Yes Bank Personal Loan
The personal loan program from YES Bank extends discounted interest rates starting at 11.25% p.a. during a flexibility period of up to five years for amounts between ₹40 lakh and less. The bank provides speed and convenience by facilitating a speedy approval process which delivers approvals within five days followed by instant disbursement after getting approval. YES Bank gives borrowers the benefit of balance transfer through which customers can move their existing personal loans from different financial institutions to YES Bank while receiving reduced interest rates.
Yes Bank personal loan characteristics:
These are some of the key characteristics of taking personal loan from Yes Bank:
- Quick approval: The lending process takes about five days or faster.
Balance transfer facility: Current personal loans can be transferred to YES Bank through its balance transfer facility with decreased interest rates.
Less documentation: A simple and documentation-free process allows easy application procedures.
No security: The loan does not require any form of security together with guarantors since it is completely unsecured.
Yes Bank Personal Loan Interest Rate Fees and Charges
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 |
Documents required to raise personal loan
These are the documents required to raise a personal loan:
Proof of identity: A valid government-issued photo ID, such as Aadhaar card, passport, or driver’s license.
Proof of address: Recent utility bills, rental agreement, or other documents verifying your current address.
Income Proof: Salary slips, income tax returns, or bank statements showcasing your financial stability.
Employment verification: Employment letter or proof of business ownership to establish your professional standing.
Credit history: Credit report that highlights your credit worthiness and repayment history.
Passport-sized photographs: A few recent passport-sized photographs.
How to apply for personal loan:
At the outset, you need to create a suitable repayment plan based on your income and budget using the personal loan EMI calculator.
You can check your eligibility.
Get the documents which include application form, identity proof document such as passport, driving license, Aadhaar card, voter ID, an ID proof with the permanent address and income proof.
Visit the nearest branch or check online if you have any pre-approved offer available.
Personal loan EMI calculator
In order to calculate personal loan interest rates online, you can use a personal loan EMI (Equated Monthly Instalment) calculator. This offers convenience as well as transparency to borrowers.
When you use the calculator, you need to enter your personal loan amount, repayment tenure, and other details. Once these details are entered, the calculator gives an estimate of the personal loan interest rate.
Link to Yes Bank personal finance calculator:
https://www.livemint.com/loans/yes-bank-personal-loan-emi-calculator
Yes Bank Personal Loan EMI Calculator
Loan Amount
₹
Rate of Interest
%
Loan Duration
Months
EMI Payment Schedule
Other banks offer these interest rates on their personal loans:
| Bank | Interest rate |
|---|---|
State Bank of India | 11.45% onwards |
HDFC Bank | 10.85% onwards |
Bank of Baroda | 11.15% onwards |
Axis Bank | 11.1% onwards |
ICICI Bank | 10.85% onwards |
IDFC Bank | 10.99% onwards |
IndusInd Bank | 10.49% onwards |
PNB Bank | 11.15% onwards |
Union Bank of India | 11.50% onwards |
Bank of India | 10.85% onwards |
Canara Bank | 10.70% onwards |
Kotak Mahindra Bank | 10.99% onwards |
Bandhan Bank | 9.47% onwards |
Federal Bank | 11.49% onwards |
Indian Bank | 10.75% onwards |
IDBI Bank | 11.00% onwards |
| AU Bank | Based on customer’s profile |
Source: Bank’s website
Yes Bank personal loan eligibility: Anyone whose minimum salary is ₹25,000 can apply for a personal loan with Yes Bank. This private lender factors in your income and credit score to determine your personal loan eligibility and potential bank loan interest rates.
Other factors which the bank considers are age, any current EMIs, type of employer, employment history and current residence.
Link to personal loan eligibility landing page:
https://www.livemint.com/loans/yes-bank-personal-loan-eligibility
Yes Bank Personal Loan FAQs
What are the factors that affect personal loan interest rate?
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.
What is the minimum salary required for a personal loan?
The minimum salary required to be eligible for a personal loan is ₹25,000 per month.
What are the minimum and maximum repayment tenures?
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.
How can one apply for a personal loan from Yes Bank?
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.