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Yes Bank Personal Loan Eligibility Criteria 2022

Description

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.

Yes Bank Personal Loan Eligibility Criteria

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).

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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

Factors influencing Yes Bank Personal Loan Eligibility Criteria

  • 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.

How to Increase Your Chances of Getting a Yes Bank Personal Loan

  • 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.

YES Bank Personal Loan Details:

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)

➤ FAQs

Ques. Does my ability to get a personal loan to rely on why I want to borrow money?

No, if you meet the lender's eligibility requirements, you will be eligible for a personal loan from YES BANK. The reason you need a loan has no bearing on whether or not your application is approved.

Ques. What documents are needed in order to be eligible for a personal loan?

1. Evidence of identity and proof of address 2. Evidence of earnings

Ques. Is the rate of interest paid to all qualifying customers the same?

No, the lender charges a starting interest rate of 10.00% per annum. The actual interest rate you will be charged will depend on your credit score, the loan term you choose, your repayment potential, and other factors.

Ques. What is the minimum loan amount available from YES BANK to qualifying individuals?

A loan of Rs.1 lakh is the smallest sum that can be lent.

Ques. How long would it take YES BANK to process my loan application if I meet the eligibility criteria?

Within 5 days of receiving your application, YES BANK will notify you of the status of your personal loan application.

➤ Reviews

Harish
16 Feb 2021
I thought wedding loan is special loan and I can get a low interest rate but it’s same as personal loan but these people extended me details on all interest rate which is good.
Govinda
19 Feb 2021
I got a virtuous interest rate from Afinoz and they suggested me well to facilitate me do the balance transfer of my personal loan from ICICI Bank to Yes Bank. All process was smooth and simple.
Rahul
21 Feb 2021
It’s amazing to have lenders like Afinoz who give all details needed to avail of a loan and have multiple banks to opt from. I came to know about part-payment which is a notable help in closing a loan instantly.
Vijender
22 Feb 2021
I already had three on-going loans with different rates of interest. I managed to carry out a debt consolidation of all sorts of loans into ICICI Bank which also assisted me in reducing the interest rate notably. Thanks Afinoz team for the instant turnaround time.