One of the most stressful financial decisions that have to be taken by an individual is of buying a car. This major purchase can prove to be the biggest expense incurred by an individual in the prime of his career. There are numerous factors involved in shelling out lakhs and lakhs of rupees in buying a car. The easy availability of financing schemes, with different repayment options and flexible EMI, has made the purchase of a car simpler for individuals who can conveniently pay for their cars through loans from banks and other financial institutions.
The YES BANK Car Loan scheme provides the facility of affordable car financing, based on the borrower’s loan eligibility. With YES BANK, you can be assured of transparent and hassle-free processing for an affordable car loan. This loan scheme for car financing is available for up to 90% financing on select cars, depending upon the individual applicant’s eligibility. Before introducing you to the eligibility of a YES Bank car loan, let us discuss the basic details about this loan that you should know before applying.
What is the Importance of Eligibility While Applying for a Car Loan
The first thing that you should do is check your eligibility for a loan. This is not just a formality and you will be surprised at how many people fail to perform this crucial step before applying for a loan. It is important to note that if you are unable to fulfill the criteria, you will unfortunately not qualify for the loan. This is where most people fail, as they end up spending their time in futile activities. No matter if you are looking for a home, car, or business loan, checking eligibility is crucial before you apply. Checking your eligibility will help you to determine the type of Loan and amount of loan money you qualify for.
To be able to apply for a loan, you will need to check your eligibility by comparing the data you enter while applying with the information provided by credit bureaus. Only after confirming your eligibility will you be able to apply for the loan.
What are the Eligibilities to Apply for a YES Bank Car Loan?
You must be at least 21 years old and less than 65 years old to apply for the loan
You must have worked in the same business for at least two years, and your ITR/financials have been provided
To be eligible for salaried status, you must have worked at least 1 year at your current job, or have a total of 5 years of experience
You must earn a minimum of INR 3 lakhs per annum for salaried individuals, and INR 2 lakhs per annum for others.
FAQs
You can fetch the application form from Yes Bank’s official website or any of its branch offices.
The best thing about getting a car loan is that you can buy any sort of car, whether new or used. Moreover, the loan can allow you to pay the full cost of the car without having to save up a lot of money. The loan can be repaid over one year to seven years, allowing you to pay the monthly installment according to your monthly budget.
Yes, an NRI can apply for a YES Bank Car Loan but with an Indian co-applicant.
The applicant must have a minimum of 700 CIBIL scores.