnership Firms
NA
NA
Private Limited / Limited Companies
NA
NA
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.
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.
Is there any minimum loan amount with the Yes Bank Car Loan?
Yes, the bank offers Rs. 1 lakh minimum on their car loans.
What is the minimum car loan tenure?
Yes Bank offers a minimum loan repayment time of 1 year.
What is the maximum repayment tenure for a Yes Bank car loan?
The maximum repayment tenure is 7 years.
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.
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
What are the stamp duty charges?
Stamp duty is charged at the actual cost.
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.
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.
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
Not allowed
6 months to 24 months
6% of POS
24 months and above
5% of POS
Are there any penalties for late payment?
Yes, you will be charged 2% per month for late payments on your loan.
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.
Can I cancel my loan application?
Yes, you can cancel your loan application. You can also cancel a rebooking of the loan.
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.
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
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.
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.
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
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.
Do I need to hypothecate the vehicle to Axis Bank?
Yes, hypothecation of the four wheeler is necessary.
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.
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.
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.
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.
Skoda India states that customers will have an improved ownership experience
Skoda India is looking to fortify its brand image in India with improved sales and services. The company is offering a 4-year roadside assistance cover with an optional 4-year maintenance package. Digital ownership experience through MySkoda app and iService app are other offerings from the company. An AI-enabled chat bot is also available for customer support activities.
Additionally, the car manufacturer has revamped its dealerships throughout India. The Package Pricing System Online (PPSO) has been merged with Auto Part which is the company’s analytical and inventory management tool. This is expected to help with the pricing of jobs, uniformity in charges, spare parts stocking, and overall transparency.
23 August 2018
Rollout of 10,000th vehicle from Andhra Pradesh plant of Isuzu Motors India
The 10,000th vehicle from the SriCity factory of Isuzu Motors India was rolled out recently. The vehicle was a D-MAX V-Cross. The SriCity plant is located in Andhra Pradesh and has been in operation since April 2016. The factory has been producing the MU-X family SUV, D-MAX V-Cross Adventure Utility Vehicle, and D-MAX S-CAB/regular cabs for commercial use. It is one of Isuzu’s key manufacturing plants on a global scale. The plant exports vehicles to Bhutan and Nepal as well.
The Managing Director of the company said that the rollout of the 10,000th vehicle from the manufacturing facility is a landmark for the company’s operations in India. He said that the company will continue to deliver quality and value through its products.
Display of any trademarks, tradenames, logos and other subject matters of intellectual property belong to their respective intellectual property owners. Display of such IP along with the related product information does not imply BankBazaar's partnership with the owner of the Intellectual Property or issuer/manufacturer of such products.
I have a four wheeler loan from Yes Bank. I have already paid 18 months emi. Rate of interest is nominal as comparison to other banks. Yes Bank customer service is very good. Emi payment is very easy. Their charges are very good. I had so pay 1200 penalty for late payment.
The best and lowest interest rate has been provided by yes bank regarding the car loan. Because the rates of interest is low comparing to all other banks hence i have chosen the YES bank for my car loan. The processing fee was nominal. The loan tenure period was 3 years. They have sanctioned the loan immediately and the documentation process was easy.
I went to the showrrom they recommened YES Bank for the car loan, the rate of interest was lowest in the market. The bank have sanctioned on road price around Rs. 10 lakhs, I purchased breeza. The executive are professional they done documentation on time.
I have holding car loan with Yes bank from long time, the loan amount was sufficient based on my requirement they have given to me, the rate of interest they have charged me was nominal, it is satisfactory, the service is good, so far i did not face any issue.Still this loan is running.
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3
PRAKASHKUMAR RAMANLAL BAROT
, vadodara
Reviewed on May 14, 2019
I took car loan from YES Bank I took the loan amount Rs. 6 lakhs for the duration 7 years , the on road price was Rs.7.8 lakhs. Interest rate was around 9.2% its nominal as compared to other banks. They do have part payment, foreclosure and other feature.
My car loan was taken with Yes bank recently,The process in getting loan was simple and quick,the loan got credited in my account on time,and the loan amount which they have given me was good,the rate of interest they have charged me up to 9.6% which was nominal comparing to market value.
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0
SANDEEP SRIVASTAVA
, noida
Reviewed on Mar 26, 2019
I have applied for the car loan with the YES BANK the documentation process simple with basic documentation. I have got the loan within 3 days bank. The rate of interest is 8.90% with this loan which is nominal. The duration for repaying the loan is for 5 years.
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1
HARMINDERSINGH SURINDER GUPTA
, mumbai
Reviewed on Feb 22, 2019
There is no communication between the call centre and me and they used to auto debiting money from my account as a EMI. I have taken the loan amount of Rs. 6.5 lakhs and I'm not satisfied with the interest rate which they have provided me was 13% since the dealer has provided the loan from YES bank and i don't have option to choose the other bank
I have taken a car loan with YES bank and my loan experience was very good, the car model is Vitarra Brezza and the loan amount is Rs 6.7 lakhs with nominal interest rate and no processing charges. The tenure period for this loan is 5 years and the customer service was good.
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3
RAHUL SHEKHAWAT
, new delhi
Reviewed on Jul 31, 2018
I have taken the four wheeler loan with the Yes bank and the customer service is good, also the response is better one too. I am really happy with them. Rate of interest is around 9.15% for the car loan with the Yes bank.
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0
UMAMAHESWARA CHITRALA
, hyderabad
Reviewed on Jun 23, 2018
Within a week time , I have got the car loan from the YES BANK . They have disbursed the loan amount within the promised time. The customer support service and the response is good with the Yes bank . The updating process is excellent with the YES BANK.
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0
ARUN SOMAYAJI
, bangalore
Reviewed on Jun 01, 2018
I also bank with YES Bank for a car loan. They are very fast and prompt in the customer services. The process is good and the documentation was not much. The rate of interest is of 9% and the processing charges is also zero. I am happy with the after loan services too.
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0
HEMANSHOO MUKUNDBHAI AJMERA
, mumbai
Reviewed on Feb 01, 2018
I have taken a Car loan with Yes bank and it was a good loan experience. The loan amount was for Rs 14 lakhs with the rate of interest of 13% which is high when compared to other banks. The process was smooth and i received my loan amount on time. Customer service was good and they followed up correctly. The tenure of this loan is 4 years and it was overall a good service from Yes bank.
It was a good service from YES bank for my car loan service the interest rate they offered me was 6.7 which is fine compare to others the customer service is good and the documents have been collected from my door step ,so the process was very easy with YES bank for my car loan service.
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1
GAJANAN TANGNOD
, hyderabad
Reviewed on Nov 11, 2017
I have taken a car loan from YES Bank and the process was very much convenient where documents are concerned and the the disbursement was on time too. The interest rate was a bit on the higher side. It was around 8.8% and the processing charges are good.
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1
KIRAN PRAKASH GHADGE
, mumbai
Reviewed on Oct 20, 2017
Response given by yes bank for my car loan process was very fast. They approved the loan with simple documents collection. Customer service is always good in reminding us about our emi date. . They are very quick in their process. With in two days they have approved and sanctioned my loans.
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1
PHILIP KORUTHU
, bangalore
Reviewed on Sep 28, 2017
YES car was very prompt in responding, the person came to my place and completed the documentation process in a week's time. But they are yet to come back to me regarding the eligibility regarding the maximum loan sanction amount . But it is the only Bank which provides the option for foreclosure. Name of the car model shortlisted was MARUTI SUZUKI BALENO alpha.
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1
RAHUL RAJESH NIGAM
, mumbai
Reviewed on Sep 26, 2017
I have got the car loan with the Yes bank and the loan amount got disbursed within a week of time. I would like to say that the response is good one for me with them and the customer service is also fine one for me and I don't have any issues on it.
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1
DHASTAGIR SHAHJAHAN
, chennai
Reviewed on Sep 14, 2017
The car loan process was very smooth and easy with YES bank, YES bank has got working people as their executives., They have approved my car loan within 1 week of time. The rate of Interest was nominal with YES bank when compared with others...
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1
CHAITANYA SHIRKE
, navi mumbai
Reviewed on Sep 07, 2017
