YES Bank car loans - A drive to Your Dream

Nowadays, car is a very important asset for an individual. People use car to reach office early or to discard the discomforts of the public transport. Having a car is a big dream of every individual. Now getting a car has become much more easier for the people. They can get credit and buy their dream car.

Owning a car has become very easy with the help of Yes bank. It is the fifth largest bank in India. It provides credit for both new and preowned cars. Yes bank car loans has emerged as one of the preferred choices amongst the people looking to buy new or old cars. This institution provide car loan at affordable interest rates. It is an institution that provide credit on affordable interest rates. It is a credit that gets sanctioned with easy terms and conditions.

Credit provided by Yes bank has number of benefits. YES bank car loans offers credit to value at 90% on selected models for a period ranging from 1 to 7 years. Minimum credit amount provided by this institution is 1 lakh INR and maximum credit amount provided by this institution is 500 lakhs INR. It strives to provide an overall application and disbursal process which is completely hassle free and transparent. The credit processing is very quick and is disbursed with minimum documentation. The number of features make the car credit ideal for the customers.

Features of Yes Bank Car Loan

• Loan to Value (LTV): This banking institution finance up to 92% of the vehicle's value. The LTV is up to 90% on pre owned selected models.

• Freedom to choose: One can choose any model of the car available in india. One has freedom to chooses either new or pre owned car.

• Flexible Repayment Option: This institution provides flexible repayment options which ranges from 12 months to 60 months.

• Quick Credit approval: This bank offers quick credit approval. The institution approves the credit in just 24 hours after the application.

• Attractive interest rates: The institution offers very attractive interest rates. It offers credit on very low rate of interest of just 10.25 %.

• Secured Loan: Yes bank car loan is secured. This institution require applicant for the vehicle to submit collateral security with the institution. It is against this security the credit is provided. The security is first being submitted that has to be submitted is the hypothecation of the vehicle.

• Minimum loan amount: The minimum credit amount offered by the institution is 1 lakh INR.

• Maximum Loan Amount: The maximum credit amount offered by the bank is much higher. It offers 500 lakhs INR as the credit maximum value.

• Minimum documentation: This institution provides credit with an easy and simple way. The credit is sanctioned with minimum documentation.

• Processing fee: Processing is very less that is being charged by the bank. The processing varies with the total credit amount.

• Prepayment charges: A very small amount is charged while prepayment. The amount is generally calculated at 5 % to  6% of the outstanding principal amount.

Eligibility for Yes Bank Car loans

• Category: Any government or private corporate employee, self employed, professional, partnership firm, company can apply for car credit in this financial institution.

• Age: Age of the applicant should be between 21 years to 65 years for self employed people. 21 years to 58 years for salaried individuacar loanls is the eligible age  for the credit application.

• Income: For salaried individuals, minimum annual income should be 3 lakhs INR for the eligibility. For self employed , professionals and partnership firms, minimum annual income should 2 lakhs INR for the credit eligibility.

• Experience: Minimum working experience for salaried individuals should be of 2 years with 1 year experience in current job. Minimum working experience in the same business or profession should be of 2 years for self employed and professionals. Similarly for partnership firms minimum working experience of two years is required for credit application.

YES bank car loans

Documents required for Yes Bank car loans

Some documents are required before approval of car loan and are called pre approval documents and some are required after approval and before disbursement the are called post approval or pre disbursement documents

1. Documents required before approval of the loan

• Application form, duly filled by the applicant
• Age proof: Aadhar card, PAN card, Voter’s ID, Driving License etc.
• Identity Proof: Aadhar card, Voter’s ID, Passport
• Address proof: Aadhar card, Voter’s ID, telephone bill, electricity bill, Ration card
• Income proof: 3 months salary slip or Form 16 or Income Tax Return for last 2 years
• KYC documents as per Yes Bank LTD policy
• Bank Statement
• Signature proof Verification
• Passport size photographs   

     2. Documents required after loan approval

• Duly signed loan agreement with RTO set
• Post dated cheques (PDCs) or ECS Form , Standing instruction (SI) request with security PDCs as applicable, based on the chosen re payment method
• Margin Money receipt
• Proforma Invoice