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YES BANK PERSONAL LOAN

Yes Bank, established in 2004, serves customers with a plethora of banking and financial services. One of their products is a personal loan that the bank offers to both, the salaried and self employed customers. Yes bank personal loans aim to support the personal goals and purposes of people by providing the required funds to them. This loan is there to help you out whenever you are struggling with financial emergencies, be it medical expenses or home renovation. Yes bank personal loan makes sure your needs are backed.

Yes Bank Personal Loan Interest Rates & Charges

Loan Amount

Ranges from Rs 1 lakh to Rs 40 lakh

Interest Charges

Starts from 10.99% 

Processing Fees

2.50% of the loan amount + GST (Minimum Rs 999)

Tenure

Up to 60 months

Prepayment Charges

Up to 4% of the principal outstanding amount

Yes Bank Personal Loan: Features and Benefits

There are many reasons why you can consider Yes bank personal loan to keep up with your urgent financial needs. From interest rates to many other charges, there is a lot to know about Yes personal loan. Here are such features and benefits of Yes bank personal loan to look up to:

1. Loan for Multiple Needs : The Yes bank offers personal loans to help you fulfill your financial purposes in different scenarios. Yes bank personal loans can be availed for different personal purposes that vary from a borrower to borrower. The lender brings personal loans for wedding which you can avail to meet various expenses related to wedding. Then there is a Yes bank personal loan for home renovation that you can use in order to fund the repairs, fixes and makeover of your house. Yes bank also provides personal loans for holiday that means you can take a flight to your dream vacation. 

2. Loan Amount : Factors such as your employment history, your income, your credit score etc. play a big role in determining the loan amount you can have by the lender. The lender takes such factors into consideration to assess your repayment ability which thus helps them conclude the amount you can get. The Yes bank loan amount ranges from Rs 1 lakh to Rs 40 lakh. 

3. Repayment Tenure : You can count on Yes bank for a flexible repayment tenure for personal loans. The bank offers you to repay your personal loan within 12 months to 60 months. You can opt for a short tenure if you are willing to pay large instalments and avoid paying more interest charges. Going for a long term will help you pay small instalments. However, the long repayment periods make you pay more interest rates.

4. Interest Charges : When it comes to the Yes bank personal loan interest charges, there are some important factors that the lender keeps an eye on. These factors include your employment history, your income and your credit history. The Yes bank personal loan interest rate starts at 10.99% which is a competitive rate. The salaried individuals working at any reputed organisation for a long time hold good chances of getting the lowest rate of interest on personal loan by Yes bank.

5. Prepayment : If you have got extra funds then you need not pay a single installment every month. The yes bank personal loan comes with the facility of prepayment and part prepayment which you can use and foreclose your personal loan. The bank allows you to make prepayment and part prepayment of your Yes bank personal loan only after 12 installments. Besides that, the bank charges foreclosure/part prepayment fees. 

Here are the Yes bank foreclosure charges in different cases:

  • If you prepay your loan in 13-24 months, you will be charged 4% of the principal outstanding.
  • If you prepay your loan in 25-36 months, you will be charged 3% of the principal outstanding.
  • If you prepay your loan in 37-48 months, you will be charged 2% of the principal outstanding.

You will not be charged any foreclosure fees if you prepay your loan after 48 months. If you choose to make part-prepayment of your Yes bank personal loan, you will be charged 2% plus applicable on part prepayment amount that is paid.

Balance Transfer : The Yes bank balance transfer facility enables borrowers to transfer an existing loan from another lender to Yes bank. If you have an existing loan with high interest charges at any bank or NBFC, then you can transfer it to Yes bank at lower interest rates.

Application : You can apply for the Yes bank personal online or you can visit the bank to seek more assistance with the loan application procedure. Given that you have completed the documentation correctly, the bank will confirm the loan within 5 days after the application receipt.

Yes Bank Personal Loan Eligibility Criteria

There are many factors upon which your eligibility for a Yes bank personal loan is determined. Your employment, income, credit history, residential stability are some key factors determining your Yes bank personal loan eligibility. 

Here is the eligibility criteria for Yes bank personal loan:

  • The individual should be at least 21 years to be able to apply for a Yes bank personal loan.
  • The age of individual should not be more than 60 years during the personal loan maturity
  • The individual should have a steady employment and income.
  • The individual should have residential stability.
  • The applicant should have a good credit report.

Documents Required for Yes Bank Personal Loan

You need to submit a set of documents including your ID proof and income proof that is required by the bank. By ensuring that you have all the required documents ready when applying for the Yes bank personal loan, you will be able to save time and you will receive fast response from the bank.

Here are the documents required for Yes bank personal loan application:

Documents

Salaried Individuals

Self Employed Individuals

Identity Proof

Aadhar Card, Passport, Driving Licence, Voter ID Card

Aadhar Card, Passport, Driving Licence, Voter ID Card

Address Proof

Passport, Voter ID Card,  Recent Utility Bill such as Electricity Bill, Water Bill, Telephone Bill

Passport, Voter ID Card,  Recent Utility Bill such as Electricity Bill, Water Bill, Telephone Bill

Income Proof

Salary Slips, Bank Statement, Form 16, Salary Certificate

IT returns, Bank Statements, Balance Sheet and Profit & Loss Account, Challans Showing Payment of Advance Income Tax

Other Documents

Passport-size Photographs, Application Form

Passport-size Photographs, Application Form

COMPARE OTHER BANK PERSONAL LOAN INTEREST RATE:

BANKS INTEREST RATES
AXIS Bank Personal Loan

12% to 24%

SBI Personal Loan

11.30% to 16.40%

HDFC Bank Personal loan 10.75% to 21.50%
Kotak Mahindra Bank Personal Loan 10.50% to 16.99%
Citi Bank Personal Loan 10.50% to 17.99%
ICICI Bank Personal Loan 10.99% to 16.25%
Standard Chartered Bank Personal Loan 11.00% to 19.20%
IDBI Bank Personal Loan 12.00% to 14.00%
RBL Bank Personal Loan 14.00% to 23.00%
HSBC Bank Personal Loan 10.75% to 17.84%
IndusInd Bank Personal Loan 11.00% to 16.75%
Bank of Baroda Personal Loan 7.65% to 12.65%
Bank of India Personal Loan 12.15% to 14.15%
Canara Bank Personal Loan 12.05% onwards

Yes Bank Personal Loan EMI Calculator

You can calculate the Equated Monthly Installments (EMIs) for your Yes bank personal loan. Calculating the EMIs will help you manage your budget accordingly and confirm the repayment tenure you wish to opt for.

  • Visit the official website of Yes bank.
  • Go to the “Personal Loan” page.
  • Find and click on the “Personal Loan EMI Calculator”.
  • Enter the principal amount, loan tenure (in months or years) and the interest rate.

The following formula is used to calculate EMI of Yes Bank personal loan:

EMI = [P x R x (1+R)^N]/[(1+R)^N-1]

where,

  • EMI = Equated Monthly Installment
  • P = Principal Loan Amount
  • R = Monthly Interest Rate
  • N = Number of Monthly Installments

How to Apply for Yes Bank Personal Loan?

In order to apply for a Yes bank personal loan, you can hop to the official website of the bank or you can begin with the application offline. Here is how you can do that:

Apply for Yes bank personal loan offline:

You can visit the nearest Yes bank and apply for a personal loan there. You will have the assistance from the bank official throughout the personal loan application procedure. On visiting the bank, it is best to carry all the important documents that are required to be provided with the application. You can also reach out to the Yes bank customer service to collect more information regarding the loan application and requirements.
 
Apply for Yes bank personal loan online:

You need not get out of your home to reach out to the bank when you can just have it on your phone. If you are not willing to visit the bank branch then you can apply for Yes personal loan online. To apply for a yes bank personal loan online is not only time-saving but also real easy. 

Here are the steps to apply for a Yes bank personal loan online:

  • Visit the official website of Yes bank.
  • Expand the “Personal Banking” menu.
  • Now, you have to click on the “Individual” menu.
  • Click on the “Loans” option. 
  • Once you are on the loans page, find and click on the “Personal Loan”. 
  • Fill in the necessary information including your name, income and the city you reside in.
  • Hit the “Submit” button.

Yes Bank Personal Loan Customer Customer

You are just one call away from getting your queries answered or raising any complaints regarding the Ye bank personal loan. You can reach out the Yes bank customer service in case of any query or grievances via the following numbers:

  • Toll free: 1800 1200 
  • Non toll-free: +91-22-6121-9000

FAQs On Yes Bank Personal Loan

Q.1 Do I need to provide any collateral/security to get the Yes bank personal loan?

Yes bank personal loan is an unsecured loan in which you need not offer any security or collateral to the bank.

Q.2 How can I get a Yes bank credit card?

Yes bank credit cards are offered in different ranges to suit different tastes and requirements of individuals. You should meet the eligibility criteria for a Yes bank credit card you are applying for. You can visit the official website to know more about the Yes bank credit cards and can apply for one from there. 

Q.3 Why should I get a personal loan?

You can apply for a Yes bank personal loan for many reasons. The personal loan helps fund your personal expenses such as travel, wedding, home renovation, shopping and any others.

Q.4 Can I get a Yes bank top up loan?

The Yes bank does offer you to enjoy a top up loan. You need to have a strong credit score and a convincing repayment capacity to be able to avail the Yes bank top up loan.

Q.5 How much processing fee is charged by Yes Bank on personal loan?

Processing fee is charged by Yes bank personal loan starting at 2.50% loan amount.

Last Updated on : 31/Mar/2021

Know More About

Yes Bank Personal Loan

You're eligible for a Yes Bank Personal Loan if you:


Are legally adult enough to handle it


Have still got it


Get a regular pay check


Make more than a basic buck

Your eligibility depends on:


Earn more than minimum income required


Maximum allowed Personal Loans is Rs. 10K to Rs. 45 lakhs


EMIs of other loans loweryour eligibility

Boost your eligibility by:


Pay off your credit card bills


Choose longer tenure loan up to 5 years

Nothing gets done without that paperwork (which we'll happily carry over to the bank for you, no sweat). Here's what you'll need:

  • 1. Photo ID and age proof
  • 2. Signed application form with photograph
  • 3. Residence proof
  • 4. Last 6 months bank statement
  • 5. Documentation for salaried applicants:
    • Last 3 months salary - slips
    • Form 16 or Income Tax Returns
  • 6. Documentation for self-employed applicants:
    • Last 3 years Income Tax Returns with computation of Income
    • Last 3 years CA Certified / Audited Balance Sheet and Profit & Loss Account

Yes Bank Personal Loan Interest Rates

Updated on 25 Nov 2017

Yes Bank Personal Loan Details
Interest Rate (Monthly reducing balance) 20% - 22%
Processing Fees 2.50%
Loan Tenure 1 year to 5 years
Pre-closure Charges Varies with bank
Guarantor Requirement Varies with bank

Personal Loans EMI Calculator

Loan Amount

|
1L
|
50L
|
100L
|
150L
|
2Cr

Interest Rate

%
|
5
|
10
|
12.5
|
17.5

Loan Tenure

|
1
|
10
|
20
|
25
|
0
|
120
|
240
|
300


Your Monthly Loan EMI


₹24,959