Yes Bank is a leading private sector bank in India and enjoys an excellent reputation with the customers. Yes Bank offers various types of financial products and services for customers, including and not limited to personal banking services such as Bank Accounts, Home Loans, Car Loans, Fixed Deposits, Insurance Policies, Locker Facility, and much more. One of the most popular offerings from Yes Bank is the Personal Loan.
Personal Loans are unsecured offering designed to help the borrowers meet their varied financial requirements easily. If you are also contemplating applying for this facility, then here are some important things to know about Yes Bank Personal Loan.
Eligibility Criteria to Apply for Yes Bank Personal Loan
- Age: The minimum acceptable age to apply for Yes Bank Personal Loan is 21 years, while the maximum acceptable age is 60 years.
- Employment: Yes Bank Personal Loans are available for salaried employees working with government or reputed private sector firms.
- Work experience: Borrower should have work experience of at least 2 years and should have been working with the present employer for 1 year.
- CIBIL Score: A CIBIL Score of 750+ is required to be eligible for Yes Bank Personal Loan. Though, borrowers with CIBIL Score of 700+ are also eligible on fulfilment of certain conditions.
- Monthly income: The borrower must have a minimum monthly income of Rs. 18,000 to be eligible.
- Maximum amount: Depending on the credit profile of the borrower, the maximum amount available can go up to Rs. 40 Lakhs.
- Existing customer: The borrower must be an existing customer of the bank for at least the last 12 months.
Documents Required for Yes Bank Personal Loan
Before you apply for a Personal Loan with Yes Bank, you must prepare the following documents to support your application:
- Income Tax Returns for the last two years with Form 16.
- Bank statements for the last 6 months showing credit of salary
- Completed application form with passport size photographs
- Valid KYC documents, i.e., PAN Card, Aadhar Card, Electricity Bill, etc
- Salary slips for the last 3 months
- Any other documents as and when required shall be provided to the bank
Features of Yes Bank Personal Loan
Yes Bank Personal Loans come with various attractive features which make them an option worthy of your consideration:
- Loan amount: You can avail unsecured personal loan up to Rs. 40 Lakhs from Yes Bank. The minimum amount that you can apply for is Rs. 1 Lakh. Such high-value loans are useful in handling financial requirements with relative flexibility.
- Interest rates: Yes Bank Personal Loan Interest Rates start from as low as 10.99% per annum, which is one of the most competitive ones in the market. A low rate of interest helps reduce your interest outflows and also keep the EMIs at manageable levels.
- Repayment tenor: You can opt for a repayment tenor ranging from 12 months to 60 months for a Yes Bank Personal Loan. This flexibility, while opting for a repayment tenor, helps you keep the EMIs at comfortable levels and reduces pressure on your monthly financials.
- In-principal approval: You can check your eligibility for Yes Bank Personal Loan within 60 seconds with the help of the online Personal Loan eligibility calculator. Yes Bank offers 1-minute in-principal approval for Personal Loan applications through the mPower Bot.
- Multiple modes of application: You can apply for Yes Bank Personal Loan through multiple channels. Website, mobile app, net banking, or branch banking, you can opt for the preferred medium and conveniently submit your application.
- Prompt approvals: Once you have submitted all the required documents along with the completed application form, the bank will only take 5 days to assess your application. But if the documents are not correct or are incomplete, the time taken increases significantly.
- Balance Transfer: If you have an existing Personal Loan with another bank, you can opt for a Balance Transfer to Yes Bank. This will help you reduce your interest cost, and you can also acquire a Top-Up on your Personal Loan for any additional requirements that you may have.
- Part pre-payment: If you have some spare funds and wish to make a pre-payment towards your Yes Bank Personal Loan, you can do so after payment of 12 EMIs. You will also pay the pre-payment charges as specified by the bank from time to time.
- Doorstep banking: Yes Bank offers the facility of door-step banking wherein the representative will come to your place to complete all formalities. You need not go anywhere for the processing of the loan application.
- Repayments: Repayment for your Personal Loan EMIs should be made through the ECS facility. To avail this facility, you must have a chequebook for your account.
- No Collateral: As Yes Bank personal loans are unsecured in nature, you need not offer any collateral to secure the loan amount. This relieves you of any tension regarding the possible loss of your asset.
- Net Banking: You can access the complete details regarding your Personal Loan account through your net banking account or mobile banking app.
Yes Bank Personal Loans offer you a flexible credit line for generating funds during times of emergency. Though, as these loans are still a form of borrowing with a fixed interest cost, you must undertake thorough research to identify key aspects and apply only if it is suitable for your needs and circumstances.