Personal Loan is an unsecured loan i.e, loan against which no collateral is required.
YES Bank, the fourth largest private sector bank provides Personal Loan to its customers- both salaried and self-employed individuals.
YES Bank Personal Loan helps borrowers to meet their financial requirements like- child’s education, home renovation and interior changes, family vacation or medical emergencies.
Here, we will discuss YES Bank Personal Loan for the Self-Employed individual.
Features Of YES Bank Personal Loan
- YES Bank offers a part-prepayment facility to its customers.
- The applicant enjoys the benefit of flexible repayment option.
- The Personal Loan is charged at attractive interest rates.
- You can transfer your existing high-cost Personal loan to YES Bank at competitive interest rates.
Eligibility Criteria for YES Bank Personal Loan
- Age- Minimum and Maximum age limits are 21 and 65 years respectively.
- Industry- The Self-employed individual must be professionals like CA, Architects, Doctors or non-professionals like businessman.
- Annual Gross Receipt- The Gross annual receipt must be Rs. 12 lakhs.
- Work Experience- Applicant must have a minimum work experience of 3 years in the current business.
Other Factors affecting Eligibility Criteria
Apart from the above points, some other factors affect the eligibility for the Personal Loan:-
- Stability of Residence – If the applicant is staying in his current residence for a few years, it will enhance the eligibility to get the loan. YES Bank issues a negative list of areas and locations which does not get the loan.
- Stability of job – A Stable job with fixed income is more likely to have a better repayment capacity, thus enhancing the eligibility criteria.
- Type of Industry– YES Bank issues a negative list of industries and professions. Applicants belonging to that list of professions will not get the loan.
- CIBIL Score– Minimum CIBIL Score must be 650.
- FOIR– Minimum FOIR must be 0.45.
Documents for YES Bank Personal Loan
- Duly filled application form.
- ID proof- AADHAR Card, PAN Card, Driving License.
- Residence proof- Any latest utility bills like Electricity Bill, Gas Bill, Passport.
- Income proof (audit financials for last 2 years).
- 3 months updated bank statement.
- Proof of office address of the applicant.
- Applicant should have proof of workplace ownership.
- Valid papers to prove the continuity of the business.
YES Bank Personal Loan Interest Rate
|Amount Of Loan||Minimum- Rs. 5 lakhs|
Maximum- Rs. 50 lakhs
|Loan Tenure||Minimum- 12 months|
Maximum- 60 months
|Rate of Interest||12.49% – 20%|
|Processing Fees||1.5% – 2%|
|Part prepayment charges||Applicable after 12 EMIs.Nil charges.|
Approval and Disbursal
The approval and disbursal of the loan take place after proper verification of the documents.