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  • YES BANK Personal Loan Eligibility

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  • YES BANK offers personal loans of up to Rs.40 lakh to both salaried and self-employed individuals, provided they meet the pre-specified eligibility criteria. Before approving a personal loan application, YES BANK checks an applicant’s age, monthly income, outstanding liabilities, employment status and history, work experience, and the number of years the individual has lived in their current residence.

    YES BANK Personal Loan Eligibility Criteria

    Particulars Salaried Self-Employed
    Age 21 to 60 years 25 to 65 years
    Income Rs.25,000 Per month (if they reside in tier 1 cities)
    Rs.18,000 Per Month (if they reside in tier 2 cities).
    -
    CIBIL 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 10.75% p.a. 10.75% 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

    *Note: Any other conditions specified by the lender with regard to your employment history, etc., will have to be met to borrow a loan from YES BANK.

    Factors Affecting YES Bank Personal Loan Eligibility

    • Age: Your age at the time of applying for a personal loan will have an impact on your eligibility. Individuals who are in their 20s and 30s may be able to borrow a higher loan amount since they can opt for a long repayment term. This is, however, subject to the applicant meeting the other criteria, as well.
    • Income: You will need to meet the lender’s minimum income requirement of either Rs.25,000 or Rs.18,000 (based on where you reside) to qualify for a personal loan. Individuals who earn a good income can borrow more since their repayment ability is also likely to be more.
    • Work experience: Lenders usually only offers personal loans to applicants who have been employed or running their business for a few years since a good work experience will indicate that one is financially stable.
    • CIBIL score: To be eligible to borrow a high loan amount at a competitive rate of interest, the applicant should have a CIBIL score of over 700.
    • Financial liabilities: If you have financial liabilities like outstanding loans or credit cards debts, you may not be eligible to borrow much since your repayment capacity is likely to be lower.

    How to Improve Chances of Getting a Personal Loan from YES BANK

    • Maintain a good credit score: The best way to improve your chances of getting approval for a personal loan is by improving your credit score. It is advisable to maintain a credit score of over 700 if you are looking to borrow a personal loan.
    • Wait till you earn a good income: The income that you earn will play a role in whether you receive approval for a personal loan or not. Thus, make sure to check the lender’s income requirement before you submit your personal loan application. If you do not currently earn the required amount, ensure that you wait until you start earning more before you submit your application.
    • Choose a loan amount that is within your repayment capacity: The loan amount that you opt for should be something that you can repay without any hassle on a monthly basis. If you opt for a sum that is not in line with your repayment capacity, it is likely that the lender will reject your application.
    • Do not apply to multiple lenders at once: Applying to multiple lenders at the same time can affect your CIBIL score, thus making it difficult for you to avail a loan. Therefore, ensure that you compare the particulars of various loans and apply to a suitable lender accordingly.

    YES BANK Personal Loan Details:

    Interest Rate 10.75% p.a. onwards
    Loan Amount Up to Rs.40 lakh
    Loan Tenure 12 months to 60 months
    Processing Fees Up to 2.5% (Minimum – Rs.999 plus GST)

    FAQs

    1. Does personal loan eligibility depend on the reason for which I wish to borrow funds?
    2. No, you will be approved for a personal loan from YES BANK provided that you meet the lender’s eligibility criteria. The reason for which you wish to borrow a loan does not play a role in the approval of your application.

    3. What are the documents required to be eligible to borrow a personal loan?
      • Identity proof
      • Address proof
      • Proof of income
    4. Are all eligible customers charged the same rate of interest?
    5. No, the lender charges interest rates that start at 10.75% p.a. The actual interest rate that you will be charged will vary based on your credit score, the loan tenure that you opt for, repayment capacity, etc.

    6. What is the minimum loan amount that eligible individuals can borrow from YES BANK?
    7. The minimum loan amount that can be borrowed is Rs.1 lakh

    8. If I meet the eligibility criteria, how long will it take YES BANK to process my loan application?
    9. YES BANK will update you about the status of your personal loan application within 5 days of receiving your application.

        

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