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Eligibility Criteria for YES Bank Personal Loan

Yes Bank Personal Loan Eligibility

Particulars

Salaried

Self-Employed

Age

21 to 60 years

25 to 65 years

Income

Rs. 25,000 per month (if residing in tier 1 cities)
Rs. 18,000 per Month (if residing in tier 2 cities).

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Credit Score

700 and above

700 and above

Loan Amount

Rs. 1 Lakh to Rs. 40 lakhs

Rs. 1 Lakh to Rs. 40 lakhs

Loan Tenure

1 - 5 years

1 - 5 years

Interest Rate

10.99% p.a.

10.99% p.a.

Processing Fee

Up to 2.5% (Min Rs.999)

Up to 2.5% (Min Rs.999)

Prepayment Charge

After 12 EMIs, 4% of principal outstanding + Service Tax

After 12 EMIs, 4% of principal outstanding + Service Tax

Overview of YES Bank Personal Loans

YES bank distinguishes itself with its quick and easy personal loans processing. Borrowers can easily fulfil various personal requirements with the help of these personal loans. Additionally, if you require extra funds and unsure of any other easy solution, YES bank’s loan can be an ideal choice.

YES bank personal loans can be used for meeting various type of financial expenses such as payment of medical bills, marriage expenses, vacation expenses, home renovation, etc. A personal loan of a maximum of Rs. 20 lakhs can be easily availed if you can meet the eligibility criteria set by the bank. Also, Yes bank Personal Loan is easy to repay as it comes with flexible loan tenure ranging from 12 to 60 months.

YES BANK offers personal loans of a maximum of Rs. 40 lakhs and it is available for both salaried and self-employed individuals. Before approving and disbursing a personal loan application, YES BANK verifies an applicant’s age, monthly income, liabilities outstanding, employment status, work experience, and the years residing in the current stated residence. It also verifies an individual’s credit history before granting a personal loan.

Factors Influencing YES Bank’s Personal Loan Eligibility

Age: An applicant’s age at the time of the personal loan application will have an impact on his/her eligibility. Individuals in their 20s and 30s can get a higher loan amount since they can choose a longer repayment term. This will however be subject to the applicant meeting the remaining criteria set by the bank.

Income: An applicant has to meet the bank’s minimum income criteria of either Rs. 25,000 or Rs. 18,000 (depending on his/her place of residence) to qualify for a personal loan. Individuals having a good income can easily borrow more amount since they will most likely have better repayment ability.

Work experience: YES bank only offers personal loans to applicants employed or self-employed through a business for a few years. A good work experience indicates an individual’s financial stability.

Credit score: To be eligible to borrow a higher personal loan amount at competitive interest rates, an applicant should have a credit score above 700.

Financial obligations: In case you have outstanding financial liabilities like loans or credit cards debts, you may not qualify to borrow a larger sum of personal loan since your repayment ability might be lower.

Maximum Personal Loan Amount Offered by YES Bank

YES Bank offers many personal loan variants such as Platinum, Personal Plus, Diamond and Diamond plus, Gold, Gold Plus and Silver, Sarkaar, Guru and Vijay. The table below shows the maximum loan amount offered in each of the loan categories:

Personal Loan Variants

Maximum Loan Amount

Platinum

RS. 15 Lakhs

Personal Plus

RS. 20 Lakhs

Diamond Plus, Diamond

RS. 15 Lakhs

Gold, Gold Plus and Silver Plus

RS. 10 Lakhs

Sarkaar, Guru and Vijay

RS. 12 Lakhs

YES Bank’s Assessment of Personal Loan Eligibility via FOIR

YES Bank uses Fixed Obligation to Income Ratio (FOIR) to measure the personal loan eligibility of people having different incomes. In easier terms, FOIR is the percentage up to which EMI is permissible from an applicant’s income. While determining the personal loan EMI and other existing obligations, the proposed loan obligation is deducted from the net monthly income to calculate an individual’s eligibility. Here is the FOIR used by YES bank for various incomes and personal loan variants.

Personal Loan Variants

Monthly Income

FOIR

Platinum/Diamond/Sarkaar/Guru/Gold Plus/Vijay

Less than Rs. 35,000
Beyond Rs. 35,000

60%
65%

Gold/Silver Plus

Less than Rs. 35,000
Beyond Rs. 35,000

55%
60%

Features of YES Bank Personal Loan

No Collateral – For YES bank’s personal loan, you don’t have to submit any collateral or security. Since there’s no collateral requirement, you can immediately access the loan that is credited to your account.

Repayment Flexibility – Flexible repayment is an important feature of YES bank’s personal loan facility. YES Bank offers a flexible repayment tenure that ranges from 12 months to a maximum of 72 months. You can choose a loan tenure as per your monthly income and therefore, your repayment capability. You can make repayment through the easy monthly instalment option. You can also get the pre-estimate on the EMI amount by using the YES bank Personal Loan EMI Calculator. This can help you in better managing your finances.

Balance Transfer Facility – If you have been paying a higher interest rate on an existing personal loan from another bank, you can easily switch to YES bank’s balance transfer facility and make use of lower interest rates. This will bring down the monthly EMI and also reduce the interest obligations in the long run. The balance transfer process is easy and all you need to do is submit a balance transfer request to the bank. You will then have to arrange for a No-objection Certificate (NOC) and the loan statement from your existing lender. YES bank will then check your repayment track record and if everything looks ok then it will approve the application.

Part Payment Option – During the loan tenure, if you want to make part-payment of the outstanding principal amount, you can do so by using the part payment facility offered by the bank. This can help in reducing the overall interest burden. However, before you apply, you must note that you can part-pay only up to 20% of the principal due before loan tenure. You will have to pay the remaining loan amount as per the pre-decided schedule. Charges apply at 1% of the part payment amount.

Foreclosure Facility – YES bank offers a foreclosure facility which can be used to make part or full payment of your principal outstanding amount after completing one year of the loan tenure. This means you can opt for the facility at any time after making timely payments of the first 12 EMIs. Charges will be applicable in case you prepay before the completion of 48 months. The foreclosure charges usually range from Nil to 4% and are calculated on the outstanding principal amount.

Quick Disbursal – Once your loan is processed and approved, the funds will get disbursed a few hours. This ensures the availability of funds at a short notice and can be helpful during emergencies such as medical expenses.

Reasonable Rate of Interest – YES bank offers very competitive interest rates starting at just 10.45%. on personal loans

Easy Online Application Process – You can apply for a YES bank personal loan easily using the bank’s online services. This makes the process quick, easy to follow and requires minimal documentation.

Ways to Improve Personal Loan Eligibility

Good credit score: The ideal way to improve your loan eligibility is by improving your credit score. It is ideal to maintain a credit score above 700 if you are looking for immediate personal loan approval.

Ensure Sufficient Income: Your income plays an important role in deciding your eligibility and chances of instant approval for a personal loan. Hence, make sure to check the bank’s income threshold before you apply for a personal loan. In case your current income is lower than the eligible range, ensure that you wait for it to increase before submitting the personal loan application. This will avoid the chances of the loan application being rejected.

Borrow a loan amount within your repayment capability: The loan amount that you apply for should be within your repayment capacity. It should not be a hassle to make EMI payments every month. If you choose a loan that is not within your repayment capacity, the lender may reject your application.

Avoid multiple lenders at once: Reaching out to multiple lenders at the same time can individual your desperation for a loan and this will affect your credit score. This will further make it difficult for you to get a personal loan easily. Hence, ensure that you compare the various loans and apply to a lender which best suits your requirements.

Overview of YES Bank

YES bank is one of the largest private sector banks in India and is known to cater to the varied financial needs of individuals and corporates alike. It has exclusive products and service variants that are unparalleled in the country. The bank aims to meet the financial needs of millions by offering some of the best personal loan packages.

FAQs – Personal Loan Eligibility – YES Bank

1. How can I get a personal loan from Yes Bank?

You can apply for a YES bank personal loan on the bank’s website. Before doing so, you may want to check your eligibility by looking for a personal loan eligibility calculator online.

2. What is the interest rate of Yes Bank Personal Loan?

The interest rate charged by Yes Bank for a personal loan is a minimum of 10.75%.

3. What is the processing fee applicable for Yes Bank Personal Loan?

The processing fee applicable on Yes Bank Personal Loan is up to 2.50% of the loan amount with a minimum of Rs. 999 plus GST.

4. What is the customer care number of Yes Bank?

You can contact 1800 1200 (Toll-Free Number) to raise queries about YES bank.

5. Does the reason for borrowing a personal loan has any effect on YES bank personal loan eligibility?

No, your loan application with YES bank will be approved if you meet the eligibility criteria set by the bank. The reason for which you wish to borrow a personal loan does not impact your eligibility.

6. What are the documents required to be eligible to borrow a personal loan?

Here are the documents required to borrow a personal loan:

  • Identity proof
  • Address proof
  • Proof of income

7. Does YES bank charge the same interest rate to all eligible customers for a personal loan?

No, YES bank charges interest rates starting 10.99% p.a. The actual interest rate charged can vary based on an individual’s credit score, the loan tenure, repayment capability, etc.

8. Is there a minimum loan amount that individuals can borrow from YES bank?

The minimum loan amount which can be borrowed from YES bank is Rs. 1 lakh.

9. What is the general timeline for processing of YES bank personal loan if an individual meets the eligibility criteria?

YES Bank will update the applicant regarding the status of the personal loan application within 5 days from receiving the same.

10. What is the timeline offered by YES Bank to repay a personal loan?

YES BANK offers flexible loan repayment terms for individuals, and the loan tenure can vary from 12 months to 60 months.

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