Personal loans offered by Yes Bank can be used for covering any type of financial expenses or for business purposes. This page looks at Yes Bank personal loan eligibility criteria and related details.
Yes Bank is one of the fastest growing private sector banks in the country and already has more than 600 branches across several cities. It is the 5th largest private sector bank in India and operates as a full-service commercial bank. Yes Bank has slowly but steadily established its presence across several segments. The bank currently operates through several business lines including corporate, retail, SME banking franchise, financial markets, corporate finance, investment banking, branch banking, business and transaction banking, along with wealth management.
Yes Bank offers a number of financial products and instruments for its retail customers. These products are best suited for people’s different financial needs. One such product from the Yes Bank loan portfolio is the Yes Bank Personal Loan.
Yes Bank Personal Loan Eligibility: Overview
The Yes Bank personal loan eligibility criteria are given below:
- Age: The applicant has to be at least 21 years of age to avail the loan but the maximum age should not exceed 60 years.
- Employment Type: The applicant can be salaried or self-employed. Both categories of applicants have to meet the minimum criterion for regular monthly income.
- Monthly Income: The minimum monthly income of the applicant should be Rs. 18,000.
- Bank Relationship: The applicant also has to be in an account relationship with the bank and the salary of the applicant has to be credited to the account for a minimum period of 6 months.
- Work Experience: The prospective borrower should have been working for at least 6 months with the current company and should have a total work experience of 2 years at the very least.
- Residence Status: There is no such condition applied for residence details but the applicant should be residing for at least 2 years in the current residence if it is rented.
Yes Bank Personal Loan Eligibility: Loan Amount and Tenure
Yes Bank offers personal loans up to Rs. 20 lakh in which an applicant has to take a minimum loan of Rs. 1 lakh. The tenure for the Yes Bank personal loan ranges from a period of 12 months to 60 months. The bank offers highly flexible repayment terms. It can alter the repayment period as per the financial capability and consent of the borrower.
Yes Bank Personal Loan Eligibility: Documents Required
Applicants have to submit documented proofs of their age and address along with bank statement of their salary account for the past 6 months. In addition, applicants need to submit their IT returns or Form 16 for the last 2 years.
Yes Bank Personal Loan Eligibility: Interest Rates
The interest rate is calculated by two methods, i.e. base rate and MCLR. Applicants who have applied for the loan before 1st April 2016 are eligible for interest applicable as per the base rate whereas interest rate for others will be computed on the basis of Marginal Cost-based Lending Rate (MCLR).
Borrowers who are eligible for the MCLR rates will be charged according to the MCLR rate plus an additional spread over the MCLR. The final interest rate also depends on the loan amount, tenure of the loan, and repayment ability of the borrower. The interest rate for Yes Bank personal loan starts from 10.75%. The loan requires no security or guarantor for approval as well. The base rate is 10.25% with effect from 5th October 2015 whereas the Prime Lending Rate (PLR) is 19.75% effective from 26th July 2011.
The MCLR benchmark follows certain RBI guidelines regarding certain factors such as operating costs, repo rate, CRR, etc. A brief overview on the MCLR is given here.
|MCLR Benchmark Tenure||MCLR Benchmark Rates|
Yes Bank Personal Loan Eligibility: Fees and Charges
The charges for the Yes Bank personal loan include preclosure charges and processing fees. The processing fee for the loan is charged at the rate of up to 2% on the loan amount. Preclosure of the loan is not allowed up to 12 months and after that the preclosure charges are levied at the following rates.
- 4% if 13 – 24 EMIs (i.e. 1+ year to 2 years) have been paid
- 3% if 25 – 36 EMIs (i.e. 2+ year to 3 years) have been paid
- 2% if 37 – 48 EMIs (i.e. 3+ year to 4 years) have been paid
- No preclosure charges if 48 EMIs (i.e. after 4 years) have been paid
Yes Bank Personal Loan Eligibility: Frequently Asked Questions (FAQs):
Applicants often have some doubts and queries in their mind regarding certain processes when they check their Yes Bank personal loan eligibility. Some of those frequently asked questions are answered here.
Q. How should one apply for a personal loan from Yes Bank?
A. Interested applicants can visit the bank website and read the offer details. They can check their eligibility and required documents from the information provided by the bank. Interested applicants can download the online application form from the website and submit it to the bank along with the required documents. They can also use the Paisabazaar website to fill in the details and submit the form.
Q. What is the preclosure process?
A. Borrowers have to inform the bank through a written application or e-mail about initiating the preclosure. The bank will inform them accordingly as soon as the request is processed and ask them to prepay the pending amount. As soon as the payments are made, the bank will further provide the borrower with the NOC (No Objection Certificate) or the submitted PDCs (Post Dated Cheques) stating that all the dues all cleared.
Q. What is the repayment schedule and how can the borrower check it?
A. The repayment schedule is a copy stating the repayment history, due dates, and the due amount. It makes it easy for the borrowers to check their current repayment status. The repayment status can be generated for any borrower by the bank by charging them Rs. 750.
Q. How to reschedule the EMI due date and what are the charges for this facility?
A. The repayment date or EMI due date is generally the 1st of every month. However, borrowers usually wish to change the date and make it after their salary hits their account. In such situations, the repayment date can be rescheduled with consultation with the bank. Yes Bank might also charge a fee for this facility.
Q. What is the delayed EMI penalty for a Yes Bank personal loan?
A. The penalty for delayed EMI payment is charged at the rate of 24% on the outstanding amount of EMI. The penalty is computed from the date of the default.