YES Bank Used Car Loan

✓ Interest Rates Starting @ 10.50% ✓ Loan of up to ₹77 Lakhs ✓ Quick Disbursal Check Offer

The YES Bank Used Car Loan offers a convenient and affordable way to purchase a pre-owned vehicle. With flexible repayment options, attractive interest rates, financing up to a significant portion of the car’s on-road price, and tenure options of up to 15 years, offering a hassle-free ownership experience.

YES Bank Used Car Loan Interest Rates and Charges

When you apply for a YES Bank Used Car Loan, it is important to be aware of the applicable fees and charges. The table below gives a clear breakdown of the key details to help you make an informed decision.

Particulars	Details
Interest Rate	Depends on your financial profile, loan terms, and market conditions
Processing Fee	Up to 2% of the loan amount, subject to a maximum of ₹15,000
Asset Verification Charge	₹1,000
Repayment Charges	₹500 per request (branch visit) NIL if requested via registered email ID
Part Pre-payment Charges	13 to 24 months: 5% of the part-prepayment amount Post 24 months: 3% of the part-prepayment amount
Foreclosure Charges	7 to 12 months: 6% of the outstanding amount 13 months to 24 months: 5% of the outstanding amount Post 24 months: 3% of the outstanding amount
Late Payment Fees	Contractual rate on the overdue amount after a 30-day grace period

Disclaimer: The details mentioned above are subject to change at the lender’s discretion.

YES Bank Used Car Loan Features and Benefits

Choosing a used car loan can make vehicle ownership more affordable and accessible. YES Bank offers loans designed to provide flexibility, convenience, and support for a wide range of borrowers. Key features of this loan include:

High Loan-to-Value Financing

YES Bank allows financing of a significant portion of your car’s value, depending on the vehicle’s condition and age. In some cases, funding can extend up to the full value, making it easier to manage your purchase without straining your savings.

Zero Down Payment Option

YES Bank offers loans with no down payment, reducing upfront costs and enabling quicker ownership without tying up cash reserves.

Flexible Tenure Options

The loan tenure accommodates diverse repayment needs. With a maximum tenure of up to 15 years, you can spread the repayment over a comfortable period, ensuring manageable monthly instalments.

Support for Multiple Ownership Transfers

Unlike most lenders, YES Bank provides financing for cars with up to four previous owners, expanding your options and enhancing affordability.

Easy Application and Quick Approvals

The application process is simple and streamlined for both salaried and self-employed borrowers. With quick approvals and minimal paperwork, you can focus on choosing the right car instead of dealing with administrative delays.

Eligibility Criteria for a YES Bank Used Car Loan

Before applying for a YES Bank Used Car Loan, knowing the used car loan eligibility criteria beforehand can save you time. The bank outlines a few key requirements as listed below:

Salaried or self-employed individuals
Should fall within the age bracket of 21 and 60 years

The vehicle’s make, mileage, age, and overall condition are key factors in its evaluation. Additionally, the loan amount is determined based on a combination of your financial profile and the car’s assessed value.

Documents Required for a YES Bank Used Car Loan

Submitting the right documents not only speeds up approval but also helps avoid unnecessary back-and-forth during the process.

Document Type	Examples / Purpose
Proof of Identity	Government-issued ID such as Aadhaar, PAN, Passport, etc.
Proof of Address	Utility bills, Aadhaar, Passport, or rental agreement
Photographs	Recent passport-sized photos

How to Apply for a YES Bank Used Car Loan

Applying for a used car loan with YES Bank is simple and hassle-free. Just follow these steps to get started:

Decide on the loan amount and repayment tenure that suits your budget
Submit your application either through a branch visit, connecting with the Yes Robot on the bank’s official website, or by requesting a callback from the bank
If you are an existing customer, you can apply online for quick approval
Submit the required documents

After this, a relationship manager will guide you through the remaining process.

What is the interest rate for a YES Bank Used Car Loan?

The interest rate depends on your credit profile, loan tenure, the car’s age and condition, down payment, and broader market conditions.

What is the minimum and maximum loan amount offered by YES Bank for used cars?

YES Bank finances a percentage of the car’s value rather than fixing a flat minimum or maximum amount. The amount you qualify for depends on factors like the car’s age, condition, and your financial profile.

What is the maximum tenure for the YES Bank Used Car Loan?

The tenure for the YES Bank Used Car Loan is flexible and linked to the car’s age. Repayment can extend up to 15 years, depending on the car’s age and condition.

How can I calculate my EMI for the YES Bank Used Car Loan?

You can calculate EMIs for your YES Bank Used Car Loan using the YES Bank Car Loan EMI Calculator.

Does YES Bank offer zero down payment on used car loans?

Yes, YES Bank offers a zero down payment option, enabling you to finance the purchase without upfront costs.

Can I prepay or foreclose my YES Bank Used Car Loan? Are there any charges?

Yes, you can prepay or foreclose the loan, subject to applicable charges based on when you choose to prepay (refer to the charges section above).

Can I apply for a YES Bank Used Car Loan without income proof?

No, income proof is required to apply for a used car loan with YES Bank.

How long does YES Bank take to disburse a used car loan?

The approval time for a used car loan usually ranges from a few hours to a few days. Your credit history, document verification, and the lender’s processing efficiency are key factors that influence how quickly the loan is approved.