Yes Bank Personal Loan Details

Following are the key highlights of Yes Bank Instant Loan:

Interest Rates  10.75%
Loan AmountRs. 1 Lakh - Rs. 40 Lakhs
Tenure1 Year to 5 Years
Loan Processing FeeUp to 2.50%% of the Loan amount
EMI Bounce Charges 750+ GST
Prepayment ChargesUp to 4% on principal outstanding + GST
EMIRs. 2,162 Per Lakh

Features of Yes Bank Personal Loan

Yes Bank Personal Loan is loaded with the following attractive features:Before you apply for Yes Bank Personal Loan, you must learn about the associated features and benefits of the product.

1. Unsecured Loan:To avail YES Bank Personal Loan, you do not require any loan security, collateral or guarantor. The loan is offered as a 100% unsecured loan.

2. Flexible Repayment: There is no fixed EMI schedule to follow. A borrower can use an online calculator and choose the repayment structure according to their repayment capacity. As a policy, Yes Bank offers Personal Loans on flexible repayment; you can choose loan tenure up to 5 years.

3. Approval in 60 Seconds: YES Bank claims instant in-principal approval of eligible applicants. You just need to fill the form online and instantly your application will be acknowledged for eligibility success.

4. Eligibility: A salaried or a self-employed person with a stable monthly income of Rs. 25,000 or more can apply for Yes Bank Personal Loan up to Rs. 40 Lakhs. The applicant needs to be a minimum of 21 years old or a maximum of 60 years on loan maturity. The documentation requirement is also limited to KYC, address and income verification.

5. Quick Loan Disbursal: The loan processing is as swift as it can get. Once your application is approved and you submit the required documents, loan disbursement will be processed within a few hours.

6. Attractive Interest Rates:With YES Bank as your lender, you can expect an attractive rate of interest on Personal Loans, starting at 10.75% p.a.

7. Minimal Documentation: You can apply for a Yes Bank Personal Loan online through our website; the process is quick, owing to the basic documentation requirement.

8. Balance Transfer Facility: Yes Bank facilitates affordable balance transferring of your high cost Personal Loans at the lowest rate of interest.

9. Part Prepayment/Foreclosure Allowed: After successfully repaying 12 EMIs on your YES Bank Personal Loan,you can part prepay or foreclose your loan at a minimal charge.

Yes Bank Personal Loan EMI Calculator

Before you calculate Yes Bank Personal Loan EMI, you must know that you get complete flexibility to choose the loan tenure and monthly instalments. You can either opt for fixed EMIs or flexible ones, according to your budget. The longer is the tenure of the loan, the shorter would be the EMIs and vice versa. So, always choose EMI according to your repayment capacity.

To calculate Yes Bank Personal Loan EMI, you can access the Yes Bank Personal Loan EMI Calculator available on MyMoneyMantra under Financial Tools section.

Now fill in the required details: Loan Amount, Tenure, and Rate of Interest.

As you hit the ENTER button, you will instantly get:

  • Loan EMI
  • Total Interest Payable
  • Total Payments (principal + Interest).

You will also get a visual representation of the payments.

Yes Bank Personal Loan Eligibility Criteria

To be eligible for the loan, you must fulfil the following Yes Bank Personal Loan Eligibility Criteria:

Employment typeSalaried & self-employed individuals having a stable source of monthly income.
Employment statusMust be employed/in business for at least 2 years with at least 1 year experience with current employer/business.
NationalityIndian
IncomeMinimum Rs. 25,000  p.m. for salaried & Rs. 12 Lakhs gross annual receipts for self-employed.
Minimum age21 years
Maximum age65 years
DocumentationYou must possess valid documentation for KYC & income verification.
Credit score700 or above

Comparison of Yes Bank Personal Loan vs Other Lenders

Bank NameLoan AmountTenureInterest Rate (per annum)Processing Fee
Yes Bank Personal LoanRs. 1 Lakh - Rs. 40 Lakhs12 months - 60 months10.99% onwards

Up to 2.50% of the loan amount (minimum

Rs. 999) + taxes

Axis Bank Personal LoanRs. 50,000 - Rs. 15 Lakhs12 months - 60 months12% - 21%1.5% to 2% of the loan amount + GST
ICICI Bank Personal LoanUp to Rs. 25 Lakhs12 months - 72 months10.5% - 19%Up to 2.25% of the loan amount + GST
HDFC Personal LoanUp to Rs. 40 LakhsUp to 5 years10.50% - 21.00%Up to 2.50% of the loan amount (minimum of Rs. 2,999 & maximum Rs. 25,000)
Citibank Personal LoanRs. 10,000 - Rs. 30 Lakhs3 months - 60 months9.99% - 16.49%Up to 3% of the sanctioned loan amount + GST

How to Get the Best Offer for Yes Bank Personal Loan?

You can avail the best personal interest rate from Yes Bank based on the assessment of your loan amount, loan tenure, income, other obligation, and employer type.

Below are some factors that can help you get the personal loan rate of interest offer from Yes Bank:

  • Loan amount: It is the amount you borrow from the bank. Usually, banks offer lower interest rate for higher loan amount.
  • Income: Yes Bank analyses your loan repayment capacity through your net monthly income. Individuals will higher salary bracket are offered loans at lower rate of interest.
  • Employer category: Every bank has an internal list of companies that fall into categories ranked from high to low based on company’s size, reputation, and relationship with the bank. Employees working in higher category companies get attractive Personal Loan benefits and lower interest rates.
  • CIBIL score: Most lenders prefer offering low interest rate personal loans to borrowers with high CIBIL score (preferably 750 or above).
  • Relationship with the bank: If you are an existing customer of the bank, you may get special rates, offers, and charges on personal loan.
  • Repayment tenure: Personal loan tenure is usually shorter, ranging from 12 months to 60 months. If you want better interest rate, opt for longer tenure.

Personal Loan Verification Process

Yes Bank’s Personal loan verification process involves the following steps:

  • Verification call: Once you submit the online personal loan application on MyMoneyMantra, we will forward your application to the lender. You will receive a call from a representative of Yes Bank to verify details and arrange for pick-up of documents.
  • Documents collection: Yes Bank will send its representative to collect your documents required for personal loan.
  • Verification of documents: The bank will subsequently verify the submitted documents.
  • Loan approval: On successful document verification, your loan will be approved and you will be notified about the same.
  • Loan amount disbursal: If you agree with the personal loan agreements, the loan amount will be disbursed within hours into your bank account.

Factors Affecting Yes Bank Personal Loan Interest Rates

Following factors affect Yes Bank Personal Loan interest rates:

  • Tenure: The repayment tenure of a personal loan can affect the interest rates charged by a bank. Loans with longer tenure usually attract a lower interest rate as compared to loans with shorter tenure.
  • Borrower’s repayment capacity: The repayment capacity of the borrower plays a vital role while determining interest rate. Generally, borrowers with a higher repayment capacity are offered a lower rate of interest.
  • Relationship with the bank: If you have a good relationship with the bank, you may get lower their interest rate on personal loan. Usually, banks offer special rates for their esteemed customers.
  • Employment: Interest rate can also vary according to the type of borrower’s profession. Most banks offer a lower interest rate to salaried borrowers compared to self-employed individuals as they have a steady source of income.
  • Borrower’s age: Interest rates on personal loans may also vary depending on the age of the borrower. The bank may offer lower interest rate to senior citizens as compared to youngsters.
  • CIBIL score: Individuals with a good credit score (preferably 700 or above) usually get a lower rate of interest. That is because CIBIL score defines a borrower’s creditworthiness.

Part Payment Clause for Yes Bank Personal Loan

Yes Bank allows part prepayment of Personal Loan after successful payments of 12 EMIs and that too, in accordance with the applicable limit. You can part prepay 20% of the principal outstanding between 13 to 36 months of the loan duration, and 25% of principal outstanding between 37 to 60 months of the loan period. The prepayment would attract a fee of 2% of amount to be prepaidplus applicable taxes.


 

Factors Affecting Yes Bank Personal Loan Interest Rates

Following factors affect Yes Bank Personal Loan interest rates:

  • Tenure: The repayment tenure of a personal loan can affect the interest rates charged by a bank. Loans with longer tenure usually attract a lower interest rate as compared to loans with shorter tenure.
  • Borrower’s repayment capacity: The repayment capacity of the borrower plays a vital role while determining interest rate. Generally, borrowers with a higher repayment capacity are offered a lower rate of interest.
  • Relationship with the bank: If you have a good relationship with the bank, you may get lower their interest rate on personal loan. Usually, banks offer special rates for their esteemed customers.
  • Employment: Interest rate can also vary according to the type of borrower’s profession. Most banks offer a lower interest rate to salaried borrowers compared to self-employed individuals as they have a steady source of income.
  • Borrower’s age: Interest rates on personal loans may also vary depending on the age of the borrower. The bank may offer lower interest rate to senior citizens as compared to youngsters.
  • CIBIL score: Individuals with a good credit score (preferably 700 or above) usually get a lower rate of interest. That is because CIBIL score defines a borrower’s creditworthiness.

Part Payment Clause for Yes Bank Personal Loan

Yes Bank allows part prepayment of Personal Loan after successful payments of 12 EMIs and that too, in accordance with the applicable limit. You can part prepay 20% of the principal outstanding between 13 to 36 months of the loan duration, and 25% of principal outstanding between 37 to 60 months of the loan period. The prepayment would attract a fee of 2% of amount to be prepaidplus applicable taxes.


 

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Yes Bank Personal Loan FAQs

✅ What are the factors that affect Yes Bank Personal Loan interest rate?

Interest rates offered by Yes Bank on Personal Loans are competitive and as per the profile of the customer. Several factors, such as credit score, credit repayment capacity, net income, and employment stability affect your interest rates.

✅ How do I know about my Personal Loan eligibility?

Yes Bank Personal loans are available as unsecured loans up to Rs. 40 Lakhs. To know how much you can borrow, you can simply visit MyMoneyMantra and fill the personal loan application form. The Loan experts would instantly help you know about how much you can borrow with your current net income and credit score.

✅ How long should I repay the loan?

Yes Bank Personal Loans are available for 12 to 60 months. However, before you select the loan tenure, you must evaluate your repayment capacity. The longer is the tenure, the shorter is the EMI and vice versa. However, the cost of loan increases as you raise the loan for longer tenures. Depending on the availability of cash in hand, you must decide about the loan tenure.

✅ How to apply for a part payment facility?

Yes Bank allows part prepayment of a Personal Loan after successful payment of 12 EMIs. You can apply for part payment either online or by visiting the nearest branch.

✅ Can I repay my Yes Bank Personal loan earlier?

Foreclosure or early payment of Yes Bank Personal Loan is permitted after the successful repayment of 12 EMIs. Please check the applicable charges shared above.

✅ Can I add the income of my spouse to apply for Personal Loan from Yes Bank?

Yes, you can enhance your loan eligibility for Yes Bank Personal Loan by combining the income of your spouse with your income.

✅ What credit score do I need to avail a Personal Loan by Yes Bank?

A credit score ranging from 700 - 900 is considered ideal for availing personal loans. However, you can avail loans with a lower score by paying a higher interest rate. Contact online MyMoneyMantra loan adviser to understand how to avail the best rate of interest with your credit profile.

✅ How long does the bank take to process my personal loan application?

After submitting all documents, Yes Bank will confirm its loan approval decision within 5 days of receiving your application.

✅ Can I payback my Yes Bank personal loan earlier if I have extra funds available?

Yes Bank allows you to foreclose your personal loan with applicable charges. If you had a good financial month or have some extra funds, you can choose to avail this service after paying 12 EMIs.

✅Can we make partial payments for Yes Bank Personal Loans?

Yes. Part prepayment of personal loan is allowed by Yes Bank. Following are the terms of making part prepayment:

  • Part prepayment can be made only after repayment of 12 EMIs.
  • You can make 20% part prepayment of principal outstanding between 13 to 36 Months and 25% between 37 to 60 months.
  • Part prepayment can only be made once a year. 
  • You will have to pay part prepayment charges of 2% of the amount prepaid plus applicable taxes.

✅How do I close my Yes Bank personal loan?

You can foreclosure of Yes Bank Personal Loan anytime after repayment of 12 EMIs. Following are the charges associated: 

  • Closing the loan between 13 - 24 months: 4% of principal outstanding 
  • Closing the loan between 25 - 36 months: 3% of principal outstanding 
  • Closing the loan between 37 - 48 months: 2% of principal outstanding 
  • Closing the loan after 48 months: Nil charges