Yes Bank Personal Loan Interest Rates

There is no collateral i.e., you can raise personal loan without giving any asset as security.

You can check eligibility within one minute.

You can apply for instant personal loans through a user-friendly platform.

There is no end-use restriction so one can meet all non-speculative needs via personal loan.

The applicant must be a salaried employee in a private or public enterprise.

The borrower must be in the age bracket of 21 to 60 years.

The applicant must have a monthly income of ₹25,000.

The borrower must have an excellent credit history and a good credit score.

Identity Proof: Valid government-issued photo ID, such as Aadhaar card, passport, or driver's license.

Address Proof: 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.

Pictures: A few recent passport-sized photographs.

First of all, you can examine your needs and create a suitable repayment plan based on income and budget using the personal loan EMI calculator.

Then you can quickly check your eligibility using Yes Bank's ROBOT tool.

Now you can arrange essential documents such as KYC and proof of income.

You can now check whether you have any pre-approved offer at a branch or online.

You will then receive a phone call from someone at Yes Bank for further guidance.

Tenure: Longer the tenure, smaller the EMI and shorter the tenure, bigger the EMI. For instance, if you repay your loan in 24 months, your EMI will be less when compared to loan repayment in 36 months.

Loan amount: For obvious reasons, EMI is smaller for small loan amounts and bigger for large loan amounts.

Rate of interest: Another factor that determines the personal loan EMI is interest rate. Higher the interest rate, bigger the EMI and smaller the rate, smaller the EMI.

Duration of Loan: The duration of a personal loan may also determine the interest rates that banks charge. Longer loans may attract lower interest rates than short time loans.

Repayment Capacity: The most important in setting interest rates is someone's ability to repay debt; the lower he or she pays, the greater the chance his or her borrowing will be financed at a cheaper interest rate in general.

Employment Information: Since salaried borrowers will have a steady source of income, their interest rate is likely to be lower as compared to the self-employed borrowers. Because the bank may view such borrowers with unemployment risk history, they will not always have a reliable source of income and this will ultimately shift towards high interest rates.

Credit Score: This score is taken into consideration by the lender in order to calculate the chances of loan repayment without falling into default. The people with good credit scores, usually above 700, are given lower interest rates. People with low credit scores could still be charged hefty interest rates even if their loan application gets accepted.