Description

Yes Bank

Yes Bank was founded in the year 2004 within the lines of a corporate banking environment. Since its inception, the bank has diversified its offerings and has grown into a ‘Full service commercial bank’ and currently holds its position as the 4th largest private sector bank in the country with a widespread network of over 1122 branches in over 200 cities.

Why Yes Bank

 Yes Bank offers it’s customers a wide range of features which include collateral free, quickly disbursed funds on lucrative interest rates with flexible repayment options, over a period of 12-60 months.

  • I-minute in-principle Approval: With Yes Bank, now you can apply online for a personal loan mPower bot to check your eligibility and can also get an instant e-approval with its I-minute in-principle loan approval feature.
  • Free of charge Pre payment: Yes Bank personal loan ensures that the applicant can avail the offer of part pre-payment of the outstanding loan amount after 12 EMIs without any additional charges.
  • Hassle free transfer of Existing Loans: Yes Bank provides an option to the customers for transferring their high-cost personal loans at lower interest rates. To add to it, the customers are also eligible to avail a top-up on the same loan in case there are additional requirements. 
  • No Collateral: Yes Bank personal loan is a no collateral (unsecured) loan which requires no guarantee or security against the amount of loan availed.
  • Doorstep Banking: To add to the convenience and better service standards, Yes Bank provides a doorstep solution. In case of assistance required, a bank representative will visit your home or office to assist with your application and documentation process.
  • Net Banking and Mobile Banking: Yes Bank, through it’s own app provides a 24X7 support to help in carrying out all major banking functions at the stroke of one click.
  • Alluring Rate of Interest: On personal loans, Yes Bank offers the interest rate starting from 10.99% onwards, which is considered to be one of the lowest in the market.
  • Easy and Quick disbursal: Yes Bank ensures that once the loan is processed and duly sanctioned, the funds are disbursed within hours to make them available at the right place and at the appropriate time in case of an emergency.
  • Flexible repayment option: Yes Bank ensures that the customers can choose the loan tenure that suits them the best. The EMI calculator enables them to calculate the EMI they are required to pay across variable tenures of loan, to get an account of a repayment schedule that would be most suitable to them. 

Factors affecting Yes Bank Personal Loan Rate of Interest

At large the rate of interest applicable is determined by various factors which include the age of the applicant, employment status & monthly/yearly income, existing loans & credit score, savings & years of relationship with the bank etc.

Loan Amount: The amount which is being borrowed from the bank. As per the industry standards, Yes Bank proposes lower interest rates for a higher amount, within the range of ₹ 1 Lakh to ₹ 40 Lakh.

Monthly Income: The net monthly income of an individual defines the capability to repay the loan. Individuals with higher income are eligible for lower rate of interest.

Employment type: The bank has it’s own directory of companies with credit ratings from high to low on the basis of a company’s scope of work, market reputation and corporate relationship with the bank. The higher the rank of a company, it’s employees get the best schemes and discounts on the loans offered by the bank.

Relationship with the Bank: For it’s existing influential customers, the bank offers a wide range of schemes and discounts. Majority of these customers are the ones who have managed their accounts well and have been prompt with their balance payments.

Tenure of the loan: As per the bank’s norms, the ideal tenure of a personal loan ranges from 12 to 60 months. Other than this, it depends on the loan amount being taken, as larger amounts attract longer period of repayment and vice versa.

Repayment Capacity: Before processing the loan, the bank checks the overall credit worthiness of the applicant by going through it’s CIBIL score, which provides the insight into the past payments made for their credit cards and loans availed prior to this one.

Eligibility Criteria for Salaried and Self-Employed Individuals

  • Applicant’s age must be between 25 to 60 years
  • The average monthly Income shall be minimum ₹ 25,000
  • Details regarding other recurring monthly expenses
  • The applicant must be staying at the present address or the permanent address for minimum 2 years
  • The applicant’s total work experience must be of minimum 2 years and that of 6 months at the present organisation

Rate of Interest

The interest rate offered by the bank starts at 10.99%. However, the rates may vary depending on various factors, as every application and every applicant is unique and has its own value for the bank.

Particulars

Details

Interest Rates

Starting at 10.99%

Loan Amount

₹ 1 Lakh - ₹ 40 Lakh

Repayment

12 - 60 months

Processing Fee

Up to 2.50% of the loan amount subject to a minimum of ₹ 999/- plus taxes

Foreclosure Charges

NIL - 4% of the principal outstanding as on date

Pre/Part payment Charges

1% on part payment amount already paid

Minimum Monthly Income

₹ 25,000

Dishonour Charges

₹ 500 for every instance

Lowest EMI

₹ 2,162 per Lakh

Cheque Bouncing charges

₹ 750 for every bounced cheque

Loan Cancellation or

Rebooking charges

₹ 1,000

Documents Required

Yes Bank provides easy approval and disbursement of loans through it’s minimal and goal-oriented documentation needs which only includes the following;

Particulars

Details

Application

Application Form duly filled

Identity Proof

  1. Copy of Passport

  2. Copy of Driving License

  3. Copy of Aadhar Card

  4. Copy of Voter ID Card

Address Proof

  1. Registered Rent Agreement (Min. 1 year of stay)

  2. Utility Bills (For the last 3 months)

  3. Copy of Passport (Proof of permanent residence)

Income Proof

  1. ITRs for the last two Assessment years

  2. Salary slip for the last 6 months

  3. Bank Statement for the last 3 months (Salary credit and EMI debit transactions)

EMI Calculator

Yes Bank EMI calculator offers a unique and simple formula for it’s customers to calculate desired EMIs beforehand. This feature assists it’s user in making suitable choices while applying for the loan including processing fees, miscellaneous charges and available offers & schemes on the loan.

The loan is repaid in the form of fixed monthly instalments known as Equated Monthly Instalments (EMI), which are due for a specific time period. These EMIs are calculated on the basis of:

  • The amount of fund to be disbursed
  • The interest rate to be charged
  • The time period for which the loan is availed
 

The bank offers flexible repayment tenures varying on the basis of interest rates applicable on them. The EMI calculator will ask about the amount you wish to borrow and the total number of months over which the amount is to be repaid, basis this information the calculator will provide various applicable monthly instalments varying according to the tenure of the loan repayment.

Types of Personal Loan available at YES BANK

Yes Bank is known for its proven high quality and customer centric banking solutions. After years of services, the bank has charted out a few custom-made personal loan solutions for needs that are widely discussed. The three major categories are:

1. Yes Bank's Personal Loan for Holiday

  • Personal loan for holiday is specially designed to make your luxury holiday dreams a reality
  • A loan for your dream holiday assists in covering all costs related to your travel and stay at your desired destination
  • The loan also helps you cover the cost of travel accessories required for the tour

2. Yes Bank’s Personal Loan for Wedding

  • The wedding day marks the beginning of a new phase in a person’s life, hence the bank understands it’s value as one the most important days
  • Yes Bank’s personal loan for wedding ensures that a customer’s own, kid’s or a relative’s grand day doesn’t lack the lustre one has dreamt of their entire life
  • The personal loan for wedding can cater to all needs related to jewellery, decorations, clothes and others

3. Yes Bank’s Personal Loan for Home Renovation

  • The personal loan for Home Renovation can increase the value of your old or ancestral home by many folds.
  • If you wish to add value by refurbishing or renovating your home and the finances are not in your favour, this loan can be taken to meet the needs as quickly as never before
  • These custom-made loans are designed to cater your demands with best of plans, schemes and interest rates

Customer Care Number - Yes Bank Personal Loan

 

Particulars

Details

For Indian Customers (Toll free)

1800 1200

Landline

+91 22 61219000

For USA/Canada

1877 659 8044

UK

8081785133

UAE

800035703089

How to apply for a Yes Bank Personal Loan through Afinoz

While you do your Yes Bank personal loan application through Afinoz, you should check the following: -

  • Check your Yes Bank personal loan eligibility with the personal loan eligibility calculator at Afinoz.com. Simply visit Afinoz.com, fill in a few easy details and get an instant and accurate assessment of your personal loan eligibility.
  • Check your Yes Bank personal loan EMI with the personal loan EMI calculator at Afinoz.com. This will help you to know the exact amount you need to pay every month towards the repayment of your loan.
  • Check the documentation required for your Yes bank personal loan application. Whether you are salaried or self-employed, applying with the proper set of documents will enhance your chances of getting your loan approved in the least possible time.

Yes Bank Personal Loan Login

At Yes Bank, one can anytime log in-to their respective Yes Bank personal account by using the credentials such as the bank ID and password. Once logged in, it is very convenient to check out all the activities of your account on the go. Nowadays, with the introduction of mobile phone applications it is absolutely easy and quick to log in and get access to every detail of your account without any hassle.

Yes bank Personal Loan Status

With Yes Bank, one can easily track the status of your personal loan process application by taking a few steps. First, by visiting the online site or the mobile phone application, and login using your credentials, one needs to enter the application number. Going forward, the page shows the account summary, where one easily track the loan application status, thus can know whether the loan has been approved, in process or is rejected.

Yes Bank Personal Loan Balance Transfer

One can easily transfer their outstanding loan balance to the Yes Bank after subsequent payment of 12 EMIs at your existing bank. After a successful balance transfer, one can avail lower interest rates on the same. During the course of this facility, one can save a subsequent amount by enjoying lower interest rate along with pocket-friendly EMIs. So, minimize your loan burden and enjoy a hassle-free loan journey with Yes Bank personal loan balance transfer.

FAQs

Q1How much personal loan can I avail from YES BANK?
The personal loan disbursement amount may vary from the desired loan amount by the applicant as there are multiple factors that build up an applicant’s profile which consists of their employment history, monthly income, credit score and many others. Starting from ₹ 1 Lakh, an applicant can apply for a loan up to ₹ 40 Lakh for a tenure ranging from 12 to 60 months.
Q2How long will it take to process my YES BANK personal loan application?
The bank states a period of a week or at-least 5 working days post documentation as per the norms defined in the bank’s policy. The appraisal and disbursement maybe prolonged to more than 5 days in case the documentation is not correct or incomplete.
Q3What credit score do I need to avail a Personal Loan by YES BANK?
Credit score is a standard score which determines the creditworthiness of an applicant on the basis of their conduct with the credit payments in the past. The average industry standard which is accepted by all major institutions ranges between 700-750. However, the disbursement is entirely at the bank’s disposal in case the score is unfavourable.
Q4How do I increase my loan amount for YES BANK Personal Loan?
The loan amount to be disbursed depends on the applicant’s profile including the monthly income, employment history and others. However, if in case there is an additional requirement and an applicant’s profile does not support, one can also avail the option of adding a co-applicant, which is most cases is the employed spouse of the applicant.
Q5Do I need to submit any security to avail a loan from YES BANK?
Yes Bank states that the entire range of personal loans being offered are unsecured loans and free of collaterals. There is no need of a security or guarantee as long as the documentation is proper and complete as per it’s policy norms.