Personal loans offered by Yes Bank can be used for covering any type of financial expense including paying medical bills, getting married, going on a vacation, renovating your home, etc. A personal loan of upto Rs. 20 lakh can be availed by the individuals meeting the eligibility criteria of Yes Bank. Also, Yes Bank Personal Loan can easily be repaid within flexible tenure ranging from 12 to 60 months.
Yes Bank Personal Loan Eligibility Criteria
- You should either be a salaried professional or a self- employed individual
- You should be at least 21 years old and your maximum age should be 60 years
- You must have stayed at the current place of residence, own or rented, for at least past 1 year
- You must be working with the current employer for a minimum of 6 months
- Your minimum monthly income should be Rs. 18,000 or above
Yes Bank Personal Loan- Eligibility Calculator
If you are unsure about your eligibility regarding Yes Bank Personal Loan, you can visit Paisabazaar’s Personal Loan Eligibility Calculator, which is an online tool and lets you know your eligibility just after completing a few steps. All you need to do is to fill some mandatory information.
How to Improve Your Yes Bank Personal Loan Eligibility?
- Keep a check on your credit score: A credit score that tells a lot about your financial behavior and past repayments plays an important role in boosting your personal loan eligibility. Therefore, higher the credit score, more eligible you would be for a personal loan
- Go for a longer tenure: If you choose a longer tenure, the lender tends to believe that you have the ability to repay the loan in the long run and hence selecting a longer tenure might boosts your eligibility
- Pay your credit card bills on time: Paying the credit card bills and EMIs on time is one habit that everyone should follow as being disciplined with the repayments increases your eligibility
Frequently Asked Questions
How do I get a personal loan from Yes Bank?
You can check your Yes Bank Personal Loan eligibility and then apply for it at Paisabazaar.com.
What is the interest rate of Yes Bank Personal Loan?
The interest rate of Yes Bank Personal Loan starts from 10.75%.
What is the processing fee of Yes Bank Personal Loan?
The processing fee of Yes Bank Personal Loan is up to 2.50% of the loan amount subject to a minimum of Rs. 999 plus GST.
How do I get in touch with Yes Bank customer care?
You can call the bank on 1800 1200 (Toll Free Number).
Yes Bank Personal Loan
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 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.