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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%.
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.
You can make part-payments if you have paid at least 12 monthly EMIs to the lender.
Once the lender receives all your documentation, you will be notified of the status of your loan within 5 days.
Yes, you can foreclose your loan post 1 year of the loan tenure.
No, prospective borrowers need not submit any security or collateral to avail a loan from the lender.
A GST rate of 18% will be applicable on banking services and products from 01 July, 2017.
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