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  • YES Bank Personal Loan Interest Rates

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  • Yes Bank offers personal loan interest rates starting at 10.75% 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.25 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 10.75% 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.2,162*
    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 10.75% 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: Rohit, a call centre executive, earns a salary of Rs.30,000 per month. He will be borrowing a loan of Rs.1 lakh from YES BANK. He chooses a loan term of 1 year. He is charged an interest rate of 12% p.a. and a processing fee 2%. Rohit’s repayment structure will be as follows:

    Loan Amount Rs.1 lakh
    Processing Fee 2%
    Loan Tenure 1 year
    Interest Rate 12% p.a.
    Month Principal Paid (A) Interest Paid (B) Total Payment (A+B) Outstanding Loan Balance
    1 Rs.7,885 Rs.1,000 Rs.8,885 Rs.92,115
    2 Rs.7,964 Rs.921 Rs.8,885 Rs.84,151
    3 Rs.8,043 Rs.842 Rs.8,885 Rs.76,108
    4 Rs.8,124 Rs.761 Rs.8,885 Rs.67,984
    5 Rs.8,205 Rs.680 Rs.8,885 Rs.59,779
    6 Rs.8,287 Rs.598 Rs.8,885 Rs.51,492
    7 Rs.8,370 Rs.515 Rs.8,885 Rs.43,122
    8 Rs.8,454 Rs.431 Rs.8,885 Rs.34,668
    9 Rs.8,538 Rs.347 Rs.8,885 Rs.26,130
    10 Rs.8,624 Rs.261 Rs.8,885 Rs.17,507
    11 Rs.8,710 Rs.175 Rs.8,885 Rs.8,797
    12 Rs.8,797 Rs.88 Rs.8,885 Rs.0

    In Rohit’s case, he will need to pay a monthly EMI of Rs.8,885. The total interest that he will be paying over the course of the loan repayment term will be Rs.6,619. He will also pay a processing fee of Rs.2,000. The total repayment amount will be Rs.1,08,619.

    Example 2: Ravi, who is employed as a content development executive at a leading edutech start up in Bengaluru, earns a monthly income of Rs.60,000. He is planning a trip abroad for which he borrows Rs.2 lakh from YES BANK. He chooses a loan tenure of 2 years. Since he has a good credit score, YES BANK charges him an interest rate of just 11% p.a. He will also need to pay the processing fee, which is 2%. His repayment details will be as follows:

    Loan Amount Rs.2 lakh
    Processing Fee 2%
    Loan Tenure 2 years
    Interest Rate 11% p.a.
    Month Principal Paid (A) Interest Paid (B) Total Payment (A+B) Outstanding Loan Balance
    1 Rs.7,488 Rs.1,833 Rs.9,321 Rs.1,92,512
    2 Rs.7,557 Rs.1,765 Rs.9,322 Rs.1,84,955
    3 Rs.7,626 Rs.1,695 Rs.9,321 Rs.1,77,329
    4 Rs.7,696 Rs.1,626 Rs.9,322 Rs.1,69,633
    5 Rs.7,767 Rs.1,555 Rs.9,322 Rs.1,61,866
    6 Rs.7,838 Rs.1,484 Rs.9,322 Rs.1,54,028
    7 Rs.7,910 Rs.1,412 Rs.9,322 Rs.1,46,119
    8 Rs.7,982 Rs.1,339 Rs.9,321 Rs.1,38,137
    9 Rs.8,055 Rs.1,266 Rs.9,321 Rs.1,30,081
    10 Rs.8,129 Rs.1,192 Rs.9,321 Rs.1,21,952
    11 Rs.8,204 Rs.1,118 Rs.9,322 Rs.1,13,748
    12 Rs.8,279 Rs.1,043 Rs.9,322 Rs.1,05,469
    13 Rs.8,355 Rs.967 Rs.9,322 Rs.97,115
    14 Rs.8,431 Rs.890 Rs.9,321 Rs.88,683
    15 Rs.8,509 Rs.813 Rs.9,322 Rs.80,175
    16 Rs.8,587 Rs.735 Rs.9,322 Rs.71,588
    17 Rs.8,665 Rs.656 Rs.9,321 Rs.62,923
    18 Rs.8,745 Rs.577 Rs.9,322 Rs.54,178
    19 Rs.8,825 Rs.497 Rs.9,322 Rs.45,353
    20 Rs.8,906 Rs.416 Rs.9,322 Rs.36,447
    21 Rs.8,987 Rs.334 Rs.9,321 Rs.27,460
    22 Rs.9,070 Rs.252 Rs.9,322 Rs.18,390
    23 Rs.9,153 Rs.169 Rs.9,322 Rs.9,237
    24 Rs.9,237 Rs.85 Rs.9,322 Rs.0

    Ravi will have to pay a monthly EMI of Rs.9,322 to repay his loan. He will be paying a total interest of Rs.23,718 to the YES BANK, along with a processing fee of Rs.4,000. His total repayment amount will be Rs.2,27,718.

    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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