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Yes bank is a private sector bank in India and has its headquarters in Mumbai. Due to its financial crisis in the 2020, the RBI had taken over the control of the bank and was later restructured following which SBI the largest bank in our country owns 30% stake in Yes Bank. This restructure has resulted in redefining the various products and services of the bank and improving them wherever necessary for the benefit of the customers of the bank.
Among its many such products, the car loans of the bank are quite popular in the market providing up to 100% of the value of the car as finance at attractive rates.
The details of the car loans of the bank are mentioned below.
Maximum Amount of Loan
Minimum - Rs. 1,00,000
Maximum - Rs. 5,00,00,000
Rate of Interest
Minimum – 9.80%
Maximum – 12.40%
Minimum – 1 year
Maximum – 7 years
Hypothecation of the vehicle to be purchased out of loan
Based on discretion of Bank
For New Cars
For Used Cars
10% of the value of car in select models
Part Payment Charges
About Yes Bank Car Loan Interest Rates
There are many factors that influence the interest rates on car loans. Some of such factors are external to the loan product and some intrinsic. Some examples of such factors are mentioned below.
These features mentioned above are explained in depth hereunder.
Quantum of Loan
Yes Bank provides car loans to the extent of up to 100% of the value of the vehicle in case of certain specified models. In other cases, the bank provides up to 90% of the value of the car as loan. The maximum and minimum amount of loan that can be provided by the bank for new cars or used cars is tabled below.
Amount of Loan
Minimum Loan amount
Maximum Loan amount
Yes Bank Car Loans are very competitive among many lenders in the market and are dependent on the credit profile of the applicant as well as the loan amount and the tenure of the loan. The applicable rates levied by the Bank for its Car loans are tabled below.
Rate of Interest (Floating rates)
The details of the current applicable rate of interest based on the type of vehicle can be available by contacting the bank through its nearest branch or through the customer care service of the bank.
The repayment period of car loan of Yes Bank is very comfortable and provides the applicant with flexible repayment options depending on the agreement between the borrower and the lender. The maximum period of repayment or tenure of Yes Bank Car Loans is 7 years (84 monthly EMIs) with the minimum tenure being 1 year or (12 monthly EMIs).
Margin money is to be paid by a borrower for Yes Bank Car Loan in case of selected models where the bank provides up to 90% of the finance on such vehicles. It is considered as a part of the loan application process. In certain cases, the finance provided by the bank is the full value of the car. In such cases, the margin money is not required to be paid by the borrower.
The primary security of the loan provided by the bank is the vehicle purchased out of loan. Bank has the hypothecation charge on the vehicle which has to be duly registered with the Regional Transport Authority and recorded in the RC book. A duplicate copy of the RC book and Keys have to be kept in record with the Bank.
Yes Bank may require additional guarantee in case of loan provided to certain class of borrowers which may be at the discretion of the bank and on a case to case basis.
The Bank levies processing fees on all the loans processed. This charge is a nominal charge and levied at the time of sanction of the loan. The applicable processing charges are 1% of the loan amount in case of new cars and 2% of the loan amount in case of used cars. These charges are subject to minimum and maximum charges as per the guidelines of the bank which are tabled below.
Part payment charges
The part payment of the loan is allowed subject to certain conditions and is also subject to nominal charges levied by the bank depending on the period in which such part payment is made. The bank does not allow any part payment of the loan before the completion of 12 months from the date of payment of 1st EMI. Moreover, the borrower is allowed to make such part payment only twice during the tenure of the loan subject to 1 payment only in any year. The charges for such part payment are tabled below.
From 13-24 months (from 01st EMI)
5% on the part prepayment amount
post 24 months (from 1st EMI)
3% on the part prepayment amount
Yes bank permits foreclosure of loan after completion of 6 months from the date of payment of 1st EMI. This foreclosure is subject to certain charges that are levied as a percentage of the outstanding amount. The details of charges levied on foreclosure of loan is tabled below
From 7-12 months (from 01st EMI)
6% of outstanding amount
5% of outstanding amount
Post 24 months (from 1st EMI)
3% of outstanding amount
1. Who are the eligible persons for car loans of Yes Bank?
The eligible persons for car loans of Yes bank are individuals and non-individuals. Some of them are listed below.
2. What is the minimum amount of loan available under Yes Bank Car Loan?
The minimum amount of loan as per Yes Bank car loan is Rs. 1,00,000.
3. What are the other criteria for eligibility for Yes Bank Car Loan?
The other criteria of eligibility for Yes Bank Car Loan are,
Annual income of minimum Rs. 3,00,000
Annual income of minimum Rs. 2,00,000
Minimum work experience of 2 years with one year with the existing employer
Been in the business for minimum period of 2 years
4. What are the documents needed for Yes Bank Car Loan?
Documents needed for Yes bank car loan are,
5. When does the bank permit foreclosure of loan?
Yes Bank permits foreclosure of loan after completion of 6 months from the payment of first EMI.
6. When does the bank permit part payment of loan?
Yes Bank permits part payment of loan after completion of 12 months from the payment of first EMI. Such part payment can be made twice during the tenure of loan and only once during any year.
7. Does the bank have multiple repayment options for car loans?
Yes. The bank provides the borrowers with multiple repayment options according to their flexibility and agreement between both the parties.
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