About 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 with the bank. 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.
|Yes Bank Personal Loan at a Glance|
|Interest Rate||Starts at 10.99%|
|Lowest EMI per Lakh||₹2160 for a tenure of 60 months|
|Tenure||12 to 60 months|
|Processing Fee||Upwards 2.5%|
|Prepayment Charges||Up to 5%|
Why Should You Apply For Yes Bank Personal Loan?
- Lowest interest rates on Yes Bank Personal Loan.
- Instant approval and disbursal
- Easy documentation and flexible loan tenure
- Ready to help 24/7
- Assistance from experts.
- No security and collateral required for Yes Bank Personal Loan
Eligibility for Yes Bank Personal Loan
Everyone cannot 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:
Yes Bank Personal Loan for Salaried Applicant
- The minimum age of the applicant should not be less than 21 years and maximum up to 60 years.
- 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.
- The salary of the borrower should come in their bank account only. Salaries received in cash are not considered valid proof for loan.
- 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.
- 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
Yes Bank Personal Loan for Self-Employed Applicant
- If a person is self-employed then, the age of the applicant should be 25 years and maximum of 65 years.
- The applicant should have been filing the ITR for the last three consecutive years.
- The credit score of the applicant should be good, and no debt should be left due.
- The minimum ITR which the applicant files should be of Rs 2.5 lakhs per annum.
- 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
Documents for Yes Bank Personal Loan
- ID proofs- PAN card/Aadhar card/Passport/Driving License/Employee ID.
- 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.
- PAN card of the applicant has to be submitted under KYC formality.
- Proof of ownership – Electricity or water bill/property papers/maintenance bill.
- Current job proof – Current employment certificate or appointment letter (in case of more than two years).
- Two passport sized colored photos.
Yes Bank Personal Loan Documents (Self-Employed)
Proof of business-Sales deed or agreement copy of last 3 years/tax registration proof/Company registration license.
- 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.
- The need for professional Degree Certificate (in the case of professionals)
- If any existing loan in the past- Need to submit sanction letter, payment track record.
- Two passport sized colored photos.
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
- Loan Tenure: If loan tenure is flexible, then, the interest rate and the EMI is charged according to the bank.
- High CIBIL score: You may get a 0.25% reduction in interest rates if your CIBIL score is more than 800.
- 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.
- A healthy relationship with a bank: Banks provide lower interest rates to loyal customers with whom they have a good relationship.
- 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
- Visit www.dialabank.com
- Go to the loan section and select a personal loan link.
- By clicking this link, you will be directed to all details of the personal loan where you can select your preferred city.
- You will immediately recieve a call from our relationship manager, who will guide you further.
FAQs About Yes Bank Personal Loan
1. What is Yes Bank personal loan?
Yes Bank is India’s 4th largest private sector bank which provides personal loans at attractive interest rates for a loan amount ranging between ₹1 lac to ₹40 lacs with a tenure of 12 to 60 months. Personal loans are unsecured loans that can be availed to meet your small to medium expenses.
2. How does Yes Bank personal loan work?
Yes Bank provides hassle-free personal loans with minimal documentation and quick approval of funds. They provide loans of up to ₹40 lacs depending on the eligibility of the borrower. The application process is fairly simple and can be completed either online or offline. Yes Bank provides quick approval and the repayment of the loans can be done on an EMI basis. You can also avail loan balance transfer and preclosure facilities.
3. What is personal loan rate of interest in Yes Bank?
Yes Bank provides attractive rates of interest on their personal loan. The minimum rate of interest in Yes Bank is 10.99% per annum.
4. What is the procedure of personal loan in Yes Bank?
Getting a personal loan from Yes Bank is fairly simple. You should make sure of and calculate the required loan amount and check your eligibility online before filling out an application form. Eligible customers can avail loans at attractive rates and can choose a tenure from 12 to 60 months depending on their financial position. Repayment of the loan is done on an EMI basis and the bank also gives you the option to foreclosure or make part-prepayments.
5. How can I get Yes Bank personal loan?
Steps to get a personal loan from Yes Bank :
- Calculate your loan requirements.
- Check your basic eligibility on bank’s website or in person in the branch.
- Fill the form and apply with your documents.
- Wait for approval and verification on bank’s side.
- Quick disbursement of funds upon approval.
6. How to apply for personal loan in Yes Bank?
You can easily apply for a Yes Bank personal loan by visiting the nearest branch with your documents. The loan process is pretty simple and hassle-free. You can also apply online with Dialabank and avail the best deals and offers by comparing from between different banks and finance companies all over India.
7. Why apply for Yes Bank personal loan?
Yes Bank gives various services in regard to their personal loan products which makes it one of the finest options to meet your money needs. Yes Bank personal loan comes with minimal documentation, hassle-free processing, and quick approval and disbursement of funds. You can also transfer your expensive personal loans from other banks to Yes Bank.
8. How much EMI on Yes Bank personal loan?
The lowest EMI on a personal loan from Yes Bank is ₹2174 on per lakh of the loan amount. It varies from case to case and can be calculated using the EMI calculator on Dialabank’s website.
9. How much CIBIL score required for Yes Bank personal loan?
CIBIL score is based upon the credit history of the customer and it helps determine the risk of defaulting if the lender approves the loan to the customer. Higher the CIBIL score, the lower is the risk. A CIBIL score above 700 is considerate good and will most likely get your Yes Bank personal loan approved.
10. Minimum credit score needed for Yes Bank personal loan?
A credit score is the analysis of a person’s financial history and helps the lender to check the repayment ability of the borrower. Your credit score also impacts your rate of interest and loan amount eligibility. Yes Bank requires you to have a minimum credit score of 700 for a personal loan.
11. How to calculate Yes Bank personal loan EMI?
Yes Bank EMI calculator can be used to calculate the estimated EMI on your personal loan. You will only need the following; loan amount, loan tenure, and interest rate.
12. What can I use Yes Bank personal loan for?
Yes Bank provides different types of personal loans for different uses. They have personal loans for holidays, weddings, home renovation, medical bills, and etc. It can also be used for paying higher education fees or to meet the day to day expenses.
13. Can I prepay Yes Bank personal loan?
Yes, Yes Bank provides prepayment facilities with applicable charges on your personal loan. You can always prepay your loan amount after you have paid at least 12 EMIs successfully. You also have the option of making partial payments for your personal loan.
14. How to prepay Yes Bank personal loan?
Visit the branch with your loan documents and ask the loan officer about prepayments. A foreclosure charge will be calculated based on your outstanding loan amount and you can then either make a part prepayment or pay your loan in full to pre-close it.
15. How to repay Yes Bank personal loan?
Repayment of Yes Bank personal loan is done on an EMI basis which can be calculated using the EMI calculator on Dialabank’s website. It can also be done through a standing instruction on a Yes Bank’s savings account or through the NACH mandate on accounts of other banks. Payments can also be made through ECS transfer.
16. How to repay Yes Bank personal loan online?
You can easily repay your Yes Bank personal loan online through net-banking. All you need to do is visit the online portal of Yes Bank and fill in your details to make a payment towards your personal loan.
17. What documents are needed for Yes Bank personal loan?
Yes Bank gives personal loans at low-interest rates and minimal documentation. You only require basic KYC documents ( Aadhar Card, PAN Card) and some Income proofs (bank statement and salary slips) to avail Yes Bank personal loans. Additional documents, if asked for, shall be duly submitted.
18. How to get Yes Bank personal loan top up?
Yes Bank provides top-up facility on existing personal loans to the borrowers that have been sincere with their EMI payments. A minimum of 6 EMIs have to be paid by the customer to avail of the top-up facility.
Table of Contents
- 1 About Yes Bank Personal Loan
- 2 Why Should You Apply For Yes Bank Personal Loan?
- 3 Eligibility for Yes Bank Personal Loan
- 4 Documents for Yes Bank Personal Loan
- 5 Yes Bank Personal Loan Documents (Self-Employed)
- 6 Yes Bank Personal Loan Interest Rates
- 7 Yes Bank Personal Loan Tenure
- 8 How To Apply For Yes Bank Personal Loan
- 9 FAQs About Yes Bank Personal Loan
- 9.1 1. What is Yes Bank personal loan?
- 9.2 2. How does Yes Bank personal loan work?
- 9.3 3. What is personal loan rate of interest in Yes Bank?
- 9.4 4. What is the procedure of personal loan in Yes Bank?
- 9.5 5. How can I get Yes Bank personal loan?
- 9.6 6. How to apply for personal loan in Yes Bank?
- 9.7 7. Why apply for Yes Bank personal loan?
- 9.8 8. How much EMI on Yes Bank personal loan?
- 9.9 9. How much CIBIL score required for Yes Bank personal loan?
- 9.10 10. Minimum credit score needed for Yes Bank personal loan?
- 9.11 11. How to calculate Yes Bank personal loan EMI?
- 9.12 12. What can I use Yes Bank personal loan for?
- 9.13 13. Can I prepay Yes Bank personal loan?
- 9.14 14. How to prepay Yes Bank personal loan?
- 9.15 15. How to repay Yes Bank personal loan?
- 9.16 16. How to repay Yes Bank personal loan online?
- 9.17 17. What documents are needed for Yes Bank personal loan?
- 9.18 18. How to get Yes Bank personal loan top up?