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YES BANK Car Loan Eligibility

If owning a car is one of your dreams, then Yes bank can offer a good deal in arranging the finance for it. On selected models, you can get up to 100 % finance options. At YES BANK, the car loan procedures are tailor-made so that you can meet your requirements. There are a few factors that need to be checked before you apply for the car loan.  Once your details meet the eligibility criteria of the bank the car loan process will be quick. Below listed are the details regarding the eligibility criteria.

The individuals who can apply for YES BANK Car Loan are

  • Salaried or Self-employed Individuals
  • Partnership Firms
  • Public or private companies

YES BANK Car Loan Eligibility Criteria for Salaried Individuals 

Yes Bank Car Loan Eligibility

a. The minimum age of   a salaried or self-employed individual must be 21 years.

b. The maximum age should not be more than 58 years before the maturity of the loan period.

c. The individual should have at least Rs 3 lakhs as the minimum annual income.

d. The person should have minimum 2 years of work experience and one year of work experience under the same employer.

e. The person should have a good credit score.

f. The loan tenure will be 7 years.

YES BANK Car Loan Eligibility Criteria for Self-employed Individuals

a. The minimum age for self-employed individuals is 21 years and the maximum age permitted is 65 years.

b. The individual should have a minimum annual income of Rs 2 lakhs.

c. Minimum  2 years of experience in the same business is required as employment eligibility.

YES BANK Car Loan Eligibility Criteria for Partnership Firms

a. The minimum annual income of the partnership firm should be Rs 2 lakhs.

b. A minimum of 2 years in the same business is required.

YES BANK Car Loan Eligibility Criteria for Public or Private Ltd Companies

a. The company should have a minimum annual income of Rs 2 lakhs to apply for a car loan.

b. The minimum experience of 2 years is required in the same business. 

Additional Information on YES BANK Car Loan

a. The interest rate for YES BANK Car Loan is 9.25 %

b. Up to 1 % of the loan amount will be taken as processing fees

c. The loan tenure is 7 years

d. The car loan from YES BANK does not require a Guarantor.

e. There are pre-closure charges if you wish to close the loan. If you are closing the loan within 6 months to 24 months from the date of first EMI, then the charges would be 6 % of the outstanding principal amount. For closure after 2 years, the charges would be 5 % of the outstanding principal amount.

f. The loan to value (LTV) can be given up to 90 % on selected car models.

g. The minimum loan amount is 1 lakhs and the maximum can go up to Rs 500 lakhs.

h. The bank offers multiple repayment options. 

Major Factors Affecting YES BANK Car Loan Eligibility

1. Credit Score – When you first approach the bank for a car loan, the first thing they check is your credit score. This database will have all your previous records. If the database shows you as a defaulted payer, the bank will surely reject your loan application. 

2. Age – Age is an important factor before you apply for any type of loan. Since loans are a liability that needs to be paid off before the time given by the bank, the bank prefers those individuals who have got many more working years. If you are about to reach the maximum age mentioned by the bank, then the bank may or may not sanction the loan.

3. Income – When you plan to take a loan, you must have a strong income level to repay it. The bank will need your income statement to check your repayment capacity. 

4. Other Liabilities – If you already have a loan with the bank and struggling to repay the same, then the bank will not sanction another loan for you. So it is important that you repay any current liabilities with the bank.

FAQs on YES BANK Car Loan Eligibility

    1. What are the documents required to apply for a car loan from YES BANK?

    a. The duly filled bank loan application form.

    b. Recent passport size photograph of the applicant.

    c. Proof of Income.

    d. Bank statements.

    e. Proforma invoice of the car.

    f. KYC documents.

  • For Salaried individuals
  • a. Last three months’ salary statement.

    b. Income Tax returns or Form 16.

  • For Self-Employed Applicants
  • a. Income Tax statement for the last two years.

    b. Previous year’s Income Tax return.

    c. Current year’s Advance Tax challan.

  • Partnership Firms
  • a. Audited Balance sheet and Profit & Loss Account for the last 2 years.

    b. If the audited statements are not available, then the Income Tax Returns for the last 2 years.

  • Private Ltd Companies
  • a. Audited Balance sheet and Profit & Loss Account for the last 2 years.

    b. If the audited statements are not available, then the Income Tax Returns for the last 2 years.

    2. What are the documents to be submitted after getting YES BANK Car Loan approval?

    a. Margin money receipt.

    b. Signed loan agreement.

    c. Standing instruction request and post-dated checks.

    3. Should I make a down payment for YES BANK Car Loan?

    YES BANK can pay up to 90 % of the total value of the car. The rest 10 % should be given as a down payment.

    4. What are the other YES BANK Car Loan service charges?

    a. The bank charges Rs 600 for documentation per case.

    b. The check swapping charges is Rs 750/ transaction.

    c. The check bounce charge is Rs 750/ bounce.

    d. For loan restructuring or rebooking, the bank will charge Rs 1000.

    e. For checking the credit score, the bank will charge Rs 50.

    f. For providing NOC, the bank will charge Rs 2250/ NOC.

    g. The bank will charge Rs 750 for duplicate NOC charges, amortization schedule charges, loan statement charges, etc.

    5. What are the processing fees for YES BANK Car loans?

    • Up to Rs 10 lakhs, the processing charge is Rs 5000.
    • For above 10 lakhs up to 25 lakhs, the processing charge is Rs 7500.
    • Any amount above Rs 25 lakhs, the processing charge is Rs 10000.
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