Yes Bank offers personal loans up to Rs. 50 lakh at attractive low interest rates starting at 12.49% p.a. These unsecured loans come with flexible repayment tenure of up to 60 months, are disbursed quickly and require minimal documentation. The following sections discuss key details related to the personal loan documentation of Yes Bank.
Yes Bank Personal Loan Documents Required
The following are the key documents required to avail a personal loan from Yes Bank:
- Duly filled out Yes Bank personal loan application form
- PAN (Permanent Account Number) copy (mandatory)
- Proof of Identity: Passport, Aadhaar, Driving License, Voter ID, etc.
- Address Proof: Aadhaar, Voter ID, Driving License, Latest Utility Bill, etc.
- Proof of Income: Latest 3 months’ salary slips
Follow the tips given below to increase your chances of approval for a Yes Bank personal loan:
- Maintain a good credit score. It indicates higher credit-worthiness and better repayment capacity and thus, helps increase the chances of approval of your personal loan
- Knowing and meeting the lender’s eligibility criteria takes you a step closer to securing a personal loan from the lender
- Having a steady job and stable employment history with a reputed employer indicates personal and financial stability which increase your chances of approval for a personal loan
- Avoid making multiple simultaneous loan enquiries/applications with several lenders. This may lead to an increase in the number of hard enquiries for your credit report, which may affect your credit score adversely and decrease the chances of approval of your personal loan
- Maintaina low credit utilization ratio (ideally 30% or lower). Credit utilisation ratio is calculated by dividing the total amount of credit availed by the total available credit limit across all credit accounts. A lower credit utilisation ratio indicates higher credit worthiness which can help you avail additional credit easily
Q1. Are any additional documents needed to apply for Yes Bank personal loan apart from the ones mentioned above?
Yes, Yes Bank may require applicants to provide additional documents as deemed necessary depending on their individual applicant profile and the personal loan variant that they are applying for.
Q2. Is it possible to get a personal loan from Yes Bank without documents?
Yes, in case you have a pre-approved or instant personal loan offer from Yes Bank you may be able to avail a personal loan with minimal or no documentation.
Q3. Why are pre-approved or instant personal loans offered with minimal or no documentation?
Pre-approved or instant personal loans are offered by banks to their existing customers whose KYC details already exist in their database. Additionally, these loans are offered to customers on the basis of their income and repayment history, credit score/history, employment status, etc. and thus, do not usually require submission of additional documentation.
Q4. Are my original KYC documents needed to apply for a Yes Bank personal loan?
No, generally only self-attested copies of your KYC documents are needed to apply for a personal loan from Yes Bank. However, you keep your original documents handy in case Yes Bank needs to verify the copies with original documents.
Q5. How long does Yes Bank take to approve personal loans once the documentation is completed?
Once the documentation has been completed as per Yes Bank’s policy norms, the bank confirms its appraisal decision within 5 days of receipt of the application.