YES Bank Personal Loan Interest Rate
YES Bank Personal Loan Rate of Interest starts from 10.99% p.a. Although the bank has not specified if it offers differential YES Bank Personal Loan Interest Rates based on factors such as credit score, monthly income, occupation profile, work experience, etc., of its loan applicants for its various schemes of personal loan, most banks and NBFCs consider these factors while setting their personal loan interest rates.
Compare Personal Loan Interest Rates of Different Lenders
|IDFC First Bank
|Kotak Mahindra Bank
|12.00% - 40.00%
|12.25% - 30.00%
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Factors Affecting YES Bank Personal Loan Interest Rates
Mentioned below are various factors that may influence the YES Bank Personal Loan Interest Rate:
The bank has mentioned that it considers credit scores in determining the Yes Bank Personal Loan Rate of Interest. Similarly, other lenders also consider the credit scores of their personal loan applicants while fixing interest rates. The unsecured nature of personal loans increases the credit risk for lenders, which is why lenders become more dependent on the credit scores of their personal loan applicants to assess their creditworthiness. Lenders also consider personal loan applicants with credit scores of 750 and above more creditworthy and offer them personal loans at lower interest rates.
Applicants of Yes Bank Personal Loan who want to improve their credit scores should consider following healthy credit practices such as paying their credit card bills and repaying EMIs on time, avoiding multiple loan or credit card applications within short durations and maintaining a healthy credit mix. Doing this also helps improve their personal loan eligibility. Lower credit scores can reduce the chances of availing lower YES Bank Personal Loan Interest Rates. Therefore, applicants should review their credit reports at regular intervals to detect clerical errors in their credit reports, which negatively affect their credit score and report them to the concerned credit bureau and lender. A rectified credit report would report a higher credit score.
Also Read: How you can build or rebuild your credit score with Step UP Credit Card co-branded with SBM Bank India Ltd.
While the bank has not stated the differential YES Bank Personal Loan Interest Rates based on the monthly income of its applicants, many lenders consider offering lower interest rates to loan applicants with higher income as they have lower credit risk due to their higher repayment capacity.
Although the bank has not specified the role of employer’s or occupation profile in setting the YES Bank Personal Loan Interest Rates, many lenders consider both factors while setting their prospective loan applicants’ personal loan interest rates.
Note that lenders usually set lower interest rates on personal loans for salaried compared to personal loans for self-employed. Salaried applicants, those working for the government or PSUs, are offered preferential interest rates because their job and income security are usually higher than salaried individuals. Among private sector employees, lenders offer lower interest rates to personal loan applicants working in MNCs or reputed private sector organizations due to their higher capacity to deal with adverse economic conditions than other private sector organizations.
Existing Relationship with Yes Bank
Although the bank has not disclosed offering lower YES Bank Personal Loan interest rates to its existing customers, many lenders provide personal loans to their existing lending/deposit account holders at lower interest rates. Hence, prospective personal loan borrowers should contact their lender(s) with whom they already have a standing relationship.
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Tips to Avail Personal Loans at Lower Interest Rates
- Maintain credit scores of 750 or above.
- Enquire about the pre-approved personal loans offered by different lenders.
- Track the personal loan interest rates provided by top banks/NBFC, especially during festive seasons.
- Find out if your existing bank/NBFCs, with whom you share a banking or lending relationship, can provide personal loans at concessional interest rates.
- Visit online financial marketplaces to check and compare YES Bank Personal Loan interest rates with the interest rates offered by other lenders.
What is the interest rate of personal loan in YES Bank?
Ans. YES Bank offers personal loans at interest rates starting from 10.99% p.a. onwards. The lender offers YES Bank personal loan interest rates depending on the credit profile of its applicants.
How to get lowest personal loan interest rate from YES Bank?
Ans. YES Bank has not disclosed the differential interest rates for its personal loan applicants based on their credit profile. However, just as with most lenders, personal loan applicants having the best credit profile would have higher chances of availing personal loan at lowest interest rates from YES Bank.
Are YES Bank Personal Loan interest rates offered at fixed or floating rates?
Ans. YES Bank Personal Loan interest rates are offered at fixed interest rates. As the interest cost remains constant in personal loans availed at fixed interest rates, it provides higher certainty to the borrowers regarding interest cost and budgeting.
Does YES Bank offer special discounts or offers on its personal loan interest rates?
Ans. YES Bank has not disclosed any discount or offers on its personal loan interest rates. Applicants can get in touch with the bank directly to check whether they qualify for any discounts or offers for personal loan interest rates.
How can I reduce my YES Bank Personal Loan interest rate?
Ans. YES Bank has not disclosed the procedure for conversion of its personal loan interest rate. If the lender does not reduce the personal loan interest rates, applicants can also opt for personal loan balance transfer facility wherein they can transfer their personal loans to other lenders offering lower interest rates.
What is the interest cost for Rs 5 lakh Personal Loan in YES Bank?
Ans. The interest cost for personal loan of Rs 5 lakh from YES Bank would depend on the loan tenure opted by the applicant and interest rate offered to him by the bank. Applicants can enter the interest rate, loan amount and loan tenure in YES Bank Personal Loan EMI Calculator to calculate the interest cost and monthly EMIs payable throughout the tenure.
How does YES Bank set interest rates for its personal loan applicants?
Ans. YES Bank sets its personal loan interest rates depending on the credit profile of its applicants. However, the lender has not specified its differential interest rates offered based on the occupation profile, credit profile, employer’s profile, etc.
How to calculate YES Bank Personal Loan interest cost?
Ans. YES Bank Personal Loan interest cost can be calculated with the help of EMI Calculator. Applicants can enter their loan amount, interest rate and loan tenure in the YES Bank Personal Loan EMI calculator and get their interest cost.