YES Bank Personal Loan
Personal loans are a perfect solution for managing your finances. You can apply for a YES BANK personal loan with flexible repayment options with an interest rate starting from 10.99% per annum. Extend your loan tenure up to 60 months according to your convenience. You can avail of a loan of up to �40 lakh with the YES BANK personal loan scheme.
Features and Benefits of YES BANK Personal Loan
Personal loans are a perfect solution for managing your finances. You can apply for a YES BANK personal loan with flexible repayment options with an interest rate starting from 10.99% per annum. Extend your loan tenure up to 60 months according to your convenience. You can avail of a loan of up to ₹40 lakh with the YES BANK personal loan scheme.
- Easy application procedure and quick online services.
- Doorstep banking services for the documentation process.
- Customised loan tenure and repayment options.
The given below features makes YES BANK one of the top choices for customers to borrow a personal loan:
- No collateral is required while availing the loan.
- The borrowers can choose their loan tenure. By calculating the Equated Monthly Instalment (EMI), borrowers can determine their repayment schedule according to the loan tenure and repay the loan amount according to their convenience.
- The YES BANK personal loan eligibility can be verified by the borrowers within 60 seconds using the personal loan eligibility calculator. YES BANK’s mPower Bot can be used for 1-minute in-principle loan approval.
- After the personal loan has been approved and sanctioned, the loan amount will be disbursed within a few hours.
- YES BANK provides speedy approval of your personal loan application after all the documents have been provided. The appraisal decision will be communicated within 5 days of the date of application.
- Customers can transfer their high-cost personal loans from other financial institutions or banks to YES BANK at a comparatively lower rate of interest. A top-up funding option is also available.
- For efficient disposal of services, YES BANK provides Mobile Banking and Net Banking facilities.
- If the borrower has additional funds available, he/she can pre-pay the personal loan in part after the payment of 12 EMIs.
YES BANK Personal Loan Interest Rates
|Interest Rate||10.99% p.a. onwards|
|Loan Amount||₹1 lakh to ₹40 lakh|
|Loan Tenure||12-60 months|
|Processing Fee||Up to 2.50%, with a minimum charge of ₹999|
Factors Affecting YES BANK Personal Loan Interest Rates
|Income Level||The higher your income, the lower will be the interest rate offered to you. It is assumed that you will be able to repay the loan amount without defaulting.|
|Repayment History||A good repayment history means that you have been responsible for your debt. Lenders will be willing to offer you a lower interest rate if you are disciplined with your repayments.|
|Defaults||If your credit profile has defaults then the lender might either reject your loan application or charge you with a higher interest rate. Lenders prefer candidates who have not defaulted for the past 12 months.|
|Relationship with the Bank||Developing an interpersonal relationship with the bank might fetch you a lower interest rate as they see you as a customer and a friend.|
|Organization's Reputation||If the organisation you work with has a nice and stable reputation then you are likely to be offered a lower rate of interest. You are perceived to have a stable career with responsible behaviour regarding paying off the debt.|
YES BANK Personal Loan Eligibility Criteria
The key factors that might affect the eligibility for a YES BANK personal loan are:
For Salaried Individuals
|CIBIL score||Stable employment past|
|Repayment history||Time lived at the current residence|
|Monthly income||If the place of residence is mortgaged, rented, or owned|
|Employer||Relationship history with the bank|
|Other recurring expenses and pre-existing EMIs|
For Self-employed Individuals
|The minimum age to apply for YES BANK personal loan is 22 years.||P&L statements or certified account statements proving a stable income history.|
|Relevant documents like business registration proving the stability of the business.|
Factors Affecting YES BANK Personal Loan Eligibility
|Age||The age at which you are applying for a personal loan affects the personal loan eligibility. People who are in their 20s and 30s might be able to avail themselves of a higher loan amount, provided that the other criteria are also fulfilled.|
|Income||The lender’s minimum income requirement which is either ₹25,000 or ₹18,000 (depending on where you reside) has to be met to qualify the YES BANK personal loan eligibility criteria. Individuals with a higher income can borrow a higher amount since their repayment capability is more.|
|Work Experience||Lenders often offer a personal loan to the individuals who are running a business or are employed for a few years since a longer work experience signifies that one is financially stable.|
|CIBIL Score||If the applicant has a CIBIL score of 700 or above then he/she would be able to borrow a higher loan amount at a competitive interest rate.|
|Financial Liabilities||Financial liabilities like credit card debts or outstanding loans might not help you in getting a decent loan amount since your repayment capability will be considered poor.|
YES BANK Personal Loan Fees and Charges
YES BANK personal loan requirements include charges other than the interest rate. These are:
|Foreclosure Charges- Full prepayment charges||Permitted only after the repayment of 12 EMIs. Charges after 12 months are: 13-24 months- 4% of principal outstanding 25-36 months- 3% of principal outstanding 37-48 months- 2% of principal outstanding >48 months- NIL|
|Pre Part payment Charges||2% + taxes|
|Pre Part payment allowed||Permitted only after the repayment of 12 EMIs 13-24 months- 20% of principal outstanding 25-36 months- 20% of principal outstanding 37-48 months- 25% of principal outstanding >48 months- 25% of principal outstanding|
|Pre Part-Payment or foreclosure is not allowed upto payment of||12 EMIs|
|Duplicate No Due Certificate/No Objection Certificate||₹250 per statement|
|Duplicate statement of account charges||₹750 per statement|
|Late payment charges for EMI||24% p.a. on the amount pending from the default date|
|Stamp Duty and other Statutory Charges||As applicable|
|Cheque/SI/ECS/NACH swapping charges||₹750|
|Cheque/SI/ECS Dishonour Charges||₹750|
|Loan cancellation and rebooking charges||₹1,000 + tax|
|Statement of account charges||₹750|
|Legal/Incidental/Collection Charges||At actuals|
|Duplicate Repayment Schedule||₹750|
|NeSL fee per loan/debt record of borrower per year||₹25|
|NeSL Annual Renewal Fee per loan/debt record of a borrower||NIL|
Documents Required for YES BANK Personal Loan
|Signature proof/Identity proof||Age proof|
|Address proof (residence/office)|
For Salaried Individuals
|Salary slips for the preceding 2-3 months||Account statement of salary for 3-6 months|
|Form 16/Appointment letter/ITR for preceding 2 years||Existing loan details|
For Private Limited Companies
|List of shareholders and directors||Profit and loss/ITR/Balance sheet statement for last 3 months (including Form 3CD and Form 3CB)|
|Memorandum and Articles of Association||Existing details of the loan|
|Bank account statement for the preceding 6 months|
|Profit and loss/ITR/Balance sheet statement for last 3 months (including Form 3CD and Form 3CB)||Bank statement for the last 6 months (of the main account)|
|Partnership deed||Existing details of the loan|
|Profit and loss/ITR/Balance sheet statement for last 3 months (including Form 3CD and Form 3CB)||Existing details of the loan|
|Bank statement for the last 6 months (of the main account)|
How Does the EMI Calculation Work for YES BANK Personal Loans?
With YES BANK you can avail of loans with EMI as low as ₹2162 per month for every 1 lakh of the loan amount. If you are wondering how to calculate the EMI amount, YES BANK provides an EMI calculator for your convenience.
To calculate your monthly EMI, you just need to insert the value in three categories: the rate of interest, tenure of the loan, and loan amount. Once you have inserted the values in these fields, the results in the form of total interest and total amount will be displayed on the screen in a graphical format. Hence, it gives you an idea about the ideal tenure that you should opt for and the amount that you are paying.
The formula for calculating the EMI amount is:
EMI =(P × R × (1+r)^n)/((1+r)^n-1)
Where, the loan amount - P can be ranging between ₹2-40 lakhs
The rate of interest- R is at 10.99%
The loan tenure - n can be up to 60 months i.e. 5 years
How Does YES BANK Compare with Other Lenders?
Mentioned below is the YES BANK personal loan interest rate compared with the other prevalent lenders in the market.
|Banks/NBFCs||Interest Rates (per annum)|
|Yes Bank||10.99% onwards|
|HDFC Bank||10.25% – 21%|
|SBI||9.60% – 13.85%|
|PNB||7.90% – 14.50%|
|ICICI Bank||10.50% – 19%|
|Axis Bank||10.25% p.a onwards|
|Kotak Mahindra Bank||10.25% onwards|
|IndusInd Bank||11.00% onwards|
|IDFC First Bank||10.49% – 23%|
|Bajaj Finserv||13.00% onwards|
|Tata Capital||10.99% onwards|
YES BANK Personal Loan Customer Care Number
For any query on how to apply for YES BANK personal loan, the applicants can reach out at the toll-free customer care number at 1800-1200 and +91 22-6121-9000 (charges applicable).
For people living outside the country:
|+91 22-3099-3600||808-178-5133 (UK)|
|1877-659-8044 (USA/CANADA)||8000-3570-3089 (UAE)|
You can get in touch through the mail address: [email protected] or you can use the YES Robot, the chatbot, or virtual assistance and get in touch with a YES BANK representative.
You can also send ‘HELP’ space <CUST ID> to +91 9552220020.
From refinancing to reducing your interest, we have the answers right here.
When does the personal loan repayment period start?
The personal loan repayment begins from the next month of loan disbursement. For example, if the loan amount was given to the borrower on 5th May, the repayment will begin from June, as per the repayment cycle.
Can individuals switch to a floating rate from a fixed rate during their loan tenure?
Yes, you can switch to a floating interest rate anytime during the loan tenure by paying a small fee.
What is the minimum amount of salary required to apply for a YES BANK personal loan?
The minimum salary required to apply for YES BANK personal loan is ₹25,000 or ₹18,000 per month, depending on the place the applicant resides in.
What is the YES BANK personal loan interest rate?
The YES BANK personal loan interest rate begins from 10.99% per annum.
Does YES BANK check the CIBIL score for personal loans?
Yes, YES BANK will check your entire CIBIL/credit report while evaluating your application for a personal loan.
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