YES Bank personal loan online is always there to cater to all your varied needs. The bank provides a personal loan at the lowest interest rate starting at 10.99% per annum. This unsecured loan can only be availed by salaried individuals for a maximum tenure of up to 5 years. The bank offers the loan amount of up to Rs.25 lakh to fulfill your multiple needs. The YES Bank personal loan interest rate is influenced by many factors such as income, cibil score, repayment capacity, employment type, category of the employer, company tie-ups, salary accounts, etc. Thus, it is always advisable to keep the above points in mind to enjoy YES bank lowest interest rate.
YES Bank Personal Loan Interest Rates, January 2020
|Interest Rates||Starting at 10.99% per annum|
|Loan Amount||Rs.1lakh-40 Lakh|
|Tenure||1-5 Years (12-60 Months)|
|Processing Fee||Up to 2.50% of the loan amount subject to a minimum of Rs. 999+GST|
|Minimum Monthly Income||Rs.25,000|
|Total Work Experience||Minimum 2 Years|
|Cibil/Credit Score||Above 700 (out of 900)|
|EMI Per Month|
|Foreclosure Charges||2% of Principal Outstanding(37 – 48 months), 3% of Principal Outstanding (25–36 months), 4% of Principal Outstanding (13 – 24 months), >48 Months Nil|
|Pre PartPayment Charges||2% on part payment amount paid+GST(allowed post repayment of 12 EMI’s)|
|Charges for late payment of EMI||24% per annum on the amount outstanding from the date of default|
Factors Affecting YES Bank Personal Loan Interest Rates
Credit Score: Make sure you have a credit score of above 700 out of 900 in order to have a smooth personal loan journey. In the case of a personal loan which is an unsecured loan, lenders always look for a low risk credit profile. And, checking a cibil score is one of the best ways to know the same. Thus, maintaining a healthy credit score helps in enjoying an attractive interest rate.
Monthly Income: If your monthly income is high which means you can easily repay the loan without any default. Thus, in such a case, the lender can provide you the loan at a lower interest rate.
Repayment History: Try to maintain a good repayment history by paying all your dues or bills on time. A fair repayment track shows the creditworthiness of a borrower and leaves positive impression lenders. And, which in result leads to competitive personal loan interest rates.
Employment Type: Your employment status also plays a crucial role in deciding the interest rate. If you are a salaried individual, it helps in boosting your eligibility, thus helps in enjoying a lower interest rate. And, if you are a government employee, nothing could be better than this. A government employee status comes with job and income stability, which means an individual will repay his/her loan without any default. So, by considering this thought, the lenders would offer a loan at an attractive interest rate.
Category of the Employer: If your employer comes under CAT A, CAT B or if you work in a Fortune 100 or 500 Company or MNC, higher chances of you getting a loan at an attractive interest rate. In such a case, the credibility of your loan profile increases hence lender can trust you for loan repayment.
Existing Loan/Liability:If a borrower has an existing loan or financial liability, it could also be an influential factor affecting personal loan interest rates. In such a case, the possibility of loan default would be high as a borrower already has an extra financial burden. Thus, one can expect to have a higher interest rate.
Company Tie-up: If the company you work in has a tie-up with a particular bank which means you have a salary account in the same bank. And, with a regular flow of income, it would be easy for you to repay the loan. Thus, lenders also take this factor into account and personal loan at an attractive interest rate.
What are the Documents Required for YES Bank Personal Loan
- Application Form
- Identity Proof (passport, driving license, Aadhar card, voter ID)
- Address Proof: A valid form of ID proof with the permanent address (should be at least a year old)
- Income Proof: Bank statement from the last three months
Features and Benefits of Yes Bank Personal Loan
No Collateral: No need to submit any sort of collateral to the bank while availing a personal loan online.
Flexible Repayment Options: The bank allows the borrowers to choose the tenure as per their repayment capacity. With flexible loan tenure options of up to 5 years, one can choose a repayment schedule that suits him/her the best.
1-minute in-principle Approval: A borrower can check his eligibility for a YES Bank personal loan in 60 seconds or less by using the personal loan eligibility calculator. Also, a YES bank mPower Bot for 1-minute in-principle loan approval can be used for the same purpose.
Quick Disbursal: Soon after your YES bank personal loan has been processed and sanctioned, the funds will be disbursed quickly in your bank accounts. With fastest disbursals, it would be easy for you to use the money instantly to fulfill your varied needs.
Lowest Interest Rates: Don’t know what is the interest rate for Personal Loan in yes Bank? The answer is here. The bank offers the lowest interest rates to the borrowers just to ease their loan burden. With interest rates starting at 10.99%, it would be easy to repay the loan.
Easy to Apply Online: The online applying process is really easy. You just need to follow some simple steps and within a few minutes along with basic documentation, you would be able to apply online for a personal loan.
Speedy Approval: Soon after meeting the required eligibility criteria, it would be easy for a borrower to expect the fastest approval. Yes, the lender gives speedy approval to eligible borrowers and helps in meeting plenty of needs.
Transfer Existing Loan: A borrower can opt for a YES bank personal loan balance transfer to reap the maximum benefits. Transfer your high-cost existing personal loan from another bank to YES bank and reduce your loan repayment burden.
Top up Facility: The bank also allows you to enjoy the benefits of top-up, wherein an additional fund will be added to the threshold limit. With YES Bank personal loan top up details, you can have the extra funds by your side, thus you can easily meet your multiple needs without thinking about the money.
Doorstep Service: To make your personal loan journey convenient and full of comfort, YES Bank offers doorstep services. With the help of the same, the bank representative will pay a visit to your home or office for the completion of the loan process. The representatives will ensure that documentation will be done properly so that you can enjoy a hassle-free personal loan journey.
Net Banking & Mobile Banking Facilities: With many amazing facilities such as net and mobile banking, it would be easy to always manage your personal loan, track the transactions. Hence, you can have easy access to your loan on the go.
YES Bank Personal Loan Processing Fee & Charges
The lender provides a personal loan to the applicants with a one-time processing fee. This fee is non-refundable and is charged at the time of loan sanctioning. For a YES bank personal loan, a borrower needs to pay a processing fee of up to 2.50% of the loan amount along with GST.
YES Bank Personal loan Part Payment Option
In case you have a lump sum amount and are looking to reduce your loan repayment burden, YES Bank with its part payment facility allows you to do that. With the help of the same, you can pay a big chunk of the principal amount,which in result will reduce your EMIs and overall loan burden.
YES Bank Personal Loan Customer Care Number
To make your personal loan journey enjoyable and easy, the customer care executives are always there to help. You simply need to dial 1800 1200 (Toll-Free), +91 22 6121 9000 either from your mobile or landline. The executives will listen to your query, feedback, suggestion or complaint and ensure that your personal loan would be a smooth ride.