Yes Bank Personal Loan Eligibility
Age of the Applicant 18 to 70 years
Eligible Salary 25,000 per month and above
Work Experience for Salaried 3 years and above
Business Stability for Self Employed 5 years and above
Minimum CIBIL Score 650
Maximum Loan on Property Value Up to 90%
Maximum EMI as percent of income 65%
Eligibility with Co-applicant Up to 3 earning family members may be added to get higher loan eligibility

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Yes Bank Personal Loan Eligibility

Most of the banks as well as Non-Banking Financial Companies (NBFCs) provide Personal Loans to the borrowers to help them meet their immediate short-term financial goals. The Personal Loan is an unsecured loan and does not require submitting any collateral for the loan. Being the high-risk loan, the rate of interest charged on it is higher than it is on secured loans.

The Personal Loan is ideal to meet any sort of urgent requirement of finance for medical emergencies, wedding, traveling, education, or any other immediate personal expenses. It is a multipurpose loan and can be used to meet varied needs. It is important that your Personal Loan application is not rejected as it has an adverse effect on the credit score. Therefore, it is recommended to know all the eligibility criteria thoroughly before applying for the Personal Loan. In case the credit score of a borrower is less the chances of the loan application are less and a Personal Loan may be offered at a higher rate of interest.

The eligibility criteria of every bank depend upon several factors such as age, location, salary, marital status, company, credit score, other obligations, and so on. The applicant with a minimum credit score of 700 is an ideal customer of the bank and is considered as "Bankable".

Depending on the borrower's repayment capacity, a minimum and maximum amount is fixed by the bank and is calculated based on the current income of the applicant. It is important to be aware of all the factors that have an effect on the Personal Loan application before applying for the same in order to get the loan approved faster and avail the best loan offer.

About Yes Bank

Yes Bank has received Greenfield Bank license awarded by the Reserve Bank of India (RBI) in the last one decade. It was founded in the year 2004 and currently is India's fifth largest private sector bank. Yes Bank being a "Full-Service Commercial Bank" has balanced all the sectors such as retail, corporate, SMEs with its best customer service. Its operating areas include Banking, Corporate Finance, Branch Banking, Financial Markets, Investment Banking, Business and Transaction Banking, and Wealth Management business lines all over India. Yes Bank has a network of over 600 branches and more than 2,000 ATMs. It has a major presence in the urban and rural India.

Yes Bank Personal Loan Eligibility Highlights

Eligibility Criteria Salaried Individuals Self Employed Individuals

Profession

Salaried persons working in government, private or multinational companies

Professionals like Doctors, CA, CS, Architects

Applicant Age

21 - 60 years

25 - 65 years

Minimum Eligible Income

18,000 per month

12 Lakh gross annual receipts

Maximum Loan Amount

25 Lakhs

25 Lakhs

Minimum Work Experience

24 months with 6 months at current organization

36 months

Processing fee

Up to 2.50% of the sanctioned loan amount (minimum of 999) plus taxes

Up to 2.50% of the sanctioned loan amount (minimum of 999) plus taxes

Yes Bank Personal Loan Eligibility Details

  • Age limit: Anyone between 21 to 65 years of age can apply for a Personal Loan from Yes Bank.

  • Minimum loan amount: The minimum Personal Loan amount at Yes Bank starts from 1 Lakh.

  • Maximum loan amount: The maximum Personal Loan amount at Yes Bank is up to 25 Lakhs.

  • Minimum salary requirement for Yes Bank Personal Loan: Minimum net income mandatory to avail the Personal Loan from Yes Bank is 18,000 per month.

  • Work experience necessary to be eligible for the Yes Bank Personal Loan: The applicant must have spent at least 6 months in the current company.

  • Total work experience: Minimum 2 years

  • Yes Bank Personal Loan Tenure: Yes Bank offers Personal Loan for the tenure of maximum 60 months.

  • Yes Bank Personal Loan Interest Rate: The interest rate for Yes Bank Personal Loan ranges between 10.75% and 12.49%.

Yes Bank Personal Loan Charges

Loan processing charges:  Up to 2.50% of the loan amount (minimum 999) is the processing fee charged on the Personal Loan at Yes Bank. You will also have to bear applicable taxes for the same.

Foreclosure charges: Foreclosure of the loan is allowed only after the payment of 12 EMIs. Thereafter you will have to pay foreclosure charges of up to 4% of principal outstanding.

Foreclosure Charges depend on the EMIs you have already serviced. Here are the applicable charges to pre-close your Yes Bank Personal Loan in full:

  • 13 - 24 Months of EMI Repayment - 4%
  • 25 - 36 Months of EMI Repayment - 3 %
  • 37 - 48 Months of EMI Repayment - 2%
  • After 48 Months of EMI Repayment - Nil

Part prepayment charges: Part payment of Loan is allowed after the payment of 12 EMIs. Part prepayment charges levied by the bank are up to 2% of part payment plus applicable taxes. That bank allows part-prepayment only once a year. Here's how much percentage Yes Bank allows the applicant to pay as part prepayment:

  • For 12 - 24 months - 20% Principle Outstanding
  • For 25 - 36 Months - 20% Principle Outstanding
  • For 37 - 48 Months - 25% Principle Outstanding
  • For 49 - 60 Months - 25% Principle Outstanding

Charges for Duplicate No Objection Certificate/ No Due Certificate:  250 for each event.

Late EMI payment charges: 24% per annum is charged on the amount outstanding from the date of EMI default.

Charges for swapping cheques: 750 per event + applicable taxes

Charges for cheque bounce: 750 for each cheque bounce + applicable taxes

Charges for duplicate repayment schedule: 750 per schedule

Charges for statement of account: 750 per schedule

Documents Required for Yes Bank Personal Loan

Here is the list of documents required while applying for Personal Loan at Yes Bank:

  • Loan application form
  • Recent passport size photographs
  • Statement of Bank Account for last 3 months as income proof
  • Proof of residence - Any valid ID proof mentioning permanent address which is at least 1 year old
  • Proof of identity - Voters ID card/ Passport/ Driving license/ Aadhaar card 

Factors Affecting Yes Bank Personal Loan Application

Several factors can affect your loan application and the loan amount eligibility. Below mentioned are some of those factors:

  • Location: The location of the residence of an applicant has an effect on the loan application. As it determines the minimum salary amount of the borrower and plays an important role in estimating the loan amount a borrower is eligible for. The minimum salary is higher in the cities and metropolitan cities like Mumbai.

  • Income: The loan amount depends upon the income of the borrower. The higher the income the better loan amount you are eligible for. The income of a borrower reflects his repayment capacity of the loan.

  • Company of employment: If a borrower is working in a reputed large company from more than a year, that indicates they have a stable job and income. The higher the rating of the company one works in, the better the loan interest rate is offered to the borrower.

  • Existing credit: The existing loan or Credit Card bills and usage also play an important role as it reflects your creditworthiness and financial condition. These factors are considered while finding out the loan amount and interest rate for the borrower.
  • Credit history: It is very lucrative to have a good credit history as your credit score is determined based on your past payment track records. It is one of the most important factors in determining the loan amount, interest rate, and tenure. If you have a bad credit history, your loan may get rejected directly.

Personal Loan Application Process

  • Personal Loan Application Process for Existing Customers

It is very easy to apply for the Personal Loan at Yes Bank. The borrower can just visit the nearby Yes Bank branch or apply at Yes Bank's website. One can also download the loan application form available on the bank's official website. After downloading, all you need to do is just fill in the details and submit the same to the bank representative. Yes Bank makes sure the loan approval process is fast and the amount is disbursed at the earliest in the applicant's account.

  • Personal Loan Application Process for New Customers

The process of the Personal Loan application for the new customer is the same as for the existing customers. Due to the lack of a previous relationship with the bank, it may take a while (Maximum as a week)to approve the loan due to the verification process involved.

It is recommended to check the Personal Loan eligibility at MyMoneyMantra before applying for the Personal Loan. You can also apply for Personal Loans of leading banks and NBFCs through MyMoneyMantra.

Tips to Reduce Your Yes Bank Personal Loan EMIs

  • Check your credit score: It is very important to check the credit score before applying for the Personal Loan. A credit score of 700 and above is considered good to consider the loan application. If your credit history is good, i.e, payment of all the EMIs are on time, you are the most bankable customer for the bank and the chances of getting your loan application approver along with best interest rate are higher. However, if your credit score is less, your loan application may be rejected outright or you may be offered higher interest rates. Therefore, it is necessary to improve the credit score before applying for the Personal Loan.

  • Negotiate with the bank: You can negotiate with the bank to offer you the best interest rate and desired loan amount. It depends on your existing relationship with the bank. You can get a better deal from the existing lender or new lender by displaying that you are disciplined when it comes to financial matters and payment of EMIs.

  • Opt for a longer tenure: The EMI will reduce if you opt for long tenure loan as the principal amount and interest amount gets divided proportionately over the loan period. The monthly EMI will be lower but you will be paying the EMI for the longer duration. Therefore, even if your monthly EMIs are of the lower amount you may end up paying more at the end of the loan tenure.

  • Making an early prepayment: You can also do pre-payment of the Personal Loan in order to reduce the EMI. It is advisable to repay the loan if you have a surplus amount with you in the early month and years of the loan as it will reduce the principal amount and will help you to save the interest.

Repayment of Your Yes Bank Personal Loan

The Yes Bank Personal Loan can be repaid in the following three ways.

  • Standing Instruction (SI):  Standing instruction is the best way for the repayment of the loan for the existing customers of the bank. The EMI will directly get deducted every month from the existing Yes Bank account of the borrower or the account specified.

  • Post-Dated Cheques (PDC): You can also submit the Post Dated Cheques from a different bank account at the nearest Yes Bank Loan Centre. The PDCs are collected from Non -ECS locations only.

  • Electronic Clearing Service (ECS): You can also repay your Personal Loan with ECS if you have a non-Yes Bank Account. In this mode, your EMI will be debited automatically at the end of every month for the account specified.

It is advisable to opt for either the SI or ECS mode of payment for faster and error-free payment of EMIs than using the PDCs.

MyMoneyMantra Personal Loan Eligibility Calculator

The Personal Loan Eligibility Calculator at MyMoneyMantra helps the customer to know their exact EMI amount that they will need to repay the loan amount. This helps one to plan the expenses accordingly.

A Borrower can Use MyMoneyMantra's eligibility calculator to compare and calculate various loan offers, interest rates offered from various banks and financial institutions.

MyMoneyMantra Personal Loan EMI Calculator is very simple and eases you use. It helps the borrower to choose the best loan offer that meets the requirements. The Personal Loan EMI Calculator gives quick and accurate results. 

Why Apply for a Personal Loan through MyMoneyMantra

At MyMoneyMantra, pre-screening of your application is done in order to suggest you the best lender that suits your eligibility and is willing to offer you the desired loan. This increases the chances of your loan getting approved. It also provides all the detailed information on the loan procedure and the eligibility criteria thus, preparing the applicant in advance so that the loan application is approved easily without any hassle.

FAQs on Yes Bank Personal Loan

Question - What are the eligibility criteria to avail the Personal Loan from Yes Bank?

Answer - The minimum age criteria for the applicant required to get a Personal Loan from Yes Bank is 21 years. The maximum age for salaried employees is up to 60 years.

Question - How can an individual increase the loan amount of Personal Loan from Yes Bank?

Answer - An individual can use the top up loan allowed by the Yes Bank to increase the loan amount. It is necessary to have a good payment track record and repayment history to avail the top up loan. 

Question - What is the minimum net monthly income required of the applicant to get Yes Bank Personal Loan?

Answer - The minimum income of the applicant (salaried employee) should be 18,000 per month.

Question - How to get the Personal Loan from the Yes Bank quickly?

Answer - It is recommended to check the Yes Bank Personal Loan Eligibility Criteria online before applying for the Personal Loan. All the information is available on the official website of the Yes Bank and MyMoneyMantra. 

Question - Can an NRI get Yes Bank Personal Loan?

Answer - Yes, but with the help of a local co-applicant.

Question - What is the maximum Personal Loan amount a borrower can apply for?

Answer - The maximum loan amount a borrower can apply for the Personal Loan from Yes Bank is up to 25 Lakhs.

Question - Is there any processing fee charged by Yes Bank on the Personal Loan?

Answer - Yes, a processing fee of up to 2.50% of the loan amount of the loan amount subject to a minimum of 999 plus taxes is charged by Yes Bank on the Personal Loan.

Question - Does the CIBIL Score have an effect on my Personal Loan from Yes Bank?

Answer - Yes, CIBIL Score does have an impact on your Personal Loan. A good score means the good repayment record, credit discipline, and is considered as an ideal customer. The chances of getting your Personal Loan approved are high if you have a good credit score.The minimum CIBIL score for the personal score is 700 and above. Most of the banks avoid giving loans if the applicant has a low credit score.

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