Yes Bank Car Loan – Eligibility, EMI Calculator and How to Apply?

YES Bank is one of the fifth largest private banks in India. It does provide financial and corporate services among 29 different states and seven territories of India. The headquarter of the Bank is located in Mumbai. It has more than 1000+ branches and more than 2000+ ATM situated in all over PAN India. When it comes to the car loan in India, YES Bank always does come first in providing the lowest interest rates in the car loan. This Bank is one of the preferred choices of the people who are looking to purchase a new or old car.

Features of Car Loan:

The YES Bank car loan consists of more customer-friendly features than any other bank. The following are the features of the car loan.

• YES Bank car loans are available to the individuals, sole partnership owners, and the self-employed businesses.
• LTV of up to 90% on select car models.
• Attractive interest rates on car loans.
• The minimum loan amount you can take from the YES Bank is Rs 1 Lac, and the maximum is up to Rs 500 Lakh.
• The loan tenure to choose from five to seven years.
• There are multiple repayment options.

Eligibility for Yes Bank Car Loan:

There are a number of factors that define whether an applicant is eligible for getting a car loan from the YES Bank or not. Some of the eligibility points I have mentioned below and which are essential for getting the car loan.

I’ll be categorizing the eligibility points for various income sources applicants.

Read More – YES Bank Home Loan, Eligibility, Benefits and How to Apply for Housing Loan?

Eligibility for Salaried Employees:

• The age of the applicant must be greater than 21 years old.
• The applicant should not be more than 58 years at the time of loan maturity.
• The minimum annual income of the applicant must be rs 3 lac.
• The work experience of the applicant should be more than two years, and the applicant should be working in a current company for more than one year.

Eligibility for self-employed employees

• The age of the applicant must be greater than 21 years old.
• The applicant should not be more than 65 years at the time of loan maturity.
• The minimum annual income of the applicant must be rs 2 Lac.
• The minimum work experience in the same business should be more than two years.

Factors that can Affect the Loan Eligibility

• The applicable car loan EMI. The EMI should be less than 50% of the monthly income of an Individual.
• The car loan finance is capped to up to 90% of the ex-showroom price.
• The CIBIL score of the applicant.
• It also affects the existing EMI Responsibilities in the applicant.

Conclusion:

Car loans are the quick and easy disbursal for most of the banks. However, In terms of getting a real quick and fast approval then YES Bank is something that might fulfill this need. In this article, I have added all the information about the YES Bank car loan and also the interest rates charged. You can do let us know in the comments section if there is anything else to ask.