Latest Yes Bank Car Loan Interest Rates
It is a known fact that owning a car is the ultimate desire for many. However, the secret is to purchase the car at a low-interest rate so that you can save money while repaying the loan. Get a suitable Yes Bank Car Loan Interest Rate which will allow you to move the wheels without any fear.
On specific models, Yes Bank provides loan-to-value (LTV) at 90% for a duration ranging from 1 to 7 years. The minimum and highest loan values are 1 lac and 500 lakhs, respectively.
About Yes Bank
Yes Bank is one of India’s leading private-sector banks. It offers a range of banking and financial services including loans, wealth management and other financial products to individuals, small and medium enterprises and large corporates.
As the fifth-largest bank within India amongst private sector banks, Yes Bank is well-established throughout the country with over 630 branches spread throughout 375 cities and a sizable network of over 2000 ATMs. Yes Bank’s corporate office is located in Mumbai, and it has received various honours for its diverse range of activities, which include transaction banking, investment banking, treasury, etc.
Yes Bank offers car loans for customers with different incomes, credit scores and credit histories with a decent Yes Bank Car Loan Interest Rate. The bank has a wide network of branches across the country that can provide you with the best car loan packages available in your area.
What is a Car Loan?
One can define car loans as credit agreements between the purchaser of the vehicle and the lending institution, which provide funds for purchasing a vehicle. Car loans are often secured by the value of the vehicle being purchased.
Car loans are typically one of the most expensive types of loans that someone can take, and they can be difficult to repay if you don’t have an excellent credit score
Why apply for a car loan?
You can get your ideal car without paying the full price upfront with the help of a Yes Bank car loan.
Some characteristics that increase the value of a car loan include:
- Competitive and alluring interest rates
- Tax deduction when a vehicle is used for business travel
- A loan with a comfortable term and adjustable contract terms
- Candidates with such a good permanent package may choose a car loan.
- Processing costs and prepayment fees that are incredibly low
Most banks make it simple to obtain auto loans; they introduced 100% financing on ex-showroom prices and typically up to 85% financing on ex-showroom prices.
Eligibility for a Yes Bank Car Loan
To be eligible for a car loan, a candidate must meet the following requirements:
- Employment Type
- Employment Type
- Age
- Earlier running EMI
- Transaction History
CIBIL rating or score
Eligibility criteria for availing Yes Bank Car Loan
Salaried Individual |
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Self-Employed Individuals |
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Self-Employed Non-Individuals (Company/Partnership) |
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Priority Customers |
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Who will gain the most from a car loan?
The interest rate on a car loan is not the same for every borrower; instead, it might vary depending on a number of factors.
The following variables could reduce your interest rates:
- Interest rates will be lower for the top 500 employees.
- Candidates who already have a salary account with the same bank will pay less interest.
- Based on the loan amount you accept and your monthly income. Candidates may receive a waiver or a reduced interest rate on their entire loan.
Different Models for a Different Yes Bank Car Loan Interest Rate
Yes Bank offers four different models of car loans to choose from.
- The first one is the Yes Bank Fixed Rate Car Loan which has an interest rate of 10.90% with a processing fee of Rs 500.
- The second one is the Yes Bank Floating Rate Car Loan with an interest rate of 9.90% and a processing fee of Rs 500.
- The third one is the Yes Bank Personalized Car Loan which has an interest rate of 10.90% and a processing fee of Rs 750.
Finally, there is the Yes Bank Personalized Car Finance Plan which has an interest rate starting at 11.00% with a processing fee starting at Rs 750.
Current Interest Rates of Yes Bank Car Loan
Yes Bank offers auto loans with tempting interest rates beginning at 9.7% per year. Your income, credit score, down payment, the loan tenure you select, MCLR, and other factors will all play a role in determining the interest rate on your auto loan from Yes Bank. For both new and used car purchases, the bank provides auto loans. Know the charges applicable for the car loan you opted for by reaching us at 365eloans.
Charges | New Car Loan | Used Car Loan |
Interest Rate | 7.35% per annum | 14.80% p.a. to 16.80% p.a. |
Processing fee | Up to 0.40% Only | 1% of the loan amount or Rs.6,000, whichever is lower |
Issuance of Duplicate Repayment Schedule Charges | Rs.500 per instance | Rs.500 per instance |
Foreclosure Charges | 5% of the principal outstanding | 5% of the principal outstanding |
Penal Interest | 2% per month | 2% per month |
Part Payment charges | 5% of the paid amount | 5% of the paid amount |
Cheque/Instrument Swap Charge | Rs.500 per instance | Rs.500 per instance |
Documentation Charge | Rs.500 per instance | Rs.500 per instance |
Issuance of Duplicate No Dues Certificate Charges | Rs.500 per instance | Rs.500 per instance |
Registration Certification Collection Charge | Rs.200 per instance | Rs.200 per instance |
Cheque Bounce/Instrument Return Charges | Rs.500 per instance | Rs.500 per instance |
Issuance of Duplicate Statement Charges | Rs.500 per instance | Rs.500 per instance |
Loan Cancellation/Re-booking Charges | Rs.2,500 per instance | Rs.2,500 per instance |
Issuance of Credit Report | Rs.50 per instance | Rs.50 per instance |
Other charges included:
- Documentation charges-Rs.600
- Stamp duty charges-At actual
- Part prepayment charges-3% of principal being prepaid
- Loan cancellation charges-1,000
- Credit charges (on request)-50
- Late payment charges-2% each month
Features of Yes Bank Car Loan
Yes Bank car loans include a plethora of user-friendly elements that let consumers get the most out of them while realising their ambition of owning their preferred vehicle.
Some of the benefits of a Yes Bank Car Loan are listed below:
- To individuals, partnership businesses, public/private limited companies, etc., the bank offers auto loans.
- The loan duration is from 1 to 7 years
- Multiple possibilities for repayment
- LTC of up to 90% on specific auto brands and models
- A loan of between Rs. 1 lac and Rs. 500 lakhs
- In exchange for the automobile loan that it offers, the bank requests security or collateral. This means that the borrower must provide security in exchange for the car they obtained with a Yes Bank car loan.
- The borrower is required to pay a processing fee when their auto loan is processed. The processing charge changes based on the loan amount requested.
- If the borrower chooses to prepay their Yes Bank car loan (either totally or partially), a modest fee will be assessed. Typically, 5-6% of the outstanding principal amount is used to compute the amount.
How to Improve Your Chances of Getting a Car Loan with a reasonable Yes Bank Car Loan Interest Rate?
Choose a shorter term: The monthly EMI you would pay to Yes Bank will be higher if you choose a shorter timeframe for repaying the loan. It will show that you have a higher ability to repay the Yes Bank Car Loan, which will inspire confidence in you.
Keep an eye on your credit score: When you want to improve your eligibility for a car loan from Yes Bank, make sure your credit score is now at least 750. To verify and keep such a good credit score for the Yes Bank Car Loan.
Maintain your debt-to-income ratio low: A low debt-to-income ratio at Yes Bank indicates that your income and expenses are well balanced. It is because Yes Bank will look at what proportion of your income goes toward paying off your debts prior to deciding whether or not to lend to you, as well as a low debt-to-income ratio will signal the high repayment ability for a Yes Bank Car Loan.
Apply for a loan for a lower amount: By requesting a loan for a smaller sum, you might improve your chances of being approved for a Yes Bank auto loan. Because a smaller loan amount will be returned more quickly, your chances of qualifying for a Yes Bank loan are greater.
The Yes Bank Car Loan Interest Rate And How They Compare To Other Banks
Car loan Banks | Interest Rates | EMI per Rs 1 lakh for 7 Years |
Bank Of Baroda Car Loan | 8.80% – 10.55% | Rs. 1,599 – Rs. 1,689 |
Canara Bank Car Loan | 8.70% – 9.35% | Rs. 1,594 – Rs. 1,627 |
Corporation Bank Car Loan | 8.75% – 9.50% | Rs. 1,596 – Rs. 1,634 |
HDFC Bank Car Loan | 8.50% – 11.25% | Rs. 1,584 – Rs. 1,725 |
Yes Bank Car Loan | 8.82% – 12.75% | Rs. 1,600 – Rs. 1,806 |
Union Bank Car Loan | 8.85% – 11.85% | Rs. 1,601 – Rs. 1,757 |
SBI Car Loan | 8.65% – 9.70% | Rs. 1,609 – Rs. 1,645 |
Factors Affecting Yes Bank Car Loan Interest Rate
The interest rate which Yes Bank charges may change depending on a number of variables.
Among the common elements are:
Income: A key factor in establishing the rate of interest for a Yes Bank vehicle loan is the applicant’s income. The preference of financial institutions is for clients with reduced debt-to-loan ratios. Banks will check an applicant’s credit history and yearly income when processing a loan to ensure sure they can afford to pay back the auto loan. A co-borrower with a solid credit history can assist the borrower qualify for a loan with better income requirements and a lower interest rate.
Down payment: People who put down a large sum of money can always benefit from cheaper interest rates on their auto loans. When the down payment is significant, lenders will only be obligated to approve lower loan amounts, lowering their own risk. This guarantees the borrower of the institution’s lowest rates of interest. New car loan borrowers should always make sure they are financially ready to make a larger down payment in order to qualify for favourable interest rates.
Debts: People who have a lot of debts and obligations may experience difficulties while applying for a new car loan due to interest rates. When deciding whether to approve a car loan, banks often take into account the debt-to-income ratio. Users must ensure that they possess fewer debts as well as the necessary income to pay off the loan in order to obtain a reasonable interest rate. When the lender observes a borrower’s consistent repayment schedule and effective money management, the bank would unquestionably give the best interest rates feasible, as per the market situation.
Loan tenure: By choosing a longer loan term, borrowers will be required to pay more in interest over the course of the loan. Because interest rates are subject to market movements, the amount of the car loan EMI may also increase or decrease as a result. It is usually preferable to take out a loan for a shorter period of time and pay lower interest rates. Additionally, banks could shorten the loan term for borrowers who make bigger down payments by offering them comparably lower rates of interest.
Credit score: When applying for a new auto loan, it’s critical to have a decent credit score. In the course of processing your application for a car loan, the lender will carefully review your credit history as well as repayment practices. The bank could give a high or low rate of interest based on the score held. High rates of interest may be applied to people with low scores, as well as vice versa. The application will be able to obtain a relatively cheap interest rate when the bank determines that the applicant has a reliable source of income and is competent at managing his debts and other outstanding responsibilities
Key Features of Yes Bank Car Loan:
Yes Bank Car Loan Rate of Interest | 7.35% per annum |
Min Loan Amount | ₹ 100,000 |
Max Loan Amount | Loan up to 90% of On Road Price |
Loan Tenure | 1 year to 7 years |
Lowest EMI / Lac | ₹ 1,526 |
Minimum Net Monthly Income | ₹ 15,000 |
Minimum ITR for Self Employed | ₹ 300,000 |
Age Criteria | Salaried: 21 years to 60 years |
Types of Cars | For All New Passenger Cars, Multi Utility Vehicles (MUVs) and Sport Utility Vehicle (SUVs). |
Processing Fee | Up to 0.40% Only |
Yes Bank car loan Foreclosure Charges | No foreclosures are levied after the first 12 EMIs |
Basic Documentation | ID Proof, Address Proof, Salary Slip, Bank Statement and Car Quotation |
How to Apply for a Car Loan in India with Yes Bank
The process of applying for a car loan in India can be tedious and time-consuming. However, with Yes Bank, you can apply for a car loan online in just a few minutes.
Apply for a Car Loan with Yes Bank:
Yes Bank offers loans ranging from Rs. 50,000 to Rs. 2 crores to customers who wish to purchase a new or used vehicle.
You can apply for Yes Bank Car Loan in two ways:
- From their website/Mobile App
You can apply for the loan through their website – www.yesbank.com or their Mobile Banking app on your smartphone – Yes Mobile App by clicking on the ‘Car Loans’ tab and then entering your details into the application form.
- Go to 365eloans to help a representative help you with the entire process.
In both cases, do the following:
- Provide your contact details and email ID
- Enter the number of cars you want to buy
- Select the type of car you want to buy (new or used)
- Select your desired budget range (Rs 50,000-2 crores)
- Once you have entered all these details, click on ‘Apply Now
Why You Should Choose the Yes Bank Car Loan When Considering Loans
The Yes Bank Car Loan has a fast application process, which means that if you apply for the loan today, you could be approved by tomorrow. This is an advantage when compared to other types of loans because it might take weeks or months to process your application before approving or denying your request for funding.
Another benefit of the Yes Bank Car Loan is its low-interest rates. If you compare these rates with those offered by other lenders, it would be seen that the rates offered by Yes Bank are lower than those offered by other lenders.
How is EMI using yes bank car loan interest rate calculated?
Customers can enter the components of a car loan shown below in order to calculate their yes bank car loan EMI using our EMI Calculator.
- After entering the information, the EMI calculator will provide the consumer with an exact result in a matter of seconds.
- Loan amount: Customers must move the pointer along a scale to determine the loan amount they want to take out from the bank. Examples include Rs. 1 lakh, Rs. 5 lakhs, and Rs. 10 lakhs.
- Tenure- Then choose loan tenure using the pointer’s assistance.
- Interest Rate- Input the rate of interest that Yes Bank is willing to offer for auto loans.
- Processing fee – You must input the processing fee that the Bank of Baroda charges.
- Prepayment: Customers can decide whether to include or exclude the prepayment in the EMI calculation.
- Calculate-Customers can simply select “calculate” if they do not wish to incorporate the prepayment fees in the EMI calculation.
If a person decides to prepay, they will need to submit the following information:
- Application of the Prepayment
- upfront payment
- Payment in advance
- Frequency of prepayment
Once the data has been submitted, click “Calculate.”
EMI for Used Car Loan
Below is a Table displaying interest rates and monthly instalments for a used car loan from Yes Bank for various time periods:
Loan Amount | Loan Tenure | Interest Rate(in % p.a.) | EMI(in ₹ ) | Total Interest Outgo(in ₹ ) | Total Amount(EMI+Interest) (in ₹ ) |
5,00,000 | 1 | 8.80%-13.70% | 43,679-44,823 | 24,153-37,876 | 5,24,153-5,37,876 |
5,00,000 | 2 | 8.80%-13.70% | 22,797-23,936 | 47,116-74,455 | 5,47,116-5,74,455 |
5,00,000 | 3 | 8.80%-13.70% | 15,853-17,016 | 70,721-1,12,578 | 5,70,721-6,12,578 |
5,00,000 | 4 | 8.80%-13.70% | 12,395-13,588 | 94,964-1,52,229 | 5,94,964-6,52,229 |
5,00,000 | 5 | 8.80%-13.70% | 10,331-11,557 | 1,19,843-1,93,390 | 6,19,843-6,93,390 |
5,00,000 | 6 | 8.80%-13.70% | 8,963-10,223 | 1,45,352-2,36,036 | 6,45,352-7,36,036 |
5,00,000 | 7 | 8.80%-13.70% | 7,994-9,287 | 1,71,486-2,80,136 | 6,71,486-7,80,136 |
Documents Required
For Salaried
- Residence Proof-Aadhaar Card/ Voter ID/ Passport/Utility Bill
- Identity Proof-PAN Card/ Aadhaar Card/ Voter ID/Passport
- Age Proof-Voter ID/Aadhaar Card/ PAN Card/Educational Certificates
- Income Proof-Salary Slips of Last 3-6 Months, Form 16 for Last 2 Years, 6-month Bank Statement
- Signature Verification Proof- Passport/PAN Card/Driving License
- Pro-forma Invoice or Rate List
- Processing Fee Cheque
- Post-dated Cheques
- Duly Signed Loan Agreement Copy with RTO Set
- Photographs
- ECS Mandate Form Duly Signed
For Self-employed
- Identity Proof-PAN Card/ Aadhaar Card/ Voter ID/Passport
- Business Establishment Proof-Any of the Indirect Tax Registration Copy, Utility Bills of Shops
- Residence Proof- Passport/Aadhaar Card/ Voter ID/Utility Bill
- Age Proof-PAN Card/ Aadhaar Card/ Voter ID/Educational Certificates
- Income Proof-ITR, Profit & Loss Account Statement and Audited Balance Sheet for the Last 2-3 Years
- Signature Verification Proof- Passport/ PAN Card/Driving License
- Post-dated Cheques
- Pro-forma Invoice or Rate List
- Processing Fee Cheque
- Duly Signed Loan Agreement Copy with RTO Set
- ECS Mandate Form Duly Signed
- Photographs
FAQs
Q.1 How much financing am I able to get through a Yes Bank vehicle loan?
For some models, you can get up to 100% of the car’s on-road price.
Q.2 How does the car loan from Yes Bank operate?
Depending on your eligibility, the loan amount you take out, and the loan length you select, Yes Bank offers auto loans at very low-interest rates. Any salaried or self-employed borrower between the ages of 21 and 58 who possesses a respectable credit rating, a consistent employment history, and a reliable source of income is eligible to apply for a car loan via Yes Bank.
Q.3 How to check the status of a Yes Bank car loan
By going to the nearby branch or using the bank’s website, you can find out the status of your auto loan with Yes Bank.
Q.4 Is it possible to prepay a portion of a car loan with Yes Bank?
The bank does permit partial payback of a car loan. Nevertheless, you cannot do this until 12 months have passed since the loan’s disbursement. Additionally, you are only permitted to prepay a portion of your loan once per year as well as only twice during the loan term. Additionally, the amount of the partial payments cannot be greater than 25% of the remaining principal.
Q.5 Does Yes Bank provide auto loans with pre-approval?
As long as you meet certain requirements and are an existing customer of Yes Bank, you might be able to get a pre-approved car loan.
Q.6 For a Yes Bank Car Loan, are there any collateral fees?
Yes, you would need to pay 450 rupees in collateral fees for each instance.
Q.6 Does Yes Bank provide business partnerships and corporations with auto loans?
To individuals, proprietorship firms, partnership firms, and private or public limited companies, the bank does indeed offer motor loans.
Q.7 How can I make a Yes Bank auto loan application?
Both online and in-person branch applications are accepted for an auto loan.
Q.8 How long is the Yes Bank Car Loan term?
Yes Bank offers loans with terms ranging from one year to seven years.
Q.9 Can Yes Bank provide me with a 100% car loan?
For a few models, a 100% loan amount would be offered based on the vehicle’s on-road pricing. It provides the industry’s most affordable interest rates for this reason. There will also be a variety of repayment alternatives available.
Q.9 Can I pay off my Yes Bank Car Loan early?
Your Yes Bank car loan can be prepaid or foreclosed for a fee equal to 5% of the remaining principal.
Q.10 Are there any processing fees for Yes Bank Car Loans?
Processing fees from Yes Bank hardly reach 0.40%.
Q.11 Can someone with a low credit score obtain a car loan from Yes Bank?
You must have a strong credit rating of 700 or higher to qualify for a Yes Bank Car Loan. Even if your credit score is less than 700, your loan application might still be granted in some circumstances.
Q.12 What may you retain with Yes Bank as security to obtain a car loan?
For a Yes Bank Car Loan, the vehicle itself serves as the only required security.
Q.13 What steps are involved in closing a Yes Bank car loan?
- Just bring the paperwork with you to the bank
- Send a letter requesting the Yes Bank Car Loan account to be closed in advance
- The pre-closure fees in accordance with the Yes Bank Car Loan
Q.14 What are the preclosure fees for Yes Bank Car Loans?
Preclosure fees for Yes Bank Car Loans are up to 2% prior to the first 12 EMIs.
Q.15 What is the maximum term for a Yes Bank car loan?
The maximum term for a Yes Bank car loan is seven years.
Q.16 What is the minimum term for a Yes Bank car loan?
The minimum term for a Yes Bank car loan is one year.
Conclusion
Depending on a person’s CIBIL score, obtaining a car loan may be simple or challenging. Our executive at 365eloans assists you in working with the Bank of Baroda bank to secure a car loan at the most competitive interest rates.
