Yes Bank Personal Loan: Eligibility, Interest Rate & Apply Online

Yes Bank offers personal loans up to Rs. 40 lakh at an interest rate starting from 10.75% p.a. Both salaried and self-employed individuals can avail these collateral free loans from the bank to meet a variety of personal expenses. Read this article to know key details about Yes Bank personal loan.

Features of Yes Bank Personal Loan

• Unsecured Loan: No need to pledge any collateral in order to secure the loan.
• Flexible Repayment Options: You can choose loan repayment tenure of up to 5 years as per your convenience. You can also check the EMI payout for different tenure and choose the combination best suited to your requirements.
• Quick Approval: You can use Yes Bank mPower Bot for 1-minute in-principle approval of your loan application. Subsequent to submission of documents, the bank will confirm its decision within 5 working days from the receipt of your application documents.
• Speedy Disbursal: Yes Bank personal loan may be disbursed within as short a time period as a few hours after your loan application is processed and sanctioned.
• Competitive Interest Rate: Yes Bank personal loan interest rate starts at 10.99% p.a.
• Online Application: You can easily avail Yes Bank personal loan using the online loan application service with minimal documentation.
• Personal Loan Balance Transfer: You can transfer your high-cost personal loan from another bank or NBFC to Yes Bank at a lower interest rate. Moreover, you can avail a top up loan on the same if you need to access additional funds.
• Doorstep Banking: Yes Bank offers doorstep banking services. A representative will visit your office or home for completion of application and documentation processes.
• Part Pre-payment: You can partly pre-pay your personal loan after making 12 EMI payouts.

Yes Bank Personal Loan Interest Rate

The rate of interest for Yes Bank personal loan starts from 10.75% p.a. Actual personal loan interest rates offered to applicants may vary based on criteria such as applicant profile, loan amount and other factors.

Types of Yes Bank Personal Loans

Following are the 4 types of personal loans currently offered by Yes Bank:

• Yes Bank’s Personal Loan for Holiday: It can be used to cover a variety of expenses, such as flight tickets and hotel charges.
• Yes Bank’s Personal Loan for Wedding: It can be used for your own wedding or that of a family member to cover various expenses related to jewelry, clothing, decoration, catering, etc.
• Yes Bank’s Personal Loan for Home Renovation: It can be used to renovate or redecorate your house as per your and your family’s needs.
• Yes Bank’s Quick Loan: It is a pre-approved personal loan offered to select credit card members. It is known for immediate disbursal and can be used for multiple purposes such as travel, home renovation, medical expenses, etc.

Eligibility Criteria

Both salaried and self-employed individuals can apply for a personal loan from Yes Bank subject to the key eligibility conditions as mentioned below:

For Salaried

A salaried employee aged 21 to 60 years with a minimum monthly income of Rs. 18,000 can apply for Yes Bank personal loan. Other key factors that may impact eligibility for a personal loan from Yes Bank include:

• Credit Score and credit history
• Monthly Income
• Pre-existing EMIs and other recurring expenses
• Stable employment history
• Period spent living at the current residence
• Whether the place of residence is rented, owned or mortgaged
• Prior relationship with bank

For Self-Employed

For self-employed applicants, the minimum age to apply for a personal loan from Yes Bank is 21 years. Apart from the factors mentioned above, additional factors affecting the eligibility of self-employed individuals applying for Yes Bank personal loan are as follows:

• Business stability proven by current business registration certificate or equivalent document
• Stable income history proven by certified account statements/P&L statement, etc.

Documents Required for Loan Application

The common documents required to apply for a personal loan with Yes Bank include the following:

• Duly filled application form
• Proof of identity (passport, Aadhaar, Driving License, Voter’s ID)
• Proof of address

Specific document required for Salaried:

• Proof of income – Salary Slip/Salary Certificate of salaried applicant
• Proof of employment – Signed and stamped company letterhead certifying employment period for salaried

Specific document required for Self-Employed:

• Proof of Income – Certified P&L statement or acknowledged Income Tax Returns/Bank Statements
• Proof of Business – Business registration certificate or equivalent

Note: Additional documents may be required depending on the applicant’s profile.

How to Apply for Yes Bank Personal Loan with Paisabazaar

Compare and apply for the best personal loan offer in just 4 simple steps using the Paisabazaar platform.

Step 1: Fill out your personal details namely required loan amount, occupation type, monthly income, current city, etc. in the form given at the top of this page and click proceed.

Step 2: Fill out your company details, work experience and PAN to view the best suited personal loan offers for you.

Step 3: Personal loan offers from multiple prospective lenders will be displayed as per your chances of approval. Select the most suitable offer.

Step 4: Get instant conditional e-approval from the lender on selection of your chosen lender. Subsequently our customer team will guide you through the rest of the loan processing and disbursal.

Personal Loan Verification Process

Personal loan verification process generally involves the following steps:

1. Verification Call– After you submit your online personal loan application on Paisabazaar, your application is forwarded to the lender. A representative of the lender will then call you to verify details of your application and arrange pick-up of documents.
2. Document Collection– Bank sends a representative to collect the required documents.
3. Document Verification– The submitted documents will subsequently be verified by the bank.
4. Loan Approval– Successful document verification leads to approval of the loan.
5. Loan Disbursal– The loan amount is disbursed usually with 48 hours after loan approval.

Check Yes Bank Personal Loan Application Status

While Yes Bank does not provide an online platform for checking your personal loan application status with Yes Bank online, you can do so by contacting Yes Bank customer care.

• You can send an email to the bank at yestouch@yesbank.in. Remember to mention your application reference number and mobile number.
• Alternatively, you can send a SMS ‘HELP’ space <Customer ID> to (+91)9552220020.
• If you are in India, call 1800-1200 (Toll Free) or (+91)2261219000 to seek assistance regarding your loan account
• If you are outside India, call (+91)2230993600 or 1877-6598-044 (USA/CANADA) or 8081-7851-33 (UK) or 8000-3570-3089 (UAE).

Fees and Other Charges

The following are some of the key fees and charges associated with a personal loan from Yes Bank:

*In case of loan cancellation, both cancellation charges and interest will be borne by the customer. Cancellation is allowed within 15 days from the date of loan disbursement.

How to Login on Yes Bank Portal?

You can register and login to the Yes bank net banking portal using,

• Your debit card details and customer ID, or
• Your credit card details.

The following is the step-by-step procedure for the logging into the Yes Bank net banking platform:

Step 1: Go to the Yes bank online portal

Step 2: The following web page will be displayed. Enter your Login ID, password, captcha and click login.

Alternately, you can perform other tasks such as paying your Yes bank personal loan EMIs online without logging into your Internet banking account. The following are the steps for making EMI payment without Yes Bank portal login:

Step 1: Visit the Yes Bank portal to pay your personal loan EMI online.

Step 2: Enter and Re-enter your loan account number and captcha. Click “Next”.

Step 3: Enter the payment details and you will be redirected to the payment interface of your chosen bank.

Step 4: Enter your details to authenticate and complete the payment.

Step 5: Note down the transaction reference number on successful payment for your records and future reference.

Yes Bank Personal Loan Statement

Yes Bank provides its current personal loan customers with 2 options to get their personal loan statement and payment schedule as follows:

• Online Method: You can check/download your Yes Bank personal loan statement by logging into Internet banking provided your personal loan account is linked to your online banking credentials.
• Offline Method: In case you want to receive a physical copy of your personal loan amortization schedule/loan statement, you can visit a nearby branch/call customer care to request it. Do keep in mind that additional charges may be applicable in such cases.   

EMI Calculation

The following is a sample of monthly EMI payouts that are applicable to different loan amounts and different tenures:

Yes Bank Personal Loan Top Up

A top-up loan refers to a loan sanctioned over and above an existing personal loan that has not been paid off in full yet. Not all Yes Bank customers are eligible for a top-up personal loan. You can contact Yes Bank customer care to know if you qualify for a Yes Bank top up loan.

Comparison of Yes Bank Personal Loan vs Other Lenders

Yes Bank Customer Care

You can contact Yes Bank’s customer service department by phone, e-mail address, SMS or Yes Robot:

• Phone (For India)
• 1800 1200 (Toll Free)
• +91 22 6121 9000 (charges applicable)
• Phone (For Outside India)*
• +91 22 3099 3600
• 1877 659 8044 (USA/CANADA)
• 808 178 5133(UK)
• 8000 3570 3089(UAE)

*international call rates may apply

• E-mail Address: yestouch@yesbank.in
• SMS: Send ‘HELP’ space <CUST ID> to +91 9552220020
•  Yes Robot: You can also use the Yes Robot, the Yes Bank chat bot (virtual assistant) in order to get in touch with a Yes Bank customer service representative.

Benefits of Applying for Personal Loan at Paisabazaar

The following are some of the key benefits of applying for a personal loan with Paisabazaar:

• Check offers from 30+ lenders on a single platform. As a result, you need not visit multiple websites or physically visit multiple lender offices to compare the rates.
• You can check the eligible loan amount through our platform.
• Know the chances of approval for all the loan offers based on the proprietary algorithm – SmartMatch.
• Calculate the personal loan EMI amount using Paisabazaar’s EMI calculator.
• Get instant conditional e-approval after submission of your online personal loan application via our platform.
• Paisabazaar.com is ISO 27001-2013 certified, which ensures privacy and safety of your data.

Important Aspects

Following are some of the key aspects that you should consider before applying for a personal loan Yes Bank:

• Make sure you meet the eligibility criteria of the bank before applying.
• Maintain a good credit score, as it is reflective of your repayment ability.
• Check the documents required to apply for Yes bank personal loan and submit accordingly.
• Do not make multiple loan applications at the same time, as it can lower your chances of approval as you would be perceived as a credit-hungry individual.
• Maintain a low debt-to-income ratio, preferably less than 50%.

Frequently Asked Questions (FAQs)

Q1. What is the turnaround time for disbursal of a Yes Bank personal loan?

The turnaround time for disbursal of a Yes Bank personal loan tends to vary from one applicant to another. But, typically a personal loan application is approved within five days of receipt of application form and the required documents.

Q2. What are the different types of Yes Bank personal loan?

Yes Bank offers a variety of personal loans such as

• Yes bank’s personal loan for wedding
• Yes Bank’s personal loan for home renovation
• Yes Bank Quick loan

Q3. Does Yes Bank provide pre-approved loan?

Yes Bank may offer its existing customers the option of availing pre-approved loan. Such offers are usually for a limited time-period that are generally based on the applicant’s prior relation with the bank and his/her repayment history.

Q4. Does Yes Bank offer personal loan balance transfer?

Yes, you can avail a personal loan balance transfer facility with Yes Bank. This allows you to transfer your high-cost pre-existing personal loan with some other lender to Yes Bank at a lower rate of interest. The rates and features applicable to a personal loan balance transfer offer differ from one applicant to another.

Q5. What is the maximum limit for Yes Bank personal loan?

The maximum limit for Yes Bank personal loan is Rs. 40 lakh.

Q6. What is Yes Bank personal loan interest rate?

The rate of interest applicable to a Yes Bank personal loan starts from 10.75% onwards.

Q7. What is the maximum limit for Yes Bank quick loan?

Yes bank quick loan is offered to selected credit card members. The maximum limit for this loan is generally within the credit card limit of the applicant.

Q8. Can I prepay my Yes Bank personal loan?

Yes, you can pay your Yes Bank personal loan before completion of the designated loan tenure. However, prepayment option is only available after payment of 12 EMIs and pre-payment charges of up to 4% are applicable in such cases.

Q9. Do I need collateral for a Yes Bank personal loan?

No, you need not pledge any collateral/security to avail a Yes Bank personal loan.

 Q10. What are the required documents for Yes Bank personal loan?

Following is a short list of common documents that are required to apply for Yes Bank personal loan:

• Application form
• Proof of identity
• Proof of address
• Proof of income

Additional documents that may be required will be specified by the bank at the time of application submission.