If you face an urgent need of money for any miscellaneous purpose which could range from a travel expense to a medical emergency then you can opt for a personal loan from a government or private lender.
By definition, personal loans can be borrowed without any collateral. Besides, the money can be used for a slew of purposes such as construction of a house, buying a luxury item, spending on an event such as a marriage or a birthday and even to go on a vacation.
Here we discuss the process to borrow a personal loan from Yes Bank including eligibility criteria, interest rates, steps to follow and the documents that are required to be submitted.
Yes Bank offers personal loans at an interest rate of 10.99 percent to 20 percent per annum. For this, the private lender charges a processing fee of 2.5 percent of the loan proceeds and stamp duty and other statutory charges are as per applicable state laws.
Yes bank charges an interest rate in the range of 10.99 to 20 percent per annum.
These are the other charges and fee charged by the bank:
Processing fee | Up to 2.50 per cent of the loan amount |
Stamp duty & other statutory charges | As per applicable laws of the state |
Repayment mode swap charges | ₹750 per transaction |
Loan cancellation/Re-booking charges | Rs. 1,000 |
Repayment/amortisation schedule charges | ₹750 per request (physical mode or via Branch) |
No objection certificate | Rs. 250 per certificate |
Statement of account | ₹750 per statement |
CIBIL charges | Rs. 50 per instance |
₹
%
Months
Banks/NBFCs | Interest Rates (p.a.) |
---|---|
IDFC First Bank | 10.99% onwards |
IndusInd Bank | 10.49% onwards |
Axis Bank | 10.40% onwards |
HDFC Bank | 10.50% onwards |
ICICI Bank | 10.80% onwards |
Kotak Mahindra Bank | 10.99% onwards |
Tata Capital | 10.99% onwards |
Federal Bank | 12.00% onwards |
DMI Finance | 12.00% onwards |
L&T Finance | 12.00% onwards |
Kreditbee | 16.00% - 29.95% |
MoneyTap | 13.00% onwards |
Piramal Finance | 12.99% onwards |
Aditya Birla | 10.99% onwards |
Moneyview | 15.96% onwards |
Cashe | 27.00% onwards |
There are several parameters which impact personal loan interest rates. These include your credit score, income stability, financial record, loan repayment tenure and amount. Banks even consider market scenarios and the current economic environment when determining potential rates for personal loans.
The minimum salary required to be eligible for a personal loan is ₹25,000 per month.
The loan tenure ranges anywhere from one to six years offering flexibility to borrowers. Flexibility in tenure enables you to select a favourable time frame based on cash inflow, interest rate and repayment capacity.
In order to apply for a personal loan from YES Bank, one has to visit Yes Bank’s official website or branch. Then you can fill out the form and details and submit the required documents. Alternatively, one can also get in touch with the customer support system for help.