Yes Bank Personal Loan Eligibility Calculator
Yes Bank’s Personal Loan Eligibility Calculator is a digital financial planning tool. Personal loan seekers can use this calculator to empower themselves with eligibility checks and detailed amortisation schedules. Say ‘NO’ to agents, consultants or middlemen! With Yes Bank Personal Loan Eligibility Calculators, you can easily review the personal loan amounts you’re eligible for.
Yes Bank offers personal loans for up to Rs. 40,00,000 without collateral requirements. These loans can be comfortably repaid within five years. Personal loans are among the most popular Yes Bank financial products. With such high demands, the yes bank loan eligibility offers ready assistance to loan seekers. Read ahead to learn everything about this easy-to-use financial tool.
Yes Bank Personal Loan Eligibility Calculator - Features & Benefits
The Yes Bank personal loan eligibility calculator offers several advantages to a user. Some of its prominent features and benefits are listed below:
- Instant Results: The loan amounts an individual is qualified for can be instantly gained using the Yes Bank loan eligibility calculator.
- Hassle-free Calculation: The necessary income and loan requirement details must be entered. The user does not have to perform any further calculations.
- Financial Planning: Digital calculators, including the yes bank loan eligibility calculator, offer great assistance in financial planning. Users can experiment with different interest rates and time periods to find suitable loan terms.
- Greater Financial Control: An applicant can choose affordable loan options using the calculator. This can result in controlled EMI outflows.
- Accurate Estimates: Yes Bank’s personal loan eligibility calculator produces near-accurate results. The digital computation minimises any room for errors in loan eligibility checks.
- Stronger Application: Digital calculators mean empowered borrowers. Early estimates help loan seekers apply for loans they’re qualified for. It strengthens a loan application and increases its chances of approval.
Yes Bank Personal Loan Eligibility Calculator - Usage Guide
Urban Money offers easy to use Yes Bank personal loan eligibility calculator in these simple steps:
- Log on to www.urbanmoney.com
- Select ‘Personal Loan’ from the ‘Loans’ category.
- Choose ‘Yes Bank’ from the available banks and NBFCs list.
- The portal will direct you to the ‘Yes Bank Personal Loan’ page.
- Fill in the required details and accept the terms and conditions.
- Click on ‘Check Eligibility’.
- Complete the OTP verification and get instant estimates.
The calculator also provides loan terms like interest rates, loan tenure and EMI payments, and the estimated personal loan amount. Click ‘Apply now’ to apply for the loan or select ‘View All Offers’ to surf through other options.
Yes Bank Personal Loan Eligibility Criteria
The Yes Bank personal loan eligibility calculator offers digitally computed estimates. However, if you’re curious about the bank’s preferred standards, refer to the table below:
Rs. 25,000 per month
700 or higher
Upto 40 lakhs
Upto 5 years
Factors Affecting Yes Bank Personal Loan Eligibility
The Yes Bank personal loan eligibility check is performed by monitoring the following aspects of an applicant.
- Age: Young and working candidates provide greater loan repayment certainty than applicants nearing retirement. An applicant's age is, thus, verified to ensure their repayment potential.
- Monthly Income: Personal loans are extended against an applicant’s income. The loan requires no collateral submissions. The bank minimises default risks by ensuring a client's financial stability through their monthly earnings.
- Nature of Income: The Yes bank loan eligibility calculator checks if an applicant is a salaried employee or a self-employed individual while establishing their loan eligibility.
- Work experience: Yes bank requires a loan seeker to disclose their current and prior work engagements. Consistent employment ensures greater lender trust.
- Credit Score: Credit rating aids the bank in risk evaluation. Yes bank prefers applicants with high credit scores for their personal loans.
- Assets and liabilities: The lender verifies the state of assets an applicant holds at the time of application. Yes Bank also considers a candidate’s existing debts and ongoing EMIs while reviewing their loan request.
- Occupancy details: Yes Bank requires the applicants to provide details of time spent living in their current residence, whether rented, purchased or mortgaged.
- Citizenship status: Yes Bank extends personal loans to Indian citizens.
Improve Your Yes Bank Personal Loan Eligibility
One should take active measures to improve loan eligibility. Higher eligibility implies higher loan amounts. Check out how borrowers can improve their chances of getting approved personal loans.
- Use eligibility calculator: The Yes Bank loan eligibility calculator can inform a loan seeker of the right amounts to borrow. When candidates apply for loan amounts that align with their incomes, their loan eligibility rises significantly.
- Maintain good credit ratings: Good credit scores are the gateway to several financial benefits. Usually, credit scores of 700 and above are considered good. The higher the credit ratings, the easier it is to get a personal loan.
- Apply at fewer lenders: A candidate who has applied for a personal loan at many banks is less likely to get his request approved than a candidate who has applied for a loan at fewer banks. Multiple applications make a lender feel cautious, and a borrower seems desperate.
- Maintain a good debt-to-income ratio: A higher debt-to-income ratio implies that most of an applicant’s earnings are directed towards debt settlements, making it difficult to repay newer loans. One can either increase their income or reduce their debts to ensure a good debt-to-income ratio.
- Co-applying for the loan: More applicants mean higher risk coverage for the bank. Therefore, candidates applying for personal loans with their parents, spouse or other co-applicants have higher chances of getting their loan request approved.
Credit Scores and Yes Bank Personal Loan Eligibility
A loan seeker’s credit score directly impacts their borrowing capacity. The higher the credit ratings, the greater the chances of loan approvals. Credit scores are an integral requirement of yes bank personal loan eligibility checks. Strong credit ratings can benefit an individual in the following ways:
- Lower interest rates may be offered on loan amounts.
- Higher loan amounts can be sanctioned.
- Other perks and benefits can make loan repayment easier.
Uses of Yes Bank Personal Loan
Yes Bank’s personal loan can be used to fulfil any personal financial requirement. The bank imposes no restrictions on the usage of a personal loan amount. Loan seekers can use personal loans to finance:
- Higher education
- Medical emergencies
- Car purchases
- Gadget Purchases
- Debt consolidation, and much more!
Need Loan Assistance?
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- Fixed Deposit
- Mutual Funds
- Recurring Deposit
- Systematic Investment Plan (SIP)
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- Voluntary Provident Fund (VPF)
- National Pension Scheme (NPS)
- National Savings Certificate (NSC)
- Senior Citizen Saving Scheme
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People Also Asked
Are Yes Bank personal loans offered only to existing customers?
No, Yes Bank extends personal loans to new applicants as well. However, existing customers have the advantage of quicker approvals through pre-approved personal loans.
How much salary is needed for Yes Bank's personal loan?
A personal loan seeker must have a minimum monthly income of Rs. 25,000.
How can I increase my eligibility for a higher Yes Bank personal loan amount?
Maintaining a credit score of 700 or higher and ensuring proper credit utilisation can greatly improve a candidate’s personal loan eligibility.
Does income play an important role in Yes Bank's personal loan eligibility?
Yes, having a stable and consistent income raises a candidate’s personal loan eligibility. Yes Bank specifies an income of Rs. 25,000 per month.
What is the minimum CIBIL Score for Yes Bank Personal Loan?
The CIBIL score requirements depend on the terms and conditions of the bank. Generally, a CIBIL score of 700 or higher is preferred.