• YES Bank Personal Loan Interest Rates

    Yes Bank offers personal loan interest rates starting at 10.99% p.a. Yes Bank charges a processing fee of up to 2.50% of the loan amount, subject to a minimum charge of Rs.999. Both salaried and self-employed individuals can borrow personal loans from Yes Bank. The minimum loan amount that can be chosen is Rs.1 lakh, while the maximum loan amount is Rs.40 lakh. The minimum loan tenure is 12 months and the maximum loan tenure if 60 months. You can borrow a personal loan from Yes Bank to pay for medical bills, debt consolidation, buy gadgets or appliances, etc.

    Particulars Details
    Interest Rate 10.99% p.a. onwards
    Processing Fee Up to 2.50%, subject to a minimum charge of Rs.999
    Loan Tenure 12 months to 60 months
    Loan Amount Up to Rs.40 lakh
    Employment Status Salaried employees and self-employed professionals
    Credit Score Ideal score – Over 700
    Lowest EMI per Lakh Rs.2,174*
    Foreclosure Charges Up to 4% of the outstanding principal
    Overdue EMI Payment Charge 24% p.a. on the outstanding amount

    *Note: For the EMI calculation, it is assumed that a loan amount of Rs.1 lakh has been availed for a loan tenure of 60 months at an interest rate of 10.99% p.a., with a processing fee of 2.50%.

    Factors Affecting YES BANK Personal Loan Interest Rates

    • Loan tenure – The tenure of a personal loan can have an impact on the interest rates charged by a bank and it is possible for loans with longer tenures to attract a lower interest rate compared to loans with shorter tenures.
    • Repayment capacity –The repayment capacity of an individual is a crucial factor when it comes to determining interest rates. Generally, those with a higher repayment capacity will be charged a lower rate of interest.
    • Relationship with YES BANK – Individuals having a good relationship with YES BANK could be in a position to lower their interest rates, on the basis of their past behaviour and personal standing. It is possible for banks to lower interest rates for esteemed customers who have displayed a commitment to their payments in the past.
    • Employment details – Interest rates can vary according to the profession of a borrower. It is possible for salaried borrowers to get a lower interest rate compared to self-employed borrowers, thanks to them having a steady source of income. Borrowers with an unstable job history might not always have a steady income source and could end up paying a higher interest rate as the bank could view them as risky prospects.
    • Age – It is possible for banks to vary their interest rates depending on the age of a borrower as senior citizens (>60 years) might be charged a lower interest compared to youngsters (<30 years).
    • CIBIL score: Your CIBIL score helps the lender assess how likely you are to repay your loan, without defaulting on repayments. Individuals with a good credit score of over 700 will usually be offered a lower rate of interest. Those with low CIBIL scores may be charged a high interest, even if their loan application is approved.

    Other Fees and Charges

    • Duplicate No Due Certificate/No Objection Certificate: Rs.250 per event
    • Stamp duty charges: As applicable
    • Cheque swapping charges: Rs.750 per event plus taxes
    • Cheque bouncing charges: Rs.750 per cheque bounce plus taxes
    • Loan cancellation or rebooking charges: Rs.1,000 plus taxes
    • Legal charges: At actual
    • Statement of account charges: Rs.750 per schedule
    • Duplicate repayment schedule charges: Rs.750 per schedule

    Illustration

    The examples mentioned below will give you a better understanding of how your loan repayments will work when you borrow a personal loan from YES BANK.

    Example 1: Manisha, a graphic designer, earns a salary of Rs.50,000 per month. She wants to borrow a personal loan of Rs.1 lakh from Yes Bank. She chooses a tenure of 5 years to repay the loan at an interest rate starting from 10.99% per annum and a processing fee of 2.50% of the loan amount. Her loan repayment structure will be as follows:

    Loan Amount Rs.1 lakh
    Processing Fee 2.50%
    Loan Tenure 5 years
    Interest Rate 10.99% p.a.
    Month Principal Paid (A) (Rs.) Interest Paid (B) (Rs.) Total Payment (A+B) (Rs.) Outstanding Loan Balance (Rs.)
    1 15,880 10,206 26,086 84,121
    2 17,713 8,369 26,082 66,406
    3 19,764 6,322 26,086 46,644
    4 22,049 4,037 26,086 24,596
    5 24,595 1,488 26,083 0

    In Manisha’s case, her monthly EMI will be Rs.2,174. The total interest that she will be paying over the course of the loan repayment term will be Rs.30,425. She will also pay a processing fee of Rs.2,500. The total repayment amount will be Rs.1,32,925.

    Example 2: Dan works as a teacher in a leading international school in Delhi. He wants to take a personal loan of Rs.5 lakh to make his travel dreams come true. He chooses a loan tenure of 3 years and has to pay processing fee of 2.50% of the loan amount with interest rates starting at 10.99% per annum. His loan repayment details are given below:

    Loan Amount Rs.5 lakh
    Processing Fee 2.50%
    Loan Tenure 3 years
    Interest Rate 10.99% p.a.
    Month Principal Paid (A) (Rs.) Interest Paid (B) (Rs.) Total Payment (A+B) (Rs.) Outstanding Loan Balance (Rs.)
    1
    2
    3

    Dan will pay a monthly EMI of Rs.16,367 over the course of 3 years. He will be paying a total interest of Rs.89,212 along with a processing fee of Rs.12,500. His total repayment amount will be Rs.6,01,712.

    FAQs

    1. Can I make part-payments at any time during the loan tenure?
    2. You can make part-payments if you have paid at least 12 monthly EMIs to the lender.

    3. How long will YES BANK take to process my personal loan application?
    4. Once the lender receives all your documentation, you will be notified of the status of your loan within 5 days.

    5. What documents should I submit to apply for a personal loan from YES BANK?
      • ID proof
      • Address proof
      • Income proof
      • Application form
    6. Will YES BANK allow me to foreclose my loan before the end of the loan repayment term?
    7. Yes, you can foreclose your loan post 1 year of the loan tenure.

    8. Do I need to submit any security to avail a loan from YES BANK?
    9. No, prospective borrowers need not submit any security or collateral to avail a loan from the lender.

        

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