Why YES Bank Personal Loan?
Personal Loan is an unsecured loan i.e, loan against which no collateral is required. Personal Loan is nothing but multi-purpose loan which is very useful for monetary requirement immediately.
YES Bank, the fourth largest private sector bank provides personal loan to its customers to fulfill their financial requirements.
YES Bank Personal Loan help borrowers to meet their monetary requirements like- child’s education, home renovation and interior changes, family vacation or medical emergencies.
Features of YES Bank Personal Loan
- Applicants do not have to provide any collateral or guarantor when opting for personal loan from YES Bank.
- 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.
- After your YES Bank personal loan application gets processed, your fund gets disbursed very quickly.
- Minimum documents are required to apply for YES Bank Personal Loan .
- YES Bank offers the repayment tenure to a maximum of 60 months.
Eligibility Criteria for YES Bank Personal Loan
- Age- Minimum and Maximum age limits are 21 and 58 years respectively.
- Industry- The Salaried individual must be employees of Govt sector, Private sector, and MNC Companies.
- Income- Minimum income of the applicant must be Rs. 25000
- Work Experience- Applicant must have a minimum work experience of 2 years and atleast 1 year with the current employer.
Other Factors affecting Eligibility Criteria for YES Bank Personal Loan
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- If you are a job hopper and not stable with your jobs, you will be considered vulnerable to repay the loan. Stable job with fixed income is more likely to have a better repayment capacity.
- 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.
- Mode Of Salary- The applicant must receive the salary in their bank account and not through cash or cheque. Salary through bank a/c is considered secured and eligible for applying for the loan.
- CIBIL Score- Minimum CIBIL Score must be 750.
- Any existing credit- If you have any existing credit or any credit card debt, then this will play a major role in determining the interest rate and the loan amount.
Documents for YES Bank Personal Loan
- Duly filled application form.
- 2 passport size photograph.
- ID proof- AADHAR Card, PAN Card, Driving License.
- Residence proof- Any latest utility bills like Electricity Bill, Gas Bill, Passport.
- 3 months salary slip
- 6 months updated bank statement showing your salary credit and any EMI debit.
- Copy of Form 16 for last 2 financial years.
- Copy of Income Tax Receipt.
Interest Rates for YES Bank Personal Loan
|Amount Of Loan||Minimum- Rs. 2 lakhs|
Maximum- Rs. 20 lakhs
|Loan Tenure||Minimum- 12 months|
Maximum- 60 months
|Rate of Interest||10.75% – 20%|
|Processing Fees||0.99% – 2%|
|Part prepayment charges||Applicable after 12 EMIs.Nil charges.|
Approval and Disbursement
After the application gets processed and proper verification of the documents takes place, the funds get disbursed very quickly.
Firstly, you need to fill up the home loan application form of YES Bank. Then you need to specify your basic details and also your required loan amount. Alongwith the application form, you need to submit all the required documents and 2 passport size photographs. After the successful submission of your application form, YES Bank professionals will verify the documents. With positive verification of your documents, the loan approval process starts. Then, the bank professional will contact you for the disbursal process. And finally, the loan amount gets credited to your account, which you can use it to meet your requirements. You can repay your loan through monthly installments i.e, Equated Monthly Installments or EMI.
- What is the maximum loan amount limit for YES Bank Personal Loan?
For YES Bank Personal Loan, the maximum loan amount is Rs. 20 lakhs.
- What is the eligibility criteria for YES Bank Personal Loan?
Applicant must be a salaried individual with minimum monthly income of Rs. 25000. The minimum and maximum age limit of the applicant must be 21 and 58 years respectively. There should be a stable residential address and also stability of job. Also your repaying capacity is decided by your CIBIL Score. So, you need to have a better CIBIL Score preferably 750.
- Will I have to keep any mortgage as a security to secure the personal loan from YES Bank?
No, you don’t keep any mortgage as a security to secure the personal loan from YES Bank.