Yes Bank Personal Loan
Yes bank was established in 2004, thus is a new entrant in the field of banking. It has become fourth largest private sector bank within a short period of 14 years. It is an aggressive player in the field of home loans and personal loans.
Yes Bank Personal Loan Eligibility Criteria
For being eligible for Yes bank’s personal loan, the borrower should have completed 22 years of age and should not have completed 58 years of age. The applicant should have a steady monthly income of minimum Rs. 25,000 per month to be eligible to get a personal loan from Yes bank. The personal loans are available to salaried as well as self-employed persons with a regular flow of income.
For availing the personal loan from Yes bank, you need to have a saving bank account with Yes Bank running for at least for six months on the date of application. Additionally, if you are staying in a rented house, you should have been tenant/lessee at the same place for a minimum period of two years. The condition of minimum stay at the place of residence is not applicable in case the house is owned by you or your family members.
Likewise, you should be working with the same employer for a minimum period of six months on the date of application and your total experience should be for a minimum period of two years. So unless you have completed two years of working, you can not avail the Yes Bank Personal loan.
Yes Bank Personal Loan Amount Eligibility
The amount of personal loan which you are eligible to get depends on various factors like your regular income, size of your family, whether you are staying in the rented house or self-owned house. Even if you are servicing any loan at the time of making the personal loan application, your loan eligibility comes down proportionately. Salaried are entitled to lower personal loan amount as compared to self-employed for the same level of income due to the practice of under reporting of income by self-employed.
Yes Bank Personal Loan Amount and Tenure
Yes bank provides the personal loans for an amount ranging from a minimum of 1 lakh to maximum of 25 lakhs depending on the eligibility determined on the basis of regular income. The overall eligibility for a personal loan can be enhanced either by fully repaying any running loan for which only a few EMIs are outstanding or alternatively one can opt for a longer tenure.
The minimum tenure for which you can avail personal loan is 12 months. The maximum period over which a personal loan is taken from Yes Bank can be repaid can extend to 60 months. One should opt for the tenure based on the monthly surplus available month after month for servicing the personal loan. Moreover while selecting the tenure over which you wish to repay the personal loan, you should take into account the foreclosure/prepayment charges for early part/full repayment of the personal loan as well as interest cost in case longer tenure is selected than one justified by your circumstances.
Yes Bank Personal Loan Documents Required
Along with your application form for the personal loan you are required to submit some basic documents known as Know Your Customer (KYC) documents to establish your identity and prove your address.
For establishing your identity, a copy of any of the documents namely your passport, Voter ID, driving license, and Aadhaar card are acceptable by Yes Bank. For address proof, you need to submit any documents with your photograph and address on it which is minimum one year old. So Aadhaar Card, Driving license and Voter ID are acceptable here as well. Additionally, if you can provide documents of ownership of the place where you are staying bank will consider the same. In addition to the identity and address proof, you have to establish your repaying capacity by way of income documents.
Salaried can submit salary slip for past 3 months with form no. 16 for last two years. Salaried also have to submit the copy of the bank statement for latest three months. Self-employed borrowers are required to submit copies of the Income Tax Return (ITR) along with profit and loss account and balance sheets for latest two years. For establishing the number of years, one has been in the profession or business, the self-employed if a professional can submit a copy of membership of the professional body. The self-employed engaged in business can submit the document like registration under GST, shop and establishment license certificate.
Yes Bank Personal Loan Interest Rates
The applicant for the personal loan has to pay a maximum processing fee of 2.50% of the amount of the loan subject however to a minimum processing fee of Rs. 999 along with the application form depending on the loan amount and credit profile.
Since personal loans are given without any security or guarantee they are priced at a relatively higher rate of interest. The Yes bank personal loans presently are available for interest rate ranging between 10.75% to 16.99%. The rate applicable will depend on the borrower’s credit profile. People with better credit history and score are able to get lower interest rate than one with not so good credit history. Salaried generally get a lower rate of interest as compared to self-employed due to better stability of income and low risk of default.
In case the borrower wishes to prepay the personal loan before completion of its tenure, the same can only be done after 12 EMIs have been paid. The charges are very steep if the personal loan is repaid after completion of 12 months but before completion of 24 months. The bank levies a prepayment penalty of 4% in such cases which goes down by one percent for each more year after which the repayment is made. There is no prepayment penalty after 48 months. The prepayment penalty is levied on the amount outstanding and being repaid.
Yes Bank Personal Loan Process
Yes bank is a new generation bank so is utilizing the technology extensively. It uses Bot popularly known as internet Robot to help the applicant ascertain online, prima facie eligibility in terms of amount. The application can be made online as well as offline.