Yes Bank Education Loan

Features & Benefits of YES Bank Education Loan

Here are the features and benefits of YES Bank Education Loan:

YES Bank Education Loan Interest Rates, Fees & Charges

The YES Bank education loan interest rates range from 10.85% – 13% per annum. The exact rate depends on the selected course, the university, the student’s academic record and the co-applicant’s credit profile.

On the charges side, the processing fee is generally Up to 2% of Loan Amount. Apart from this, you may have to pay standard costs such as stamp duty, legal charges, and property valuation fees for secured loans.

Before taking a final call, it helps to check your numbers using an education loan EMI calculator. Once you enter the YES Bank education loan rate of interest and tenure, you get a clear idea of what your monthly repayment will look like.

YES Bank Education Loan Amount, Tenure & Margin

Here are the amount, tenure and margin details for YES Bank Education Loan: 

• Loan Amount: ₹1.5Cr for secured loans. For unsecured loans, limits depend on the university category (Category A up to ₹50 lakh, Category B up to ₹40 lakh).
• Tenure: The repayment period can go up to 15 Years, keeping EMIs manageable.
• Margin: For some top domestic institutes, funding can reach 100% (no margin). For other courses, standard margin requirements apply.

Overall, the loan is flexible enough to cover different study plans, as long as the profile and course meet the bank’s criteria.

YES Bank Education Loan Eligibility Criteria

Eligibility criteria for YES Bank Education Loan are: 

• The borrower should be an Indian citizen
• Age is usually between 18 and 35 years
• You are required to have a confirmed admission to a recognised college or university in India or abroad
• A co-applicant is required (parent, spouse, or sibling) with a steady income of ₹5 lakh per year or more
• A CIBIL score of around 690 or above is generally preferred.

Types of YES Bank Education Loans

The bank categorises its offerings to suit different needs:

• Domestic Education Loans: For courses within India.
• YES Bank Education Loan Abroad: Specifically designed for global universities with added forex benefits.
• Professional Course Loans: Specialised funding for MBA, STEM, and Medical programs.

Documents Required for YES Bank Education Loan

Here are the documents required for the application:

• Student documents: Admission letter with fee structure, 10th, 12th and graduation mark sheets, entrance exam scores (if applicable).
• Co-applicant documents: Last 6 months’ bank statements, salary slips or ITR, and KYC documents like PAN and Aadhaar.
• Collateral documents (if required): Property papers and valuation report

Expenses Covered Under YES Bank Education Loan

The loan covers the total cost of study:

• Tuition fees and hostel charges
• Travel costs for studying abroad
• Books, study material and equipments
• Exam, library and lab fees
• Other related expenses, usually up to 10% of the total loan amount

YES Bank Education Loan Repayment Options

Repayment can be customised to your financial situation. You can opt for:

• Interest-Only Payments: Paying only the interest during the course.
• Step-up Repayment: Starting with lower EMIs that increase as your income grows.

How to Apply for YES Bank Education Loan

You can apply for a YES Bank education loan through Urban Money in just a few simple steps. The process is quick and mostly online.

• Borrowers can first go to the official Urban Money website
• From the loan section, select “Education Loan”
• Browse and find the YES Bank education loan option
• Click on “Enquire Now” to proceed
• Enter basic details like your name, city, and mobile number
• Verify your details using the OTP sent to your phone

After you submit the request, an Urban Money representative will reach out and help you with the rest of the process, right up to the final disbursal.

YES Bank Education Loan Approval & Disbursement Process

Once you submit your application, the bank evaluates your profile. For unsecured loans, this takes about 5-7 days, while secured loans might take 15-20 days due to property legal checks. Once approved, the tuition fees are disbursed directly to the university and other living expenses are credited to the student’s account.