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Personal Loan

Yes Bank keeping in mind the rising expenses and needs of an individual provide for personal loans. Personal loans also known as unsecured loans are loans made available to individuals in order to fulfill certain unavoidable expenses such as a wedding, Home renovation, purchase of car, to finance a vacation of one kind or another and a lot of other things. Such loans are available without any security or collateral to ensure repayment of the amount. These personal loans are made available to the customers in a lot of variants and the application process is also kept simple n hassle free in order to ensure easy approval of the loan and fast disbursement of the total amount.

Yes Bank Personal Loan Interest Rate

Interest Rate Starting from 11.49%
Loan Tenure Min: 1 year and Max: 5 years
Loan Amount Upto Rs 20 Lakh
Processing Fee Up to 2% of the loan amount
Pre-payment Charges Foreclosure of loan is not allowed up to payment of 12 EMI's. Thereafter 4% of Principal Amount + S.T.
Foreclosure Charges
  • 13 -24 Months of EMI Repayment -4%
  • 25 -36 Months of EMI Repayment -3 %
  • 37 -48 Months of EMI Repayment-2%
  • >48 Months of EMI Repayment -Nil

Key Features of Yes Bank Personal Loan

  • The loan is a multipurpose loan. It can be taken for purposes such as wedding, Home renovation, vacations or funding of certain courses. In short, these loans are issued for expenses which are unavoidable and need to be made on an urgent basis.
  • These loans are easy loans, made available to customer without any security or collateral. Hence, these loans are also known as unsecured loans. The applicant need not keep any security with the bank for obtaining a personal loan.
  • Yes Bank Personal Loan comes at low interest rates, thus making the EMI’S smaller and easier for the applicant to payback.
  • The bank offers flexible repayment options.
  • Loans can be availed for a minimum amount of Rs.2 lakhs to a maximum of Rs.20 lakhs.
  • The bank also offers part pre payment of the loan at zero cost.

Yes Bank Personal Loan Eligibility

Before applying for YES bank loan, the applicant must fulfill certain criteria. Below is a list of eligibility criteria required for the applicant to match so that he or she will be eligible to seek a loan from the bank:
 

  • Age: An individual between the age group of 23-58 years can make a valid application for the loan
     
  • Income: An individual with a net monthly salary of RS.25000 is eligible for a loan with the bank.
     
  • Job/Business stability: The applicant must have had spent a minimum of six months at his/her current job.
     
  • Total work experience: The applicant must possess a minimum work experience of two years.
     
  • Residence: The applicant must have spent a minimum of 2 years in his/her current residence or at permanent address.

Documentation Required

  • Application Form: An application form filled with all the necessary details and credentials of the applicant is required. The applicant must make sure that the details filled are accurate and the name in the application form appears as is mentioned in other documents provided by him as proof.
     
  • Identity Proof: Copy of Passport / Voter ID card / Driving License/Overseas citizen of India card/Person of Indian origin card. Any one among the above documents can be submitted as a valid Identity Proof because all the listed documents have the individual’s photograph along with his or her name against the photograph proving the identity of the applicant.
     
  • Address Proof: Copy of Ration Card / Electricity or Telephone Bill / Rental Agreement / Passport/Bank account statement/PIO card/Overseas citizen of India card/Latest IT return. Out of the afore-mentioned documents, any one document is enough to serve as a valid address proof.
     
  • Age proof: PAN card/.Passport copy: Any one of the documents can be submitted as a valid age proof because these documents state the correct age of the applicant.
     
  • Signature proof: PAN card/Driver’s license/Passport copy/Banker attested Bank statements. The applicant can submit any one of these documents. However, the signature on these documents should be clear and legible. Such signature should also match with the signature of the loan application form and is to be maintained throughout the loan tenure.
     
  • Last 6 months bank statement along with IT returns for the last two years: These documents seek to verify the applicant’s income status prior to making the application for loan which also depicts the individual’s financial picture depicting the credit worthiness of the person
     
  • Salary Slips for last three months: Which is used to legally depict the current net salary of the individual and to check whether it matches the level of minimum net monthly income as laid down in the eligibility criteria checklist.

Fees and Service Charges

Yes Bank Personal Loan availed is also subject to fees and charges which are mentioned below:
 

  1. Prepayment Fees: Part prepayment can be done only after completion of 6 months from the date of first disbursement i.e. prepayment of the loan can be done only after the applicant has had made a minimum of 6 EMI payments. The bank levies a charge of 4% on the principal outstanding amount, if the loan is pre closed within a period of 12 months from the date of disbursement of loan or till 12 EMI repayments. Post that, the bank allows foreclosure or prepayment of the loan at zero cost.
     
  2. No objection Certificate (NOC)/No Due Certificate issuance Charges: The bank also issues a NO Objection Certificate on customer’s demand. A charge of Rs.750 will be taken from the applicant for every NOC that the bank issues.
     
  3. Duplicate No objection Certificate (NOC)/No Due Certificate issuance Charges: The bank also issues a duplicate copy of NO Objection Certificate on customer’s demand. A charge of Rs.250 will be taken from the applicant for every duplicate NOC that the bank issues.
     
  4. Late Payment Charge: The bank charges a late payment fee standing at the rate of 24% per annum on the outstanding amount to be calculated from the due date.
     
  5. Stamp Duty and other Statutory Charges: These charges are levied as per applicable charges in the state.
     
  6. Cheque Swap Charges:  The bank charges Rs.750 for every cheque swap instance.
     
  7.  Cheque Bounce Charges: The bank levies a penalty of Rs.750 per instance of cheque dishonor.
     
  8. Loan cancellation/Rebooking Charges: the loan which was applied for but not yet completely disbursed by the bank can be cancelled at the applicant’s discretion. Such a cancellation would incur charges at the rate of Rs.1000+interest calculated at the date of cancellation to the date of the first disbursement.
     
  9. Account Statement Charges: The bank levies a statement charge Rs.750 for every account statement that it issues.
     
  10. Duplicate Repayment Schedule Charges: The bank levies a charge Rs.750 for every duplicate repayment schedule that it issues.
     
  11. Legal and incidental Charges: These charges are levied on actual basis.
     
  12. Any other charge: The bank will levy other charges as applicable bind by the loan agreement and the sanction letter.

These charges are exclusive of applicable state taxes. Service tax and other statutory taxes as applicable will be levied over and above these charges.

YES Bank Personal Loan
(5/5 ) 1 Review
Personal LoanPersonal Loan
5/5

Good

I am using the services of Yes bank since 5 years and I am satisfied with their products and benefits. The bank is very quick in responding and solving any issue. I applied for a personal loan and it was processed within a week at very low interest rate.

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Posted on: Jan 19 , 2017