What is Yes Bank Personal Loan?

A Personal Loan is an unsecured loan taken by an individual to finance any of his personal expenses like renovation of home, going on a vacation, or even paying off your previous debts. These loans are given looking at the debt history of an individual and his capacity to pay it back.

There is no collateral required for mortgaging in this type of loan. So, they are called “unsecured loans.” The process is hassle-free as only minimal paperwork is required. This type of loan has a term ranging from one to five years. These loans are safer than credit cards, and they also improve your credit rating. Personal loans come with a lower rate of interest than credit cards.

Why Should You Apply For Yes Bank Personal Loan?

  1. Lowest interest rates
  2. Instant approval and disbursal
  3. Easy documentation and flexible loan tenure
  4. Ready to help 24/7
  5. Assistance from experts.
  6. No security and collateral required

Yes Bank Personal Loan Eligibility

Everyone can not avail a personal loan, there are some eligibility criteria based on which the bank provides a loan to the borrower.  There are two categories of applicants:

  1. Salaried
  2. Self-employed

Salaried Applicant

  1. The minimum age of the applicant should not be less than 21 years and maximum up to 60 years.
  2. If the borrower is residing in a metropolitan city, then they should have a minimum income of Rs 18,000. And if the person is from a non-metropolitan city, then they should have a minimum salary of Rs 12,000.
  3. The salary of the borrower should come in their bank account only.
  4. If a person is applying for the personal loan, then he must have a good credit history i.e. his CIBIL score must be above 700.
  5. The documentation process is easy; they have to submit their bank statement of the last three months and the salary slip of the last six months.

Click here to know more - Salaried Applicant

Self-Employed Applicant

  1. If a person is self-employed then, the age of the applicant should be 25 years and maximum of 65 years.
  2. The applicant should have been filing the ITR for the last three consecutive years.
  3. The credit score of the applicant should be good, and no debt should be left due.
  4. The minimum ITR which the applicant files should be of Rs 2.5 lakhs per annum.
  5. And if the applicant has a business, then his business should be running for the last three years.

Click here to know more - Self-employed Applicant

Yes Bank Personal Loan Documents

  1. ID proofs- PAN card/Aadhar card/Passport/Driving License/Employee ID.
  2. Address proof- PAN card/Aadhar card/Passport/Driving License/Bank passbook/Ration card/any Utility bill (telephone, electricity, water, gas) of last two months/Letter from a recognized public authority verifying the customer’s residence/LIC policy or receipt.
  3. PAN card of the applicant has to be submitted under KYC formality.
  4. Proof of ownership - Electricity or water bill/property papers/maintenance bill.
  5. Current job proof - Current employment certificate or appointment letter (in case of more than two years).
  6. Two passport sized colored photos.

List of Documents (Self-Employed)

  1. Proof of business-Sales deed or agreement copy of last 3 years/tax registration proof/Company registration license.

  2. Proof of Income- Income tax returns of the last 2 years along with computation of income duly attested by a CA(chartered accountant)/audited balance sheet and Profit & Loss accounts/tax audit report if applicable/Bank statement: Latest 1 year bank statement (both savings and current)/Investment proof: fixed deposit, fixed assets, shares, etc.
  3. The need for professional Degree Certificate (in the case of professionals)
  4. If any existing loan in the past- Need to submit sanction letter, payment track record.
  5. Two passport sized colored photos.

Document

Salary of individuals

Professionals

Businessmen

2 photographs

Yes

Yes

Yes

Details of Identity

Yes

Yes

Yes

Details of Residence

Yes

Yes

Yes

Signature verification from the bank

Yes

Yes

Yes

Certificate of Degree & Certificate of practice

No

Yes

No

Details of Income

Form 16 and Latest pay slip (Form 16 required only when applying under holiday finance)

Balance Sheet and IT returns P/L statement of account for the last 2 years

IT Returns and Balance Sheet & P/L statement of Account for the last 2 years

Statements of bank account

On last 3 months

On last 6 months

In the last 6 months

Yes Bank Personal Loan Interest Rates

The interest rates vary from person to person, as it depends upon the salary and CIBIL score of the applicant. The interest rate of personal loan starts from 10.75% per year.

Factors Which Affect Personal Loan Interest Rates

  1. Loan Tenure: If loan tenure is flexible, then, the interest rate and the EMI is charged according to the bank.
  2. High CIBIL score: You may get a 0.25% reduction in interest rates if your CIBIL score is more than 800.
  3. Top firms: If you work at a reputed firm then, there are chances that you may be charged a lower interest rate. The reason behind that is that the lending institution will perceive you of having a stable career and likely to make repayments on time.
  4. A healthy relationship with a bank: Banks provide lower interest rates to loyal customers with whom they have a good relationship.
  5. Good salary: Individuals with higher income are more likely to repay the loan. A stable income makes more chances of sanctioning the loan.

Yes Bank Personal Loan Tenure

Yes bank offers you with a very flexible and convenient loan tenure. The tenure of the personal loan ranges from 1 year to 5 years. The borrower can choose any plan suitable to him.

How To Apply For Yes Bank Personal Loan

  1. Visit www.dialabank.com
  2. Go to the loan section and select a personal loan link.
  3. By clicking this link, you will be directed to all details of the personal loan where you can select your preferred city.
  4. You will immediately recieve a call from our relationship manager, who will guide you further.

About Yes Bank

Yes Bank is one of the leading and most trusted bank in India. It is 4th largest private sector bank in India, founded by Rana Kapoor and Ashok Kapur in 2004. Mainly, it acts as a corporate bank, retail banking, and asset management as subsidiary functions. Yes Bank has given short-term loans to a number of retail and corporate banks in Taiwan, Japan, USA, and Europe. This bank also has a strategic partnership with the US government based OPIC and with Wells Fargo. According to the data on 31 December 2017, Yes bank has 1050 branches and 1724 ATMs in India. It has a balance sheet size of 250,000 crores and Gross NPA of 1.72%, making it the fourth largest private sector bank in India.

FAQs

Q. What is the maximum amount that can be sanctioned?

A. The maximum Loan amount offered is Rs 20 Lakh.

Q: Are there any foreclosure charges for Personal Loan?

A. Yes, there are foreclosure charges in Yes Bank.

Q: How much time does it take for the approval of Personal Loan?

A: It takes up to 72 hours to get a personal loan approved in Yes Bank.

Q: Does Yes Bank provides top up on existing loans?

A: Yes, Yes Bank provides the top up facility on existing loans.

Q: What are the Interest Rates offered by the Yes Bank for the Personal Loan?

A: Personal Loan rates vary from 10.75% to 22.00% per annum, depending on the applicant’s profile, CIBIL score, and financial history.

Q: What is the Loan Repayment Tenure?

A: Yes Bank Personal Loan has tenure of 1-5 years. The applicant is free to choose the loan tenure.

Q: How can you repay a Personal Loan?

A: The loan can be repaid in the form of EMIs.

Personal Loan Interest Rate for all Banks

All banks have different schemes for attracting their customers to opt for loans with them. The main criteria runs behind the amount of interest every bank charges while providing a loan to the applicants. The best thing banks can offer is the best rate of interest on the loan amount so that they don’t lose customers.
 
Take a look at the table below (updated 2019), so that you get a clear picture of all interest rates that different banks offer on personal loans.
 

Bank

Interest Rate

HDFC Bank

10.75%

ICICI Bank

11.00%

Bajaj Finserv

10.75%

Tata Capital

11.12%

Kotak Bank

12.00%

Fullerton India

10.76%

IndusInd Bank

10.98%

Axis Bank

11.89%

Andhra Bank

11.45%

Bank of Baroda

13.00%

Corporation Bank

11.06%

United Bank Of India

13.45%

Vijaya Bank

11.56%

Indian Bank

12.00%

Bank of India

12.87%

Canara Bank

10.99%

Yes Bank

12.02%