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Yes Bank Car Loans 2023 – Interest Rate, Features, Eligibility, Required Documents & More

Yes Bank is counted among the Indian private sector banks (PSB) and its headquarter in Mumbai. In 2020, RBI became the controller of the Bank due to some financial issues. After that, SBI, the too-big -to- fail bank of the country, held 20% of Yes Bank. 

This re-building contributed to redefining the bank’s several goods and services. It is also being upgraded to benefit the Bank’s customers.

The bank has a great name in providing automobile or car loans in the market. It is moreover offering up to 100% of the vehicles worth as finances at lucrative loan interest rates.

Here Are Some Of The Key Features Of Yes Bank Car Loans

Competitive interest rates: Yes Bank offers some of the most competitive interest rates on car loans in the market. This means you can save money on your loan and afford the car you really want.

Flexible repayment options: The Bank offers flexible repayment options to suit your needs and budget. You can choose from a variety of loan terms, including fixed-rate and variable-rate loans.

No prepayment penalties: It does not charge any prepayment penalties, so you can pay off your loan early if you wish. This could save you money in interest charges over the life of the loan.

Fast and easy application process: The Bank makes applying for a car loan quick and easy. You can apply online or in-person at any Yes Bank branch.

Yes Bank is a great way to finance your new car. They offer competitive interest rates and flexible repayment options to make owning your dream car a reality.

Here Are Some Things You Should Know About Yes Bank Car Loans

  • Yes Bank offers both fixed and floating interest rate options for their automobile loans.
  • The loan tenure can be anywhere from 1 to 7 years.
  •  You can choose to make either monthly or bi-monthly payments.
  •  The minimum loan amount is Rs. 2 lakhs and the maximum loan amount is Rs. 20 lakhs.
  •  The processing fee for Yes Bank four-wheeler loans is 1% of the loan amount plus taxes.

Interest Rates 

Yes Bank offers competitive interest rates on car loans, starting at 9.25% p.a. for loans up to Rs. 10 lakhs, and 8.75% p.a. for loans above Rs. 10 lakhs.

The interest rate is subject to change depending on the applicant’s credit score, loan tenure, and other factors.

It also offers a pre-approved car loan facility for existing customers, which offers them an instant approval and disbursal of their loan amount.

Eligibility Criteria 

To be eligible for an automobile car loan, you must:

-Be at least 21 years old and not more than 65 years old at the time of loan maturity

-Have a regular source of income

-Be employed with the current organization for at least 3 months (if salaried) or 6 months (if self-employed)

-Have a minimum monthly income of Rs. 25,000 (if salaried) or Rs. 1,50,000 (if self-employed)

-Be a resident Indian citizen

How To Apply For The Four-Wheeler Loan

This Bank offers automobile loans at attractive interest rates to help you purchase your dream car. Here’s a step-by-step guide on how to apply for a Yes Bank car loan:

1. Log on to the Yes Bank website and click on ‘Apply Now’ under the ‘Car Loans’ section.

2. Fill in the required personal, financial and employment details.

3. Select the loan amount and tenure as per your requirement.

4. Check the interest rate and EMI amount before proceeding further.

5. Click on ‘Apply Now’ and submit the online application form.

6. A representative from the Bank will get in touch with you to complete the process.

Listed Queries  

1. What are Yes Bank car loans?

Yes Bank four-wheeler loans are personal loans that can be used to finance the purchase of a new or used vehicle. The loan amount can range from Rs.1 lakh to Rs.20 lakh, and the repayment tenure is usually between 12 and 60 months.

2. How do Yes Bank car loans work?

To apply for a car loan, you will need to submit your KYC documents, income proof, and other required documents. Once your application is approved, you will receive the loan amount in your account, which can be used to pay for the car.

3. What are the eligibility criteria for?

he eligibility criteria for Yes Bank car loans vary depending on whether you are a salaried or self-employed individual. For salaried individuals, the minimum age requirement is 21 years, while for self-employed individuals, it is 25 years. 

You will also need to have a minimum annual income of Rs.2 lakh (for salaried individuals) or Rs.2 lakh (for self-employed individuals).

4. How much can I borrow with Yes Bank four-wheeler loans?

Yes Bank car loans can be used to finance the purchase of both new and used vehicles. The loan amount can range from Rs.1 lakh to Rs.20 lakh, depending on your eligibility and income.

5. How can I repay my automobile loan?

Yes Bank loans can be repaid through EMIs, which are deducted from your account every month. You can also make partial or full prepayments on your loan without any charges.

6. What is the tenure of Yes Bank car loans?

The tenure is usually between 12 and 60 months. However, this may vary depending on the bank’s discretion and your eligibility.

7. Do I need to have collateral for Yes Bank car loans?

No, you do not need to have collateral for this bank four-wheeler loan. However, the bank may ask for a guarantor if they deem it necessary

8. What are the charges associated with Yes Bank car loans?

Yes Bank car loans currently have an interest rate of 11.25% p.a., which is subject to change at the bank’s discretion. There is no processing fee charged on Yes Bank car loans.

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