YES Bank Personal Loan Documents Required

YES Bank has a well-structured process in place to help prospective borrowers avail of personal loans easily and in a hassle-free manner.

The process to apply for a YES Bank personal loan is as follows:

Step 1: Apply for Loan

Customers willing to avail of a YES Bank personal loan can apply online or visit their nearest bank branch to apply offline.

Step 2: Check Eligibility

Once the customer has determined the amount of loan to be borrowed and decides the term period in which they plan to repay it easily, they need to go in for an eligibility check to know the maximum amount that they can actually get.

The personal loan eligibility check will require you to answer the following questions:

• Your current age
• Your monthly income
• Your ongoing loans and recurring monthly expenses
• Your current employer
• Number of years completed at current job
• Living in rented, owned or mortgaged accommodation
• Number of years spent residing at current residence

 Step 3: Set EMI amount

Set the EMI amount wisely. This is the monthly outflow you will incur every month in order to repay the personal loan. One can use the YES Bank personal loan EMI calculator to reach the ideal EMI amount corresponding to the amount of loan and the term period in which you wish to repay it; choose the EMI wisely. Ensure that the EMI amount is not too high as it will increase the financial burden. Also, it should not be very low as it will increase the loan cost. Read the terms and conditions of the loan and go through the fees and other charges applicable on the loan before proceeding.

 Step 4: Document Verification

The documents to support eligibility are to be submitted along with the application form. Depending upon whether you are an existing YES Bank customer or a new customer, the bank will require your KYC details.

Documents required for YES Bank Personal Loan are as follows:

• Application form (duly signed)
• PAN card
• Permanent Address proof (you can submit any one of the following documents). The permanent address should be at least a year old - Passport, Driving license,  Aadhar card,  Voter ID
• Identity proof (submit any of the following) - Passport, Driving license,  Aadhar card,  Voter ID
• Income Proof (all documents to be submitted) - Salary slips for last 3 months, Bank account statements of last 3 months

Step 5: Loan Approval and Disbursal

The bank checks your credit score before proceeding. Once the bank representative has completed the document verification process and is sure about your financial standing and repayment capacity, the personal loan proceeds will be credited to your bank account.

An instant loan is a type of personal loan. It is without collateral or security. It is primarily offered to existing customers of the bank and therefore requires minimal or no documentation at all. They are typically applied online either through YES Bank’s official website or YES Bank’s mobile banking app and are thus approved instantly.

To get a loan instantly without documents

Contact YES Bank: Loyal customers are always preferred. Customers who have a good and long relationship with YES Bank will be preferred for personal loans without documents. This is primarily because the KYC formalities are already complete with the bank. The bank will only check your current credit score to approve your loan.

Pick a pre-approved offer: YES Bank offers pre-approved loans to selected customers who meet the eligibility conditions and also have a good banking track record. These offers are floated keeping in mind your credit score and financial profile. Applying on a pre-approved loan will help you avail loan instantly without documents.

Maintain a good CIBIL score: Not defaulting on bill payments should be a habit. No EMI bounce instances and late payment charges in your bank account statement will reflect in your high credit score. As personal loans are unsecured loans banks typically depend on the borrower’s credit score to gauge the credit risk. A high credit score exhibits a borrower's responsible financial behaviour, increasing the chances of getting a loan instantly without documents.

Documents required for YES Bank Personal Loan are:

• Application form (duly signed)
• PAN card

In addition to these, address proof, identity proof and income proof are to be submitted.

Instant loans are quickly approved by YES Bank. If you are already a customer with the bank and need an Rs. 50000 personal loan from YES Bank, here’s a quick way to get the loan instantly.

Step 1: Download App or Visit Website

Download the YES Bank mobile app on your Smartphone. If you are an Android user, Google PlayStore is where you can download the app and iOS users can download it from AppleStore. Install it by following the registration process. You will need your debit card from the existing YES Bank account to complete the installation process.

Alternatively, visit the official website of YES Bank and login into the personal banking section. Make sure you have a net banking facility activated for your account. Fill in your login ID and password and enter your account.

Step 2: Apply For Loan

Go to the ‘Apply Loan’ section  

Step 3: Set Credit Limit:

Enter Rs. 50000 as the amount of loan. Alternatively, you can enter the amount of loan required.

Step 4: Set Loan Tenure:

Enter the value of the loan period to repay the loan. The EMI value corresponding to the entered principal value and loan term will appear on the screen. Check your repayment capacity. In case you feel the EMI value is too high or too low, make amendments in the loan term or principal amount accordingly to reach the desired EMI value.

Step 5: Upload Documents: 

Being an existing YES Bank customer your KYC documents are already updated with the bank. In addition to these, documents required for YES Bank personal loan will require you to upload the image of the latest salary slip. Upload it through the App itself and submit the loan request.

The bank will check credit score. If all eligibility conditions are met and you have a high credit score, your loan amount will be credited into your savings bank account instantly.

The processing fee for a personal loan approved by YES Bank is up to 2.5% of the loan amount + GST. This is subject to a minimum of Rs. 999 + GST as applicable.

The fees and charges applicable on a YES Bank personal loan are as follows:

YES Bank approves personal loans up to Rs. 40 lakh which have to be repaid in a maximum of 60 months. The quantum of loan you’ll be eligible for will depend on your age, income, employment status, relationship with the bank and CIBIL score.

Yes, YES Bank allows foreclosure of personal loans provided 12 EMIs have been paid without default.  Foreclosure charges are applicable as follows:

•  When foreclosing between 1-2 years of the loan term - 4% of Principal Outstanding
•  When foreclosing between 2-3 years of the loan term - 3% of Principal Outstanding
•  When foreclosing between 3-4 years of the loan term - 2% of Principal Outstanding
• When foreclosing after 4 years of the loan term - NIL

YES Bank allows you to cancel your personal loan request. You can withdraw it without any penal charges before the disbursal of the loan. Furthermore, personal loans can be cancelled within 15 days of disbursement after paying a cancellation charge of Rs. 1000 + GST as applicable. However, YES Bank personal loan cannot be cancelled after 15 days of disbursal. The processing fee, if charged, is not refundable.

YES Bank will communicate the decision (approval or rejection) taken on personal loan application within 5 working days.

YES Bank offers personal loans at a rate of interest starting from 10.99% per annum. Salaried individuals employed with reputed companies and who have a good credit score can negotiate a personal loan deal at a lower rate of interest.

YES Bank offers personal loans to self-employed individuals who have a stable income. You must be an existing YES Bank customer. Your association with the bank must be at least a year old before you apply for a personal loan.  You must furnish all documents required for YES Bank personal loan.

YES Bank allows prepayment of personal loans after 12 EMI’s have been prepaid. However, there is a cap on the prepayment of personal loans:

• For part prepayment made between 1-2 years of the loan term, only 20% outstanding principal amount can be prepaid.
• For part prepayment made between 2-3 years of the loan term, only 20% outstanding principal amount can be prepaid.
• For part prepayment made between 3-4 years of the loan term, 25% outstanding principal amount can be prepaid.
• For part prepayment made between 4-6 years of the loan term, 25% outstanding principal amount can be prepaid.

Also, part prepayment of the personal loan can be done only once a year and the amount prepaid will be used to set off the principal outstanding. There will be no change in EMI value. It will remain the same for the remaining loan tenure.

YES Bank has defined instalment banking dates. For loans disbursed between the 1st and 20th of the month, the first EMI will be due on the 04th or 08th of the coming month. For loans disbursed after the 21st of the month, the EMI due date will be on the 04th or 08th of the month after next month.

YES Bank may reject a personal loan application because of the following reasons:

• Low credit score
• High debt-income ratio
• The loan application amount exceeded the eligibility limit
• Document verification failed