YES BANK Personal Loan

4.5

YES Bank offers personal loans of up to INR 40 lakhs and tenures of up to 5 years. The bank claims to process the loan application within five days of making it and disburses the loan amount within a few hours of its sanction. The loan can be used for various purposes, including travel, home renovation, weddings, etc. Given the quick disbursement process and less documentation required, YES Bank Personal Loans are an ideal option for customers. 

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YES Bank Personal Loan

Interest Rate

10.99% - 20%

Loan Amount

₹1L - ₹40L

EMI Per Lakh

₹2,174 - ₹2,649

Processing Fees

Up to 2%

Pre-Payment Charges

Prepayment Charges

  • Allowed if borrower has paid at least 12 EMIs.
  • 20% of principal outstanding (13-24 months of EMI repayment)
  • ... more

    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.

    Documents Required for YES BANK Personal Loan

    General Documents

    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

    For Partnership

    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

    For Proprietorship

    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 11 percent to 21 percent
    SBI 8.55% onwards
    PNB 8.9% to 14.45% percent
    ICICI Bank 10.75% to 19% percent
    Axis Bank 12 percent onwards
    Kotak Mahindra Bank 10.99 percent onwards
    IndusInd Bank 6.7 percent onwards
    IDFC First Bank 10.49% – 25% percent
    Bajaj Finserv 11.00% 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: yestouch@yesbank.in 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 to +91 9552220020.

    FAQs

    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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