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Lowest Yes Bank Car Loan Interest Rates | Instant EMI Calculator, Apply Now!

Team AckoApr 30, 2024

Owning a car is a dream shared by many individuals, as it brings with it convenience, comfort, and the joy of exploring the open road.

However, the initial cost of purchasing a car can be prohibitive for most, making car loans an attractive option.

When it comes to car financing, one name that stands out in the financial market is Yes Bank.

With competitive interest rates and flexible repayment options, Yes Bank car loans have helped numerous individuals turn their dreams of owning a car into reality.

In this article, we will explore the various aspects of Yes Bank car loan interest rates, eligibility criteria, and the benefits of choosing Yes Bank as your preferred car loan provider.

Contents

Yes Bank Car Loan Interest Rates in 2023
- Features of Yes Bank Car Loan
How to Calculate Yes Bank Car Loan EMI
Eligibility Criteria: Yes Bank Car Loan Eligibility
Application Process: How to Apply for Yes Bank Car Loan
- Online Process
- Offline Process
Documents Required to Apply for a Car Loan from the Yes Bank
Factors Affecting Yes Bank Car Loan Interest Rates
Check Out Car Loan Interest Rates from Other Banks in India (2023)
Frequently Asked Questions (FAQs) about Yes Bank Car Loan

Yes Bank Car Loan Interest Rates in 2023

The following table provides more details about the Yes Bank car loan interest rates as of July 2023.

Yes Bank Car Loan Scheme	Interest Rate
New Car Loan	9.7% onwards

Features of Yes Bank Car Loan

Here are the key features of the Yes Bank car loan schemes.

Yes Bank offers 100% of the loan amount based on the on-road price of the vehicle, applicable to specific models.
Choose from various repayment options tailored to suit your needs.
Benefit from one of the most attractive interest rates available in the industry.
Experience a hassle-free documentation process with prompt approvals.
Loan tenure up to 96 months.

How to Calculate Yes Bank Car Loan EMI

To calculate the EMI (Equated Monthly Installment) for a Yes Bank car loan, you can follow these steps.

Step 1. Gather the Required Information: Before you begin the calculation, make sure you have the following details.

Loan Amount: The total amount you wish to borrow from Yes Bank for your car purchase.
Interest Rate: The annual interest rate at which the bank will lend you the money.
Loan Tenure: The duration (in months) for which you plan to take the car loan.

Step 2. Understand the EMI Formula: The EMI calculation involves using the formula.

EMI = [P x R x (1+R)^N] / [(1+R)^N-1]

P is the loan amount (principal).

R is the interest rate.

N is the loan tenure in months.

Step 3. Convert Annual Interest Rate to Monthly Interest Rate: Divide the annual interest rate provided by Yes Bank by 12 to get the monthly interest rate. For example, if the annual interest rate is 8.5%, the monthly interest rate would be 0.085/12 = 0.0070833.

Step 4. Calculate the EMI: Now, use the formula mentioned in Step 2 to calculate the EMI:

EMI = [Loan Amount x Monthly Interest Rate x (1+Monthly Interest Rate)^Loan Tenure] / [(1+Monthly Interest Rate)^Loan Tenure-1]

Step 5. Interpret the Result: After performing the calculation, you will get the EMI amount that you need to pay each month throughout the loan tenure.

Alternatively, you can use ACKO's car loan emi calculator to calculate the emi instantly.

Eligibility Criteria: Yes Bank Car Loan Eligibility

Following are the eligibility criteria to apply for a Yes Bank car loan.

Yes Bank car loans are available to both individuals and entities. Below are some examples of eligible applicants.
Individuals
Sole proprietorships
Partnership firms
Public/Private Limited Companies

Application Process: How to Apply for Yes Bank Car Loan

There are two methods to apply for a Yes Bank car loan. The following sections explain the same.

Online Process

Visit the official website of Yes Bank.
Select “Consumer Loans” from the “Loans” menu.
Click on the “Car Loan”.
Click on “Apply Online”.
Fill in the required details and submit the online loan application.

Offline Process

Walk into your nearest Yes Bank branch and enquire about the car loan. The bank official will guide you through the application process.

Documents Required to Apply for a Car Loan from the Yes Bank

Here is the list of documents you need to apply for a Yes Bank car loan.

Two recent passport-size photographs.
KYC documents, including identification documentation and address verification.
Income documentation in the form of bank statements, ITRs, or salary slips.

Factors Affecting Yes Bank Car Loan Interest Rates

Several factors can influence the Yes Bank car loan interest rates. These factors include the following.

Credit Score: The credit score of the applicant is one of the most significant factors influencing the interest rate. A higher credit leads to a lower interest rate. Whereas a lower credit score might attract a higher interest rate as it poses a higher risk to the bank.
Loan Amount: It is the amount you wish to borrow from the bank, and it can also impact the interest rate. Typically, larger loan amounts may attract lower interest rates compared to smaller loans, as banks perceive them as less risky due to the borrower's substantial financial commitment.
Loan Tenure: The loan tenure, or the duration for which the loan is taken, plays a role in determining the interest rate. Shorter loan tenures may result in slightly higher interest rates, while longer tenures could offer more competitive rates, giving borrowers flexibility in their repayment options.
Type of Car: The type of car being financed can also influence the interest rate. Some models or makes might be associated with better resale value or lower maintenance costs, making them more attractive to lenders and potentially leading to reduced interest rates.
Income and Employment Stability: The applicant's income level and employment stability are crucial considerations for Yes Bank. A stable income source and a consistent employment record may positively impact the interest rate, reflecting the borrower's ability to repay the loan.
Relationship with the Bank: Existing customers with a strong and positive relationship with Yes Bank might be eligible for preferential interest rates and special offers, as banks often reward customer loyalty.
Market Conditions: Interest rates in the market are influenced by the overall economic conditions and the Reserve Bank of India's (RBI) monetary policies. Fluctuations in these rates can impact Yes Bank's car loan interest rates as well.

Check Out Car Loan Interest Rates from Other Banks in India (2023)

The following table lists the car loan interest rates (as of July 2023) of various banks in India.

Bank Name	Car Loan Interest Rate (Per Annum)
State Bank of India	8.60% onwards
Bank of Baroda	8.70% onwards
Union Bank of India	8.80% onwards
HDFC Bank	8.85% onwards (Rack Interest)
Federal Bank	11% onwards
Axis Bank	8.75% onwards
Canara Bank	8.80% onwards
Punjab National Bank	8.75% onwards
ICICI Bank	8.85% onwards
Kotak Mahindra Bank	7.70% onwards
Bank of India	8.85% onwards
IndusInd Bank	7% onwards
Yes Bank	9.7% onwards
UCO Bank	8.70 onwards

Frequently Asked Questions (FAQs) about Yes Bank Car Loan

Here are some of the most common questions and their answers related to Yes Bank car loans.

What is the rate of interest for car loans in Yes Bank?

The Yes Bank car loan interest rates start at 9.7%.

What is the maximum tenure of a Yes Bank car loan?

The maximum tenure for a Yes Bank car loan stands at 96 months.

Are the car loan interest rates different for new and used cars?

Yes Bank car loan interest rates may vary for new and used cars. Typically, used car loans may have slightly higher interest rates compared to new car loans.

How can I improve my chances of getting a lower car loan interest rate?

Maintaining a good credit score, having a stable income, opting for a shorter loan tenure, and making a higher down payment can all improve your chances of securing a lower car loan interest rate from Yes Bank.

Are there any additional charges or processing fees related to the car loan interest rate?

Yes, apart from the interest rate, there may be processing fees and other charges associated with the car loan. It is essential to enquire about these charges and factor them into your loan decision.

Disclaimer: The above content is for informational purposes only. It is recommended to take the help of an expert before making a decision.