As a car owner or potential car owner, you may need a reliable financial partner to help you acquire your dream car. Yes Bank offers competitive car loan options to help you get behind the wheel of your desired vehicle. With a Yes Bank Car Loan, you can easily finance your car and repay the loan in comfortable instalments.
Yes Bank offers car loans with the following features and benefits:
Loan amount: Yes Bank offers loans of up to 100% of the ex-showroom price of the car.
Flexible repayment tenure: The repayment tenure for Yes Bank car loans ranges from 12 to 84 months, giving you ample time to pay off your loan.
Competitive interest rates: Yes Bank offers competitive interest rates on car loans.
Easy documentation: The documentation process for Yes Bank car loans is hassle-free, making it easy for you to apply for a loan.
No prepayment charges: Yes Bank allows you to prepay your loan without any additional charges.
Yes Bank car loan interest rates can be impacted by several factors, including:
Market fluctuations: Changes in market conditions, such as the overall economic climate and demand for credit, can influence the interest rates offered by Yes Bank.
Age of the vehicle: The age of the car you are planning to buy can impact the interest rate. Newer cars generally qualify for lower interest rates than used cars.
Credit score: Your credit score is a critical factor in determining your interest rate. A higher credit score generally translates to a lower interest rate, while a lower credit score may result in a higher interest rate.
Loan amount and tenure: The amount of the loan and the repayment tenure can also affect the interest rate. Generally, higher loan amounts or longer repayment tenures may result in higher interest rates.
Relationship with the bank: Yes Bank may offer preferential interest rates to customers who have a long-standing relationship with the bank, such as existing account holders or those with a good track record of loan repayment.
To apply for a Yes Bank car loan, you can follow the steps given below:
Visit the official website of Yes Bank and navigate to the car loans section.
Fill out the online application form with your personal, employment, and income details, along with the details of the car you wish to purchase.
Upload the required documents, including identity proof, address proof, income proof, and vehicle details.
Once you apply, Yes Bank will review your application and documents.
If approved, Yes Bank will offer you a car loan with an interest rate and repayment terms based on your credit score, income, and other factors.
You can then accept the offer and sign the loan agreement.
Yes Bank may then disburse the loan amount directly to the car dealer or seller, and you can take possession of the car.
The eligibility criteria for a car loan from Yes Bank include:
Age: Between 21 to 58 years
Employment: Salaried or self-employed with a regular source of income
Credit score: Minimum credit score of 700
Residency: Indian citizen residing in India
You will need the following documents for applying for your car loan:
Identity proof: Aadhaar card, PAN card, passport, or driving license
Address proof: Aadhaar card, voter ID, utility bill, or bank statement
Income proof: Salary slips, income tax returns, bank statements, or audited financials
Vehicle details: Invoice or quotation from the dealer, insurance policy, or registration certificate.
Loaning money for a car has benefits and drawbacks. So that you may make an informed decision, let's quickly evaluate them:
Pros:
Enables you to purchase a car you may not have been able to afford otherwise.
Provides the convenience of spreading out the car's cost over time.
Helps you build a credit history and improve your credit score.
Can offer flexible repayment options to suit your budget.
May offer tax benefits if the car is used for business purposes.
Cons:
This can result in high-interest charges and additional fees.
This may result in a long-term financial commitment that may take years to pay off.
The car's value may depreciate over time, leaving you with a loan amount higher than the car's worth.
Defaulting on the loan can severely damage your credit score and lead to legal consequences.
May require a down payment, which can be a significant upfront cost.
The minimum loan amount for a Yes Bank car loan is ?1 lakh, and the maximum amount is up to 100% of the cars on-road price.
The maximum tenure for a Yes Bank car loan is up to 7 years.
You can check the status of your Yes Bank car loan application by contacting the banks customer care or visiting the nearest Yes Bank branch.
Yes, you can prepay your Yes Bank car loan. However, there may be prepayment charges involved, which may vary based on the loan amount and tenure.
The interest rate offered by Yes Bank for a car loan depends on several factors, such as your credit score, income, and loan amount. It is always advisable to check with the bank for the current interest rates.
Yes, it is possible to get a car loan with a low credit score. However, the interest rate may be higher, and you may need to provide additional collateral or a guarantor.
Yes, you can apply for a Yes Bank car loan online through the bank�s official website.
Once the loan application and documents are approved, Yes Bank typically disburses the loan amount within 1-2 working days.
Yes, you can transfer your existing car loan to Yes Bank, subject to the bank�s terms and conditions.
The processing fee for a Yes Bank car loan is typically 1% of the loan amount, subject to a minimum and maximum limit as per the bank�s policy.