Yes Bank Personal Loan Eligibility Criteria 2022

Personal loans of up to Rs.40 lakhs are available from YES BANK to salaried and self-employed individuals who meet the pre-defined eligibility criteria. Yes Bank examines an applicant's age, monthly income, unpaid liabilities, job status and background, work experience, and the number of years they have lived in their current residence until accepting a personal loan application.

Particulars	Salaried	Self-Employed
Age	21 to 60 years	25 to 65 years
Income	Rs.25,000 Per month (if they reside in tier 1 cities) Rs.18,000 Per Month (if they reside in tier 2 cities).	-
CIBIL Score	700 and above	700 and above
Loan Amount	Rs.1 Lakh to Rs.40 lakhs	Rs.1 Lakh to Rs.40 lakhs
Loan Tenure	1 - 5 years	1 - 5 years
Interest Rate	10.00% p.a.	10.00% p.a.
Processing Fee	Up to 2.5% (Min Rs.999)	Up to 2.5% (Min Rs.999)
Prepayment Charge	After 12 EMIs, 4% of principal outstanding + Service Tax	After 12 EMIs, 4% of principal outstanding + Service Tax

• Age: When applying for a personal loan, your age at the time of application will affect your eligibility. People in their 20s and 30s will be able to borrow a larger loan sum because they may choose a longer repayment period. This, however, is contingent on the applicant fulfilling any of the other requirements.
• Earnings: To be eligible for a personal loan, you must have a minimum monthly income of Rs.25,000 or Rs.18,000 (depending on where you live). Individuals with a high income will borrow more because their repayment ability is likely to be higher as well.
• Work experience: Lenders usually only provide personal loans to borrowers who have been working or operating a company for a few years, as a strong work history indicates financial stability.
• CIBIL score: A borrower with a CIBIL score of over 700 would be able to borrow a large loan sum at a low-interest rate.
• Financial obligations: If you have financial obligations such as unpaid loans or credit card debts, you cannot be able to borrow much because your repayment ability would be restricted.

• Keep your credit score up to date: Improving your credit score is the best way to increase your chances of being approved for a personal loan. If you want to take out a personal loan, you should have a credit score of at least 700.
• Wait until you have a decent salary: Your income would have an impact on whether or not you are approved for a personal loan. As a result, before you submit your personal loan application, double-check the lender's income requirements. If you do not currently earn the necessary number, hold off on submitting your application until you begin to earn more.
• Choose a loan sum that you can afford to pay back: The loan sum you choose should be one that you can pay back on a monthly basis without difficulty. If you choose a loan amount that is not in line with your repayment ability, the lender is likely to refuse your application.
• Do not submit applications to several lenders at the same time: Applying to several lenders at once will negatively impact your CIBIL ranking, making it more difficult to obtain a loan. As a result, make sure to weigh the pros and cons of different loans before applying to a lender.

Interest Rate	10.00% p.a. onwards
Loan Amount	Up to Rs.40 lakhs
Loan Tenure	12 months to 60 months
Processing Fees	Up to 2.5% (Minimum – Rs.999 plus GST)