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Yes Bank Personal Loan Interest Rate 2022

Description

Yes Bank provides up to Rs. 40 lakhs of personal loans at an interest rate starting from 10.00 percent p.a. These collateral-free loans from the bank can be used by both salaried and self-employed individuals to cover a range of personal expenses. To learn key information about Yes Bank Personal Loan, read this post.

Yes Bank Personal Loan Interest Rate

Yes Bank provides interest rates for personal loans beginning at 10.00 percent p.a. A processing fee of up to 2.50 percent of the loan amount is charged by Yes Bank, subject to a minimum charge of Rs.999. Yes Bank personal loans can be borrowed by both salaried and self-employed citizens. Rs.1 lakh is the minimum loan amount that can be selected, while Rs.40 lakhs is the maximum loan amount. The minimum tenure of a loan is 12 months, and the maximum tenure of a loan is 60 months. To pay for medical bills, debt restructuring, buy devices or appliances, etc., you can borrow a personal loan from Yes Bank.

Particulars

Details

Interest Rate

10.00% p.a. onwards

Processing Fee

Up to 2.50%, subject to a minimum charge of Rs.999

Loan Tenure

12 months to 60 months

Loan Amount

Up to Rs.40 lakhs

Employment Status

Salaried employees and self-employed professionals

Credit Score

Ideal score – Over 700

Lowest EMI per Lakh

Rs.2,174*

Foreclosure Charges

Up to 4% of the outstanding principal

Overdue EMI Payment Charge

24% p.a. on the outstanding amount

Factors Affecting YES BANK Personal Loan Interest Rates

  1. Loan term- Personal loan tenure can affect the interest rates charged by the bank and loans with longer tenures can receive a lower interest rate compared to loans with shorter tenures.

  2. Repayment ability-The repayment ability of a person is a critical factor when it comes to determining interest rates. Generally, those with a higher redemption capacity will be paid a lower rate of interest.

  3. Relationship with YES BANK- Individuals with a good relationship with YES BANK could be in a position to lower their interest rates based on their past actions and personal status. Banks can decrease interest rates for esteemed clients who have shown a commitment to their payments in the past.

  4. Jobs information: Interest rates can vary depending on the occupation of the borrower. Salaried borrowers can get a lower interest rate compared to self-employed borrowers, as a result of having a steady stream of income. There will not always be a stable source of income for borrowers with an inconsistent job background and they may end up paying a higher interest rate because the bank may see them as risky.

  5. Age: Banks can vary their interest rates depending on the age of a borrower, like a lower interest compared to young people (<30 years) could be charged to senior citizens (>60 years).

  6. CIBIL score: The CIBIL score lets the lender decide how likely you are to repay your loan, without defaulting on repayments. Individuals with a high credit score of over 700 will usually be given a lower rate of interest. A high-interest rate can be paid to many with low CIBIL scores, even if their loan request is approved.

Fees and Other Charges

Some of the main charges associated with a Yes Bank personal loan include the following:

Loan Processing Fees

Up to 2.5% of the loan amount subject to a minimum of Rs. 999

Foreclosure Charges (allowed after 12 EMI payouts)

Between 13-24 months – 4% of Principal Outstanding

Between 25-36 months- 3% of Principal Outstanding

Between 37-48 months- 2% of Principal Outstanding

More than 48 months- NIL

Part Pre-payment Charges (allowed after 12 EMI payouts)

2% + applicable taxes on part prepayment amount repaid

Duplicate No Dues Certificate / No Objection Certificate (NOC)

Rs. 250 per event

Charges for late payment of EMI

24% per annum on amount outstanding from the date of default

Stamp duty and other statutory charges

As per applicable state laws

Cheque swapping charges

Rs. 750 each time + taxes

Cheque bounce charges

Rs. 750 per instance + taxes

Loan cancellation*/ Rebooking charges

Rs. 1000 + taxes

Legal/ incidental charges

At actual

Duplicate repayment schedule charges

Rs. 750 per instance

Statement of account charges

Rs. 750 per instance

* In the event of loan cancellation, the customer would be responsible for both cancellation fees and interest. Cancellation within 15 days from the date of disbursement of the loan is permitted.

Illustration

The examples below will give you a better understanding of how when you borrow a personal loan from YES BANK, your loan repayments will work.

Example 1: A web designer, Sunil, receives a salary of Rs.50,000 a month. He wants to borrow an Rs.1 lakh personal loan from Yes Bank. At an interest rate starting from 10.99 percent per annum and a processing fee of 2.50 percent of the loan sum, he prefers a term of 60 months to repay the loan. The composition of his loan repayment will be as follows:

  • Loan Amount-    Rs.1 lakh
  • Processing Fee- 2.50%
  • Loan Tenure-      5 years
  • Interest Rate-     10.99% p.a.

Month

Principal Paid (A) (Rs.)

Interest Paid (B) (Rs.)

Total Payment (A+B) (Rs.)

Outstanding Loan Balance (Rs.)

1

15,880

10,206

26,086

84,121

2

17,713

8,369

26,082

66,406

3

19,764

6,322

26,086

46,644

4

22,049

4,037

26,086

24,596

5

24,595

1,488

26,083

0

In Sunil's case, Rs.2,174 will be his monthly EMI. Throughout the loan repayment period, the gross interest he will pay will be Rs.30,425. He will also pay an Rs.2,500 processing fee. Rs.1,32,925 will be the cumulative repayment sum.

Example 2: At a leading international school in Delhi, Sunanda works as a tutor. To make her travel dreams come true, she wants to take out a personal loan of Rs.5 lakhs. She prefers a three-year loan term and has to pay a processing fee of 2.50 percent of the loan amount with interest rates beginning at 10.99 percent per annum.

For 3 years, Sunanda will pay an EMI of Rs.16,367 per month. A cumulative interest of Rs.89,212 along with a processing fee of Rs.12,500 will be paid by her. Rs.6,01,712 will be her total repayment number.

➤ FAQs

Ques. May I make part-payments during the lifetime of the loan at any time?

If you have paid at least 12 monthly EMIs to the lender, you will make part-payments.

Ques. How long would it take for YES BANK to process my application for a personal loan?

When all your paperwork is issued by the lender, you will be informed of your loan's status within 5 days.

Ques. What documents should I send to apply for YES BANK's loan?

1.ID Proof 2.Address Proof 3.Evidence of Profits 4.Application Form

Ques. Will YES BANK allow me to foreclose my loan before the repayment period of the loan ends?

Yes, the loan may be foreclosed after 1 year of the loan term.

Ques. Do I need to have some protection to take advantage of the YES BANK loan?

No, prospective borrowers do not need to have any security or collateral to take advantage of a lender's loan.

Ques. May I make part-payments during the lifetime of the loan at any time?

If you have paid at least 12 monthly EMIs to the lender, you may make part-payments.

➤ Reviews

Harshita Sawant
06 Apr 2021
I am really impressed the way Afinoz helps with loans. I got a loan from yes Bank and them at appealing rates and terms. They called me every day to update me about what’s happening. Will recommend to everyone.
Romit Chakrabarty
09 Jun 2021
I want to give full marks to Afinoz team for getting balance transfer with Yes Bank. I did not know that old personal loan interest rates can be lowered but they informed me and helped me get all loans additionally new loan at a lower interest rate.
Harish Nagar
13 Jul 2021
I’m happy, they’ve helped in getting loan from Yes Bank for a sum of Rs. 2 lakhs. The Afinoz did a direct approval digital and then bank representative came and took documents. Good service!
Meet Kumar
16 Aug 2021
I am so happy that I got this loan from Yes Bank. It is a balance transfer loan for a very low rate of interest. I also availed Rs. 1 lakh which helped me. Thanks guys!
Kishore
14 Sep 2021
I am very happy with the overall service provided by Afinoz. I was always in touch with them and they kept me updated on the loan status. I must not miss to recommend this to anyone.