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Money matters

Eligibility to Apply for a Car Loan

YES BANK’s car loan scheme is one that can be used by customers with the utmost assurance of transparency and a simple, hassle-free process. Car loans from YES BANK can be secured at attractive interest rates, no matter the make or model of the car, depending upon the car loan eligibility of an individual. Currently, YES BANK offers financing for up to 90% on select car models.

The rate of interest for car loans that is currently being offered by YES BANK is a fixed interest rate, which is based on the prevailing base rate of the bank. The interest rate is calculated as a total of the base rate, along with a certain percentage. Based on the tenure chosen, and the loan amount chosen, YES BANK offers attractive interest rates with flexible options for repayment.

Once the loan has been approved, customers can choose from a wide variety of repayment options to repay their borrowed amount, which can be between INR 1 lakh to INR 500 lakhs. The borrowing tenure can be anywhere between 1 to 7 years.

In terms of car loan eligibility, salaried individuals, partnership firms, proprietorship firms, public and private limited companies are eligible to opt for a YES BANK loan. More specifically, the following criteria apply when taking into account the eligibility for car loans:

  • Age – must be at least 21, and less than 65 for salaried and self-employed individuals.
  • Must have completed at least 2 years in the same business whose ITR/Financials have been provided for SE/Firms/Companies.
  • Must have completed at least 1 year at current job, OR must have a total of 5 years of experience for salaried cases.
  • Must have an income of INR 3 lakhs per annum or above for salaried individuals, and INR 2 lakhs per annum or above, for others.

Call us or visit your nearest branch to know more.

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