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YES Bank Personal Loans

blog-image
Jun 15, 2024
5 Minutes

Introduction

YES Bank offers personal loans at attractive interest rates starting from 10.99% per annum for amounts up to Rs 40 lakh and with tenures extending up to five years. The bank boasts a swift loan processing system, often approving applications within five days and disbursing funds within hours of loan sanction. Additionally, YES Bank provides an option to transfer existing personal loans from other banks or NBFCs at competitive rates and allows part-prepayment of loans after the completion of 12 EMIs.

Key Features of YES Bank Personal Loans

Interest Rate

Minimum Rate: 10.99% p.a.

Maximum Rate: 20.00% p.a.

Loan Amount

Range: Rs 1 lakh to Rs 40 lakh

Tenure

Duration: 1-5 years

Prepayment and Foreclosure Charges

Prepayment: Allowed after payment of 12 EMIs

20% of principal outstanding for 13-24 months

20% of principal outstanding for 25-36 months

25% of principal outstanding for 37-48 months

25% of principal outstanding for more than 48 months

Foreclosure:

4% of principal outstanding for 13-24 months

3% of principal outstanding for 25-36 months

2% of principal outstanding for 37-48 months

NIL for more than 48 months

Processing Fees

Charges: Up to 2.5%

Types of YES Bank Personal Loans

Regular Personal Loan

Designed for various personal expenses such as weddings, travel, medical emergencies, and home renovations. Loan approval is based on the applicant's credit history, monthly income, repayment capacity, and employment status.

Loan Amount: Rs 1 lakh to Rs 40 lakh

Tenure: 1-5 years

Personal Loan for Holiday

This loan caters specifically to travel-related expenses including flight tickets, hotel stays, and travel accessories.

Eligibility Criteria for YES Bank Personal Loans

YES Bank has not explicitly detailed specific eligibility criteria for personal loan applicants. However, typical requirements include:

Age

Monthly Income

Recurring Monthly Expenses

Current EMIs

Employer Details

Employment History

Residential Status (rented, owned, or mortgaged)

The bank also considers the applicant's credit score as part of the eligibility assessment.

Documents Required for YES Bank Personal Loans

General Documents

Identity Proof/Signature Proof

Address Proof (Office/Residence)

Age Proof

For Salaried Applicants

Salary slips for the last 2-3 months

Income Tax Returns for the last 2 years/Appointment Letter/Form-16

Salary Account Statement for 3-6 months

Details of all existing loans

For Private Limited Companies

List of directors and shareholders

Memorandum and Articles of Association

Main bank account statement for the last 6 months

ITR/Profit and Loss/Balance Sheet statements for the last 3 years (along with Form 3CB and 3CD)

Existing loan details

For Partnerships

ITR/Profit and Loss/Balance Sheet statements for the last 3 years (along with Form 3CB and 3CD)

Partnership deed

Main account bank statement for the last 6 months

Details of existing loans

For Proprietorships

ITR/Profit and Loss/Balance Sheet statements for the last 3 years (along with Form 3CB and 3CD)

Main account bank statement for the last 6 months

Details of existing loans

Additional Fees and Charges

Duplicate No Due Certificate/No Objection Certificate: Rs 250 per statement

Duplicate Statement of Account Charges: Rs 750 per statement

Penal Interest: 24% p.a.

Stamp Duty and Other Statutory Charges: As applicable

Cheque/SI/ECS/NACH Swapping Charges: Rs 750

Cheque/SI/ECS Dishonour Charges: Rs 750

Loan Cancellation and Rebooking Charges: Rs 1,000 + tax

Statement of Account Charges: Rs 750

Legal/Incidental/Collection Charges: At actuals

Duplicate Repayment Schedule: Rs 750

NeSL Fee per Loan/Debt Record of Borrower per Year: Rs 25

NeSL Annual Renewal Fee per Loan/Debt Record of a Borrower: NIL

YES Bank Personal Loan Application Process

Step-by-Step Application Process

Check Eligibility:

Use YES Bank’s online eligibility calculator or consult a bank representative to understand if you qualify for a personal loan based on your income, credit score, and other criteria.

Gather Documentation:

Prepare the necessary documents including identity proof, address proof, income proof, and employment details.

Submit Application:

Fill out the personal loan application form available at YES Bank’s branches or on their website. Ensure all details are accurate to avoid delays.

Verification:

The bank will verify the information provided, including your credit history and employment details. This may involve contacting your employer and checking your credit report.

Approval and Offer:

If your application is approved, YES Bank will provide a loan offer detailing the loan amount, interest rate, tenure, and any applicable charges.

Acceptance:

Review the loan offer carefully. If acceptable, sign the loan agreement and submit any additional documents required by the bank.

Disbursement:

Once the agreement is signed, the bank will disburse the loan amount to your account, typically within a few hours of approval.

Benefits of YES Bank Personal Loans

Competitive Interest Rates:

Starting at 10.99% p.a., YES Bank offers competitive rates which can be beneficial for borrowers with good credit scores.

Flexible Loan Amounts:

Borrowers can avail loans ranging from Rs 1 lakh to Rs 40 lakh, catering to diverse financial needs.

Quick Processing and Disbursal:

The bank claims to process loan applications within five days and disburse the loan amount within hours of approval.

Balance Transfer Facility:

Borrowers can transfer existing personal loans from other banks to YES Bank at potentially lower interest rates.

Part-Prepayment and Foreclosure Options:

After completing 12 EMIs, borrowers can make part-prepayments or foreclose their loan with minimal charges, helping to reduce the overall interest burden.

Frequently Asked Questions (FAQs)

1. Can I apply for a YES Bank personal loan online?

Yes, you can apply for a personal loan online through the YES Bank website. You will need to fill out the application form and submit the required documents digitally.

2. What is the maximum loan amount I can get from YES Bank?

YES Bank offers personal loans up to Rs 40 lakh, depending on your eligibility and creditworthiness.

3. How long does it take for YES Bank to disburse the loan amount?

YES Bank typically disburses the loan amount within a few hours of loan approval.

4. Is there a prepayment penalty for YES Bank personal loans?

Prepayment is allowed after 12 EMIs with varying charges based on the repayment period. The charges decrease over time and are NIL after 48 months of repayment.

5. What documents are required for a YES Bank personal loan?

Common documents include identity proof, address proof, income proof, bank statements, and details of existing loans.

Conclusion

YES Bank personal loans offer a versatile and flexible solution for various financial needs, from personal expenses to travel and medical emergencies. With competitive interest rates, quick processing times, and the option to transfer existing loans, YES Bank provides an attractive proposition for borrowers. Understanding the eligibility criteria, required documents, and application process can help streamline your loan application experience, ensuring that you secure the funds you need efficiently and effectively.

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Team Pluto
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Want to Achieve any of the below Goals upto 80% faster?Trusted by 3 Crore+ Indians
Dream Home
Dream Wedding
Dream Car
Retirement
1st Crore
credit-cards

YES Bank Personal Loans

blog-image
Jun 15, 2024
5 Minutes

Introduction

YES Bank offers personal loans at attractive interest rates starting from 10.99% per annum for amounts up to Rs 40 lakh and with tenures extending up to five years. The bank boasts a swift loan processing system, often approving applications within five days and disbursing funds within hours of loan sanction. Additionally, YES Bank provides an option to transfer existing personal loans from other banks or NBFCs at competitive rates and allows part-prepayment of loans after the completion of 12 EMIs.

Key Features of YES Bank Personal Loans

Interest Rate

Minimum Rate: 10.99% p.a.

Maximum Rate: 20.00% p.a.

Loan Amount

Range: Rs 1 lakh to Rs 40 lakh

Tenure

Duration: 1-5 years

Prepayment and Foreclosure Charges

Prepayment: Allowed after payment of 12 EMIs

20% of principal outstanding for 13-24 months

20% of principal outstanding for 25-36 months

25% of principal outstanding for 37-48 months

25% of principal outstanding for more than 48 months

Foreclosure:

4% of principal outstanding for 13-24 months

3% of principal outstanding for 25-36 months

2% of principal outstanding for 37-48 months

NIL for more than 48 months

Processing Fees

Charges: Up to 2.5%

Types of YES Bank Personal Loans

Regular Personal Loan

Designed for various personal expenses such as weddings, travel, medical emergencies, and home renovations. Loan approval is based on the applicant's credit history, monthly income, repayment capacity, and employment status.

Loan Amount: Rs 1 lakh to Rs 40 lakh

Tenure: 1-5 years

Personal Loan for Holiday

This loan caters specifically to travel-related expenses including flight tickets, hotel stays, and travel accessories.

Eligibility Criteria for YES Bank Personal Loans

YES Bank has not explicitly detailed specific eligibility criteria for personal loan applicants. However, typical requirements include:

Age

Monthly Income

Recurring Monthly Expenses

Current EMIs

Employer Details

Employment History

Residential Status (rented, owned, or mortgaged)

The bank also considers the applicant's credit score as part of the eligibility assessment.

Documents Required for YES Bank Personal Loans

General Documents

Identity Proof/Signature Proof

Address Proof (Office/Residence)

Age Proof

For Salaried Applicants

Salary slips for the last 2-3 months

Income Tax Returns for the last 2 years/Appointment Letter/Form-16

Salary Account Statement for 3-6 months

Details of all existing loans

For Private Limited Companies

List of directors and shareholders

Memorandum and Articles of Association

Main bank account statement for the last 6 months

ITR/Profit and Loss/Balance Sheet statements for the last 3 years (along with Form 3CB and 3CD)

Existing loan details

For Partnerships

ITR/Profit and Loss/Balance Sheet statements for the last 3 years (along with Form 3CB and 3CD)

Partnership deed

Main account bank statement for the last 6 months

Details of existing loans

For Proprietorships

ITR/Profit and Loss/Balance Sheet statements for the last 3 years (along with Form 3CB and 3CD)

Main account bank statement for the last 6 months

Details of existing loans

Additional Fees and Charges

Duplicate No Due Certificate/No Objection Certificate: Rs 250 per statement

Duplicate Statement of Account Charges: Rs 750 per statement

Penal Interest: 24% p.a.

Stamp Duty and Other Statutory Charges: As applicable

Cheque/SI/ECS/NACH Swapping Charges: Rs 750

Cheque/SI/ECS Dishonour Charges: Rs 750

Loan Cancellation and Rebooking Charges: Rs 1,000 + tax

Statement of Account Charges: Rs 750

Legal/Incidental/Collection Charges: At actuals

Duplicate Repayment Schedule: Rs 750

NeSL Fee per Loan/Debt Record of Borrower per Year: Rs 25

NeSL Annual Renewal Fee per Loan/Debt Record of a Borrower: NIL

YES Bank Personal Loan Application Process

Step-by-Step Application Process

Check Eligibility:

Use YES Bank’s online eligibility calculator or consult a bank representative to understand if you qualify for a personal loan based on your income, credit score, and other criteria.

Gather Documentation:

Prepare the necessary documents including identity proof, address proof, income proof, and employment details.

Submit Application:

Fill out the personal loan application form available at YES Bank’s branches or on their website. Ensure all details are accurate to avoid delays.

Verification:

The bank will verify the information provided, including your credit history and employment details. This may involve contacting your employer and checking your credit report.

Approval and Offer:

If your application is approved, YES Bank will provide a loan offer detailing the loan amount, interest rate, tenure, and any applicable charges.

Acceptance:

Review the loan offer carefully. If acceptable, sign the loan agreement and submit any additional documents required by the bank.

Disbursement:

Once the agreement is signed, the bank will disburse the loan amount to your account, typically within a few hours of approval.

Benefits of YES Bank Personal Loans

Competitive Interest Rates:

Starting at 10.99% p.a., YES Bank offers competitive rates which can be beneficial for borrowers with good credit scores.

Flexible Loan Amounts:

Borrowers can avail loans ranging from Rs 1 lakh to Rs 40 lakh, catering to diverse financial needs.

Quick Processing and Disbursal:

The bank claims to process loan applications within five days and disburse the loan amount within hours of approval.

Balance Transfer Facility:

Borrowers can transfer existing personal loans from other banks to YES Bank at potentially lower interest rates.

Part-Prepayment and Foreclosure Options:

After completing 12 EMIs, borrowers can make part-prepayments or foreclose their loan with minimal charges, helping to reduce the overall interest burden.

Frequently Asked Questions (FAQs)

1. Can I apply for a YES Bank personal loan online?

Yes, you can apply for a personal loan online through the YES Bank website. You will need to fill out the application form and submit the required documents digitally.

2. What is the maximum loan amount I can get from YES Bank?

YES Bank offers personal loans up to Rs 40 lakh, depending on your eligibility and creditworthiness.

3. How long does it take for YES Bank to disburse the loan amount?

YES Bank typically disburses the loan amount within a few hours of loan approval.

4. Is there a prepayment penalty for YES Bank personal loans?

Prepayment is allowed after 12 EMIs with varying charges based on the repayment period. The charges decrease over time and are NIL after 48 months of repayment.

5. What documents are required for a YES Bank personal loan?

Common documents include identity proof, address proof, income proof, bank statements, and details of existing loans.

Conclusion

YES Bank personal loans offer a versatile and flexible solution for various financial needs, from personal expenses to travel and medical emergencies. With competitive interest rates, quick processing times, and the option to transfer existing loans, YES Bank provides an attractive proposition for borrowers. Understanding the eligibility criteria, required documents, and application process can help streamline your loan application experience, ensuring that you secure the funds you need efficiently and effectively.

Available on both IOS and AndroidTry Pluto Money Today 👇
Author
Team Pluto
Have a question?
Digital GoldInvest in 24K Gold with Zero making ChargesLearn More
Digital SilverInvest in silver with Zero making ChargesLearn More
Pluto FixedEarn from 11% to 14% Returns annually in a fixed lock-in periodLearn More