Yes Bank Personal Loan Eligibility | Yes Bank Personal Loan
Yes Bank Personal Loan Eligibility Criteria
There are certain factors or criteria stipulated by banks which needs to be satisfied before loan applications are approved. They are
| Age | Minimum 21 years |
| Maximum 65 years | |
| Nationality | Indian |
| Employment Type | Salaried or Self-employed |
| Employment status | Employed/In-business for at least 2 yrs. and at least 1 yr. with current employer/business |
| Minimum Income | Rs.4000 - Rs.20000 per month (Varies according to area, which is higher in cities) |
| Maximum Loan Amount | Rs.70 lakhs (Based on your repayment capability) |
| Tenure | Minimum – 6 months |
| Maximum – 60 months | |
| Credit Score | Preferred 750 |
These are the general criteria which you need to satisfy for your loan to be approved. These criteria will change from bank to bank.
Documents Required for Yes Bank Personal Loan
Important documents to be submitted while applying for personal loans
- Completed loan application
- 3 Passport size photographs
- Statement of Bank Account/ Pass Book for last six months
- Proof of residence (photo copies of recent Telephone Bills/ Electricity Bill)
- Proof of identify (photo copies of Voters ID card/ Passport/ Driving licence/ IT PAN card)
- IT returns for the three years for self-employed professionals
- Form 16/IT returns for the last two financial years for salaried employees
Factors Affecting Yes Bank Personal Loan Application
Apart from the eligibility criteria there are certain factors that affect your loan application mainly the minimum salary expectation and your loan amount eligibility. They are
- Location: the place where you stay play an important part in your loan application. This determines the minimum salary amount for you to be eligible for a personal loan. The minimum salary is higher in the cities and more so in the case of metropolitan cities like Mumbai.
- Income: The higher the income the better loan amount you will get. This also shows that your repayment capability is excellent.
- Housing situation: Whether you stay in your own house or in a rental property also play a part in determining your loan amount. This is because staying in a rental property reduces the disposable income, which means that your repayable capacity is reduced.
- Company of employment: Working for a reputed company close to a year could indicate to the lender you are in a stable job, the better the rating of the company the better the personal loan interest rate can be negotiated.
- Existing credit: If you already have another loan or credit card debt will play a major factor in determining your loan amount and interest rate.
- Credit history: Your credit history based on which your credit score is calculated is very important. It is a primary factor upon which the loan amount, interest rate and tenure depend upon. If there is any discrepancy in your credit history, there are chances of your loan being rejected outright.
Yes Bank Personal Loan
YES Bank is India's fifth largest private sector bank, founded in 2004. YES Bank is the only Greenfield Bank license awarded by the RBI in the last one decade. YES Bank is a “Full Service Commercial Bank”, and has steadily built a Corporate, Retail & SME Banking franchise, Financial Markets, Investment Banking, Corporate Finance, Branch Banking, Business and Transaction Banking, and Wealth Management business lines across the country. YES Bank has banking network of over 600 branches and 2,000 ATMs giving it a major presence in urban India.
Yes Bank personal loan eligibility criteria for salaried and self-employed person
Age limit: Minimum – 21, Maximum – 60
Minimum Loan Amount for Yes Bank Personal Loan:
Yes Bank provides personal loans starting from Rs.2 Lakhs
Maximum Loan Amount for Yes Bank Personal Loan:
Yes Bank provides loans to a maximum of Rs.20 Lakhs
Minimum Salary Requirement for Yes Bank Personal Loan: Minimum net income required for Yes Bank personal loan is Rs.25000 per month
Work experience Required for Yes Bank Personal Loan
Number of years in current company: 6 months
Total work experience: Minimum 2 years
Yes Bank Personal Loan Tenure: Yes Bank offers loans for a tenure with maximum of 60 months
Yes Bank Personal Loan Interest Rate: The interest rate for Yes Bank personal loan is 13.99% to 16.99%
Yes Bank Personal Loan Charges
Loan processing charges: Up to 2.50% of the loan amount subject to a minimum of Rs.999/- plus taxes
Foreclosure charges: Foreclosure of loan is not allowed up to payment of 12 EMI's. Thereafter 4% of Principal Amount + S.T.
Foreclosure Charges (Full Pre-payment)
- 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
Pre-part payment Charges: Part payment of Loan is allowed post repayment of 12 EMI’s, 1% plus applicable taxes on part payment amount paid.
Part payment of Loan is allowed post repayment of 12 EMI’s
- 20% Principle Outstanding for 12 – 24 months
- 20% Principle Outstanding for 25 – 36 Months
- 25% Principle Outstanding for 37 – 48 Months
- 25% Principle Outstanding for 49 – 60 Months
Duplicate No Due Certificate/No Objection Certificate (NOC): Rs.250/- Per event
Charges for late payment of EMI: 24% per annum on amount outstanding from date of default
How can I get Yes Bank Personal loan?
Personal loan Application Process for Existing Customers
Existing customers can apply for a Yes Bank Personal online or visit a nearby Yes Bank branch for the application. You can also download the home loan application form from the Yes Bank official website, complete the form and submit it to the bank representative. Due to already existing scenario the chances of approval of the application will be high and dispersion of funds fast.
Personal loan Application Process for New Customers
The process to apply for Yes Bank personal loan when it comes to new customers is same as with existing customers. The only difference is due to lack of previous relationship the loan approval process will take some time – maximum of a week as all the verification process will take place.
You can also check your eligibility for a personal loan through CreditMantri and apply for it.
Yes Bank Personal Loan Customer Care
In case of any queries regarding Yes Bank personal loan – be it application process, eligibility criteria, loan approval or loan dispersal can be obtained through Yes Bank Personal Loan Customer Care toll-free number 1800 2000