|Yes Bank Personal Loan Interest Rates 2019|
|Interest rate||Starting from 10.75% p.a.||Starting from 10.75% p.a.|
|Loan Amount||Minimum: Rs.1 lakh Maximum: Rs.40 lakh||Minimum: Rs.1 lakh Maximum: Rs.40 lakh|
|Loan Tenure||Minimum: 12 months Maximum: 60 months||Minimum: 12 months Maximum: 60 months|
|Lowest EMI||Rs.4,654 p.m. (Calculated for the minimum loan amount for the longest tenure allowed at the lowest interest rate available)||Rs.4,654 p.m. (Calculated for the minimum loan amount for the longest tenure allowed at the lowest interest rate available)|
|Age||Not specified||Not specified|
|Prepayment Charges||No charges. But prepayment allowed only after 12 months. Part prepayments allowed: 20% for 12 – 24 months 20% for 24 – 36 months 25% for 36 – 48 months 25% for 48 – 60 months||No charges. But prepayment allowed only after 12 months. Part prepayments allowed: 20% for 12 – 24 months 20% for 24 – 36 months 25% for 36 – 48 months 25% for 48 – 60 months|
|Foreclosure Charges||Foreclosure is allowed only post repayment of 12 EMI’s Within 12 to 24 months: 4% Within 24 to 36 Months: 3% Within 36 to 48 Months: 2% After 48 Months: No charge||Foreclosure is allowed only post repayment of 12 EMI’s Within 12 to 24 months: 4% Within 24 to 36 Months: 3% Within 36 to 48 Months: 2% After 48 Months: No charge|
YES BANK offers personal loans designed to enhance the quality of life of a borrower. This loan can be used to fulfil any personal need, be it a wedding, medical expenses or travel and is available at extremely competitive interest rates. YES BANK personal loans are easy to avail and are minus the hassle free process associated with personal loan applications, ensuring it is extremely customer friendly.
Interest rates charged by YES BANK depend on factors like the borrower’s repayment capacity and purpose for funds and are some of the most competitive rates in India. The Base Rate at YES BANK is 10.50% per annum (effective 22/06/2015). Interest rates for the year 2015 are dependent on the current base rate and range between 14% per annum to 16% per annum, based on different parameters. YES BANK offers the option of repaying a personal loan through flexible EMIs, ensuring that repayment doesn’t become an additional financial burden.
EMI calculations form an extremely crucial aspect of every loan application process as they help an individual determine the amount he/she would need to repay every month in order to clear a loan, enabling a borrower to plan his/her resources accordingly. Calculating EMIs on your YES BANK personal loan are no longer a tedious task, thanks to Bankbazaar. One could log on to the Bankbazaar website and enter details about their personal loan (tenure, amount, interest rate) in the EMI calculator which then processes the information and displays the EMIs in a simple and easy to understand format.
An amortization table is a handy tool which provides a systematic breakdown of the entire loan repayment timeline. It indicates the variation between the Principal and Interest components for a particular loan, providing information which can make the repayment planning simple. Post each EMI payment the principal amount reduces and it is this reduced principal which is used to calculate interest for the next term. This calculation continues till the entire loan amount is cleared.
Example: Mr. Vivek avails a personal loan of Rs 1 lakh from YES BANK at an annual interest of 14% and a tenure of 5 years. His EMI comes up to Rs 2,327 per month. Mr. Vivek decides to consult the amortization table shown below in order to clear his loan and plan his repayment accordingly.
Loan amortization table
|Year||Principal paid (Rs.)||Interest paid (Rs.)||Balance amount (Rs.)|
The interest rate an individual pays for a YES BANK personal loan depend on multiple factors, some of which are mentioned below.
Note: Interest rates charged by YES BANK are at their sole discretion and subject to change.
The CIBIL score of a borrower can have an impact on the interest rate he/she pays for a YES BANK personal loan. YES BANK relies on the CIBIL score of an applicant to gauge his/her repayment capacity and credit history and it is possible for a borrower with a good CIBIL score to negotiate interest rates charged by YES BANK, on account of this score. Borrowers with a poor CIBIL score could end up paying a higher interest rate as they might not come across as credit worthy and it is possible for banks to charge higher interest rates in such cases.
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