Yes Bank Car Loans

YES Bank is one of the youngest private-sector banks in India, with only 25 years in service. It was founded in 2004 by Ashok Kapoor and Rana Kapoor and is headquartered in Mumbai. It has already reached the position of being the fourth largest private sector bank in India, and has a vast network of over 1000 branches and 1800 ATMs.

YES Bank offers an impressive array of financial products and services to individual customers, large corporations, MSME, agricultural enterprises, and retail businesses. The bank also has an exhaustive list of products including credit cards, gold loans, home loans, auto loans, two-wheeler loans, personal loans, and education loans.

Cars are becoming the most sought-after means of transportation for the common man in India. Cars provide the leverage needed to succeed in today’s fast-paced world. But buying a car still remains out of reach for most middle-class households. Yes Bank recognizes this need and offers customized car loans to its customers, with affordable interest rates, minimal processing charges, and reasonable loan tenures.

The loan tenures are optimally designed, and the loan amount depends on the on-road cost of the vehicle. If you can't afford to keep paying, you could even transfer the loan to someone else! mymoneykarma provides you with all the information that you need about YES Bank car loans.

Features of YES Bank Car Loans

YES Bank car loans have a host of features and advantages that are customized for YES Bank customers, as given below.

1. Loan amounts cover up to 100% of the on-road prices, for select cars

2. Flexibility in choosing the time of EMI payment

3. Budget-friendly and sustainable car loan EMIs

4. Easy application process

5. Hassle-free loan processing and quick loan approvals

6. Multiple repayment channels

7. Long loan tenures, of up to 7 years

8. Minimal processing charges as compared to other banks

9. Exclusive discounts for YES Bank salary account holders

10. Minimal loan processing charges 

YES Bank Car Loan Interest Rates

YES Bank offers affordable rates of interest on its car loans. The interest rates are set between 9.30% – 12.50% per annum.

Here is a summary of all the necessary information on YES Bank car loans.

Interest Rate	9.30% – 12.50%
Minimum Loan Amount	Rs 1 lakh
Maximum Loan Amount	Upto 100% of the on-road price of vehicles for some schemes, or Rs 5 crores, whichever is less.
Minimum Repayment Tenure	1 year
Maximum Repayment Tenure	7 years

Fees and Charges Associated with YES Bank Car Loans

Here is a list of charges associated with YES Bank car loans.

Loan Processing Charges	1% of the loan amount or Rs 10,000, whichever is lower
Foreclosure Charges	3% of the outstanding loan amount
Documentation Charges	Rs 600 + GST
Prepayment or Part-payment charges	5% - 6% of the outstanding loan amount + GST
Collateral Charges	Rs 450
Loan Cancellation / Re-booking	Rs 1,000
Charges for Late Payment of Loan Amount	24% of the outstanding amount + GST
Stamp Duty & other Statutory Charges	As applicable by state laws
Loan Statement Charges	Rs 750
Bounce Charges	Rs 750
Duplicate Statement Issuance Charges	Rs 750
Duplicate No Dues Certificate / NOC	Rs 750
Amortisation Schedule Charges	Rs 750
Statement of Account Charges	As actuals
Valuation Charges	Rs 1,200
Legal Charges	As actuals

YES Bank Car Loan EMI Calculator

There are plenty of car loan EMI calculators available online. Applicants can log on to those websites and check the tentative amounts that they need to pay as loan EMIs using the car loan calculator. The EMI calculator depends on the following factors.

1. Loan amount

2. Loan tenure

3. Interest rate

EMI calculator example

Sweha needs to buy a car urgently, as she wants to go on a road trip with her friends on her birthday, which is months away. She wants a car that is designed for long distance travel, provides great mileage, and is affordable.

She approaches YES Bank to take a car loan under the YES Bank New Car Loan Scheme. She wants to buy a Chevrolet Beat whose on-road price is Rs 4.5 lakhs. She receives the full amount of the car with a loan tenure of 7 years at an interest rate of 9.45% per annum.

Using the car loan EMI calculator, Sweha’s EMIs amount to a nominal sum of Rs. 7,344 per month.

Documentation Required For YES Bank Car Loans

The list of documents required for YES Bank car loans differs for different customers, according to their occupation. Mymoneykarma gives the list of essential documentation for each occupational category.

Salaried Customers

1. Copies of PAN card and Aadhaar card.

2. Copies of residence proof, such as electricity bills, rental agreements, property taxes, or telephone bills.

3. Salary slips for the last three months.

4. Copies of Form 16 for the last two years.

Self-employed Customers/ Businesspeople

1. Copies of PAN card and Aadhaar card.

2. Copies of residence proof, such as electricity bills, rental agreements, property taxes, or telephone bills.

3. Copies of ITR forms for the last two years.

How to Apply For YES Bank Car Loans

The process of YES Bank car loans application is very simple. There are two different ways to avail the car loan.

1. Online registration:  Applicants can visit the YES Bank website, download the YES Bank car loan application form, fill it in, and upload it to the portal. YES Bank officials then collect the required documentation from the applicant’s doorstep. On approval of the loan, the loan amount is deposited to the applicant’s account for the car purchase.

2. Walk-in: Customers can also visit the nearest YES Bank branch and request for a YES Bank car loan application form. They must also submit copies of required documents along with the filled in application form. The loan is then processed and approved in a few working days.

YES Bank Car Loan Schemes

YES Bank offers only one kind of car loan scheme, which is designed to buy new cars, and does not provide any loan schemes to buy pre-owned cars.

YES Bank New Car Loan Scheme

YES Bank offers this loan scheme to its customers for buying new cars. Here are a few features of YES Bank New Car Loan Scheme.

1. The loan can be used to buy new passenger cars, sport utility vehicles (SUV), or multi utility vehicles (MUV).

2. The car loan covers up to 100% of the on-road price of the new car, for select models.

3. The loan is made available to a large pool of customers.

4. Nominal interest rates, ranging from 9.30% – 12.50%, for loan tenures of up to 7 years.

5. Minimal documentation 

6. Complimentary insurance coverage for loan liability.

7. Special reduction in rates of interest for YES Bank account holders.

Eligibility for YES Bank New Car Loan Scheme

1. An age range of 21-60 years.

2. Applicant must be a salaried employee, self-employed individual, or business person.

3. Must have a decent credit score

4. Minimum income of Rs 2.4 lakhs per year for salaried individuals.

Frequently Asked Questions

Q: What credit score is needed for a Yes Bank car loan?

A: Generally Yes Bank Bank requires a minimum credit score of 700. If your credit score is less than 700, your loan application will most likely get rejected.

Q: I want to buy a second-hand car. Can I get a car loan from YES Bank?

A: YES Bank provides car loans only for buying new cars. Yes Bank does not provide any loan schemes to buy pre-owned cars.

Q: What happens if I miss paying an EMI for YES Bank car loan?

A: It is better to pay the YES Bank car loan EMIs on time, as YES Bank charges a hefty penalty fee of 2% of the outstanding loan amount.

Q: What is the processing charge for YES Bank car loans?

A: YES Bank charges 1% of the loan amount or Rs 10,000, whichever is less, as loan processing charge.

Q: Why has my YES Bank car loan application been rejected?

A: For a YES Bank car loan to be approved, all applicants need to meet all the eligibility criteria and upload the required updated documentation within the given time. The applicant should also have no history of defaulted EMI payments in the past, should have a good debt-to-income ratio, as well as a decent credit score.

Q: I am 18 years old and working for my first company. Can I get a YES Bank car loan?

A: Salaried customers must meet the age range of 21-58 years to be eligible for YES Bank car loans.

Q: How can I pay the EMI for my YES Bank car loan?

A: Customers can pay the EMIs through any of the following payment channels.

1. Post-dated cheques.

2. UPI ID apps such as Google Pay and Bhim UPI.

3. YES Bank netbanking.

4. Auto payment channel on a YES debit card.