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YES Bank Personal Loan Highlights |
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| Interest Rate | 10.99% p.a. onwards |
| Loan Amount | Rs 1-Rs 40 lakh |
| Tenure | 1-5 years |
| Prepayment Charges | Allowed if borrower has paid at least 12 EMIs.
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| Foreclosure Charges | Allowed if borrower has paid at least 12 EMIs.
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| Processing Fees | Up to 2% |
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Table of Contents :
YES Bank Personal Loan Interest Rates
YES Bank personal loan interest rates start @ 10.99% p.a. onwards. While YES Bank has not stated the break-up of interest rates offered on the basis of the credit score, employer’s profile, occupation profile, etc. of their personal loan applicants, lenders usually use these factors while setting the personal loan interest rates of their personal loan applicants.
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Comparison of Personal Loan Interest rates offered by Top Lenders
| Banks/NBFCs | Interest Rates(p.a.) | |
| HDFC Bank | 10.50% onwards | Apply Now |
| SBI | 11.00%-15.00% | |
| ICICI Bank | 10.50% onwards | Apply Now |
| Axis Bank | 10.49% onwards | Apply Now |
| Kotak Mahindra Bank | 10.99% onwards | Apply Now |
| IndusInd Bank | 10.49% onwards | Apply Now |
| IDFC First Bank | 10.49% onwards | Apply Now |
| Bajaj Finserv | 11.00% onwards | Apply Now |
| Tata Capital | 10.99% onwards | Apply Now |
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YES Bank Personal Loan Fees & Charges
| Foreclosure Charges-Full prepayment charges | Allowed post repayment of 12 EMIs Charges after 12 months: 13-24 months- 4% of principal outstanding 25-36 months- 3% of principal outstanding 37-48 months- 2% of principal outstanding >48 months- NIL |
| Pre Part payment Charges | 2% + taxes |
| Pre Part payment allowed | Allowed post repayment of 12 EMIs 13-24 months- 20% of principal outstanding 25-36 months- 20% of principal outstanding 37-48 months- 25% of principal outstanding >48 months- 25% of principal outstanding |
| Pre Part-Payment or foreclosure is not allowed upto payment of | 12 EMIs |
| Duplicate No Due Certificate/No Objection Certificate | Rs 250 per statement |
| Duplicate statement of account charges | RS 750 per statement |
| Penal Interest | 24% p.a. |
| Stamp Duty and other Statutory Charges | As applicable |
| Cheque/SI/ECS/NACH swapping charges | Rs 750 |
| Cheque/SI/ECS Dishonour Charges | Rs 750 |
| Loan cancellation and rebooking charges | Rs 1,000 + tax |
| Statement of account charges | Rs 750 |
| Legal/Incidental/Collection Charges | At actuals |
| Duplicate Repayment Schedule | Rs 750 |
| NeSL fee per loan/debt record of borrower per year | Rs 25 |
| NeSL Annual Renewal Fee per loan/debt record of a borrower | NIL |
Also know about personal loan processing fees and charges
Check Your Free Credit Score to know personal loan eligibility Check Now
Types of YES Bank Personal Loan
Below are the types of personal loans offered by YES Bank:
For Holiday
- Purpose: Regular personal loan scheme to meet the travel expenses including flight tickets, hotel charges, travel accessories, etc
For Wedding
- Purpose: Wedding loan finances various expenses related to wedding including, jewelry, catering, clothing, decoration, etc.
For Home Renovation
- Purpose: To meet the expenses for home renovation such as redecorating and refurbishing the house
Balance Transfer
- Purpose: Personal loan balance transfer facilitates the transfer of existing personal loan from other lenders to Yes Bank at lower interest rates
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Eligibility for YES Bank Personal Loan
YES Bank has not stated any specific eligibility criteria for its personal loan applicants. However, it has stated the information that personal loan applicants are required to fill based on which the lender may check the personal loan eligibility of its personal loan applicants.
- Age
- Monthly income
- Other recurring monthly expenses including current EMIs
- Employer
- Employer history; years at current job
- Time spend living at current residence (whether rented, owned or mortgaged)
Additionally, YES Bank might also factor in the credit score of personal loan applicants, just like most lenders do while evaluating the personal loan eligibility of their loan applicants.
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Documents Required for YES Bank Personal Loan
The common documents required to apply for a personal loan with YES Bank include the following:
General Documents
- Identity Proof/Signature Proof
- Address Proof (Office/Residence)
- Age Proof
For Salaried Applicants
- Salary slips for last 2-3 months
- ITR for last 2 years/Appointment Letter/Form-16
- Salary Account Statement for 3-6 months
- All existing loan details
Also Read: Personal Loan for Salaried Individuals
For Private Limited Company
- List of directors and shareholders
- Memorandum and Articles of Association
- Bank account statement (main) for last 6 months
- ITR/Profit and Loss/Balance Sheet statement for last 3 years (along with Form 3CB and 3CD)
- Existing loan details
For Partnership
- ITR/Profit and Loss/Balance Sheet statement for last 3 years (along with Form 3CB and 3CD)
- Partnership deed
- Bank statement for last 6 months (main account)
- All existing loans details
For Proprietorship
- ITR/Profit and Loss/Balance Sheet statement for last 3 years (along with Form 3CB and 3CD)
- Main account bank statement for last 6 months
- Details for existing loans
Monthly EMI ₹ 15,622
Total Amount Payble ₹ 5,62,395(Principal + interest)
Principal Amount ₹ 5,00,000
Total Interest Payble ₹ 62,395
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FAQs
Q. What is the turnaround time for YES Bank Personal Loan disbursal?
A. YES Bank confirms its appraisal decision after 5 days of the completion of documentation process. The personal loan gets disbursed within few hours of loan processing and approval.
Q. Can I foreclose my personal loan account at YES Bank?
A. YES you can foreclose your personal loan account at YES Bank after repayment of 12 EMIs. You can also make part-prepayments for personal loan post 12 EMIs.
Q. Do I need to provide any security or guarantors while applying for YES Bank Personal Loan?
A. The personal loan applicants do not require to provide any security, collateral or guarantors while applying for YES Bank Personal Loan.
Q. Can I choose between a fixed and floating interest rate?
A. YES Bank offers personal loans at fixed rates only.
Q. What is the minimum credit score required to avail YES Bank personal loan?
A. YES Bank has not specified the cut-off credit score for its personal loan applicants. However, the applicants with credit scores of 750 and above have higher chances of availing personal loans at lower interest rates.
Read more: How to build/improve your credit score using Step UP Credit Card Co-branded with SBM Bank India Ltd.