About YES Bank Personal Loan
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.
YES BANK Personal Loan Interest Rates
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.
Yes Bank Personal Loan Interest Rates 2017
| Particulars |
Salaried |
Self-employed |
| Interest rate |
Minimum of 14% p.a. |
Minimum of 14% p.a. |
| Loan Amount |
Minimum: Rs.2 lakh
Maximum: Rs.20 lakh
|
Minimum: Rs.2 lakh
Maximum: Rs.20 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) |
| Processing Fee |
NA |
NA |
| 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
|
How to calculate EMI on your YES BANK Personal Loan
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)
|
|
Year 1
|
14,851
|
13,071
|
85,149
|
|
Year 2
|
17,069
|
10,853
|
68,080
|
|
Year 3
|
19,618
|
8,304
|
48,463
|
|
Year 4
|
22,548
|
5,374
|
25,915
|
|
Year 5
|
25,915
|
2,007
|
0
|
Factors affecting YES BANK Personal Loan Interest Rates
The interest rate an individual pays for a YES BANK personal loan depend on multiple factors, some of which are mentioned below.
- 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. It is possible for YES BANK to charge rates which do not overburden a borrower in terms of his/her repayment capacity.
- 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 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).
Note: Interest rates charged by YES BANK are at their sole discretion and subject to change.
How CIBIL score affects YES BANK Personal Loan Interest Rates
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.
Key things about YES BANK Personal Loan Interest Rates
- The interest rates charged by YES BANK could change if there are any changes in its Base Rate.
- Interest rates charged by YES BANK do not depend on collateral and there is no need to provide a guarantor/surety in order to obtain this loan.
- Any changes in repo rates could have an impact on interest rates charged by YES BANK.
