CreditMantri Finserve Private Limited
4th Floor Sudhama, 36 Vijayaraghava Road,T Nagar, Chennai, Tamil Nadu 600017
Have any queries? Click here for more details
All written queries will be responded within 1 working day.
We'd love to help you through every step along the way.
Is your Credit Score >750?
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
About United Bank of India 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.
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.
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.
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.
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.
a. Last three months’ salary statement.
b. Income Tax returns or Form 16.
a. Income Tax statement for the last two years.
b. Previous year’s Income Tax return.
c. Current year’s Advance Tax challan.
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?
Get low interest loans & Lifetime FREE credit cards
Get customized Credit Health Report
Improve your creditworthiness
Allahabad Bank Car Loan Eligibility
Andhra Bank Car Loan Eligibility
Axis Bank Car Loan Eligibility
Bank Of India Car Loan Eligibility
Bank Of Maharashtra Car Loan Eligibility
Canara Bank Car Loan Eligibility
Catholic Syrian Bank Car Loan Eligibility
Central Bank Of India Car Loan Eligibility
City Union Bank Car Loan Eligibility
Corporation Bank Car Loan Eligibility
Dhanlaxmi Bank Car Loan Eligibility
Federal Bank Car Loan Eligibility
ICICI Bank Car Loan Eligibility
IDBI Bank Car Loan Eligibility
Indian Bank Car Loan Eligibility
Indian Overseas Bank Car Loan Eligibility
Indusind Bank Car Loan Eligibility
Jammu Kashmir Bank Car Loan Eligibility
Karnataka Bank Car Loan Eligibility
Karur Vysya Bank Car Loan Eligibility
Kotak Mahindra Bank Car Loan Eligibility
Lakshmi Vilas Bank Car Loan Eligibility
Magma Fincorp Car Loan Eligibility
Nainital Bank Car Loan Eligibility
Oriental Bank Of Commerce Car Loan Eligibility
Punjab National Bank Car Loan Eligibility
Punjab Sind Bank Car Loan Eligibility
RBL Bank Car Loan Eligibility
SBI Car Loan Eligibility
South Indian Bank Car Loan Eligibility
Syndicate Bank Car Loan Eligibility
Tamilnad Mercantile Bank Car Loan Eligibility
UCO Bank Car Loan Eligibility
Union Bank Of India Car Loan Eligibility
United Bank Of India Car Loan Eligibility
CreditMantri will never ask you to make a payment anywhere outside the secure CreditMantri website. DO NOT make payment to any other bank account or wallet or divulge your bank/card details to fraudsters and imposters claiming to be operating on our behalf.