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Yes Bank Personal Loan Eligibility Criteria 2022

Index

Description

Yes Bank Personal Loan Eligibility Criteria

Factors influencing Yes Bank Personal Loan Eligibility Criteria

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

YES Bank Personal Loan Details:

Recent Blogs

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).

-

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)

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