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  • Yes Bank Personal Loan Preclosure

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  • Yes Bank allows preclosure or foreclosure on its personal loans after the borrower has made a repayment of 12 equated monthly instalments (EMIs). The bank charges a penalty of up to 4% of the principal outstanding on preclosure but no penalty is charged if the loan is preclosed after 48 months. The preclosure process is simple, quick, and can be done by visiting the nearest branch of Yes Bank. To preclose your Yes Bank personal loan, you will have to pay the outstanding amount and pay the preclosure charges.

    Yes Bank Personal Loan Preclosure Charges

    Months Preclosure Charges
    13 months to 24 months 4% of Principal Outstanding
    25 months to 36 months 3% of Principal Outstanding
    37 months to 48 months 2% of Principal Outstanding
    More than 48 months Nil

    Requirements for Yes Bank Personal Loan Preclosure

    • Clear the outstanding amount on the Yes Bank personal loan.
    • Keep your personal loan account number handy.
    • Keep all your loan-related documents ready. This includes loan account statement, loan approval letter, etc.
    • If you have paid the preclosure amount online, you will have to furnish the payment receipt.
    • Carry a photo identity proof when you visit the branch for preclosure of your loan.

    How to Pay Yes Bank Personal Loan Outstanding

    • Visit the link - https://payments.billdesk.com/MercOnline/YESBankFrontController
    • You will be asked to enter your Yes Bank loan account number.
    • Once you enter the loan account number, you will be shown an option to either check the amount payable or enter the amount you wish to pay.
    • Select the bank from which you would like to make the payment for the Yes Bank personal loan to be deducted from.
    • After you confirm the payment, you will be redirected to another page where you will have to enter your net banking ID and password.
    • Once the payment is made, you will receive a transaction reference number.

    How to Preclose Yes Bank Personal Loan

    • Visit the nearest branch of Yes Bank with the documents mentioned above.
    • You may be asked to fill a preclosure form or write an application requesting the bank to preclose your loan.
    • Pay the preclosure amount, along with any penalty charges. If you have paid the outstanding amount online, you may be asked to provide the acknowledgement of the same.
    • If asked for, sign the documents necessary for loan preclosure.
    • Once the bank receives the applicable funds, it will automatically close the loan and dispatch the loan closing document to you.

    Things to Ensure After Foreclosing a Personal Loan

    • Do not forget to obtain a No-Dues Certificate (NDC)/Closure Letter/Certificate of Closure/No Objection Certificate (NOC) from the lender after you foreclose the loan. You will need these to justify the loan closure when you apply for any loans in the future.
    • Retain the original documents associated with the personal loan such as letter of guarantor, contract, insurance letter, etc.
    • Assess the final settlement made by the lender and check for the charges related to the prepayment to ensure that you have not made any surplus payments.
    • If for some reasons, you have not received the NOC/NDC or have misplaced it, you should approach the bank immediately to issue a duplicate copy of the same.
    • In addition to the NOC/NDC, some banks may issue a separate Statement of Account (SoA). You need to keep the SoA safely even after years of closing the loan as these can act as proof of your timely repayments.

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    Personal Loan Reviews

    • YES Bank Personal Loan
      "Best Loan"
      0.5 5.0/5 "Blown Away!"
      In YES bank they have processed the loan immediately. They have disburse the loan in 1 week. I applied the loan amount of rs. 1 lakhs for that they have offered me a convenient interest rate. I have been paying the EMI of Rs. 3503 for the tenure period of 3 years. EMI is getting deduction through auto deduction.
      Was this review helpful? 0
      , madurai
      Reviewed on Aug 22, 2019
    • YES Bank
      YES Bank Personal Loan
      "Good"
      0.5 4.5/5 "Excellent!"
      I have taken a personal loan with YES bank on 1 year before which was applied through an online. The verification process was smooth an sanctioned on time with sufficient for the tenure period of 4 years. The rate of interest and processing fee are nominal.
      Was this review helpful? 0
      , chennai
      Reviewed on Aug 11, 2019
    • YES Bank Personal Loan
      "Good Experience"
      0.5 5.0/5 "Blown Away!"
      I took YES bank loan through online channel, I took Rs.1.5 lakh for one year of tenure. I think foreclosure has some charges hence I paid all the emi, the interest rate is best as per my experience. The support is great they kept updating all the time.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Aug 08, 2019
    • YES Bank Personal Loan
      "Fraud Loan"
      0.5 2.5/5 "Just OK"
      I never interacted with the yes bank customer care for any kind of reason. They have given me some interest rate which has increased after the disbursements. They have provided me a insurance which i never opted and they have added intentionally. There was a offer i can close the loan after 12 months without any charges but when i went for that they have charged 4% and even if i want to cancel the loan also they will charge 1.5% after the disburse.
      Was this review helpful? 0
      , thane
      Reviewed on Aug 08, 2019
    • YES Bank Personal Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      I have taken a personal loan with YES bank for more than 2 months ago which was processed directly to bank. The amount which was given from bank is sufficient for the tenure period of 4 years. The rate of interest is 10.99% and it is okay. They have sanctioned the loan on time.
      Was this review helpful? 2
      , new delhi
      Reviewed on Aug 03, 2019
    • YES Bank Personal Loan
      "Good"
      0.5 5.0/5 "Blown Away!"
      I would suggest Yes bank is the best bank from my end they have sanctioned me 7 lakh of loan for the second time with the normal rate of interest of 12.25 lakh. There process was very fast and, after submitting the documents there was no delay loan got disbursed.
      Was this review helpful? 4
      , chennai
      Reviewed on Jul 27, 2019
    • YES Bank Personal Loan
      "Good"
      0.5 5.0/5 "Blown Away!"
      I am very happy that Yes bank have sanctioned me with the loan amount of 5 lakh with the rate of interest of 14 percent. I had a very good experience and they have processed my loan within 2 to 3 weeks. Yes bank staff are responsive and helpful as well.
      Was this review helpful? 2
      , chennai
      Reviewed on Jul 27, 2019
    • YES Bank Personal Loan
      "Satisfied"
      0.5 3.0/5 "Satisfactory"
      I done a balance transfer to YES BANK with lesser rate of interest. The processing was not good. There was a processing fee which is 2%. They have taken a loan for 3 years. I can do partial payments and foreclosure after a year with charges. The documentation process was too late.
      Was this review helpful? 1
      , hyderabad
      Reviewed on Jul 23, 2019
    • YES Bank Personal Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      I took a personal loan from the YES bank. I got the loan with in few days. The application process and the documentation was easy and hassle free. I applied for the loan via the YES Bank mobile application . Overall it was a good loan experience. I am happy with services . Overall it is good service .
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jul 20, 2019
    • YES Bank Personal Loan
      "Good"
      0.5 5.0/5 "Blown Away!"
      I have taken a personal loan in YES bank for more than 4 months which was processed directly to bank. The loan amount was sufficient which was given from bank for tenure of 5 years. The rate of interest and the processing fee are nominal. The customer service is good and supportive.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jul 16, 2019
    • YES Bank Personal Loan
      "Good. ROI can reduce"
      0.5 4.5/5 "Excellent!"
      I have a personal loan with YES Bank and the process for the loan was done on time. I had no hassles to get the loan and the rate of interest and processing charges was a bit on the higher side. It was around 15.5%. nominal too. The documents was collected on time and I got the funds as required.
      Was this review helpful? 0
      , ludhiana
      Reviewed on Jul 03, 2019
    • YES Bank Personal Loan
      "Best service"
      0.5 5.0/5 "Blown Away!"
      I have been taken my personal loan from Yes bank long back, their service was good i did not face any issue in getting my loan process like, they gave soon my loan and they have give sufficient loan amount as i have expected and the rate of interest and processing fee they have charge is nominal .
      Was this review helpful? 2
      , ahmedabad
      Reviewed on Jun 29, 2019
    • YES Bank Personal Loan
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      I have directly applied through Yes Bank for Personal loan , The rate of interest and the processing fee was very less ,The loan amount was 2.3lakhs for the tenure of 3years, The loan got on time ,it is sufficient .The agent gave all the details about the loan process,I am very comfortable with the service .
      Was this review helpful? 0
      , ahmedabad
      Reviewed on Jun 21, 2019
    • YES Bank Personal Loan
      "Need to decrease charges"
      0.5 3.5/5 "Pretty good"
      I have taken a personal loan in YES BANK for more than 4 months which was applied through an online. The loan amount was sufficient as per my requirement for the duration of 5 years. The rate of interest and fee charge are high when compare to other bank.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 21, 2019
    • YES Bank Personal Loan
      "Average"
      0.5 4.0/5 "Great!"
      I was taken a personal loan in YES bank before 2 years ago, as per my requirement I received a loan amount for the duration of 12 months.The rate of interest is high for 12%. the processing fee was applicable for 3 thousands. The process was done and got sanctioned on time. Now I have closed the loan.
      Was this review helpful? 0
      , chennai
      Reviewed on Jun 14, 2019
    • YES Bank Personal Loan
      "Need improvement on interest part"
      0.5 4.0/5 "Great!"
      I applied the personal loan with YES bank because the customer care support is quite good and the interest rate is quite low. I have applied the loan amount of RS. 2 lakhs and they have sanctioned the same. I have made some processing fee when i got my loan. 4 months back i got the loan. Total tenure period of the loan is 3 years. Overall the processing of getting the loan smooth.
      Was this review helpful? 2
      , gurgaon
      Reviewed on Jun 11, 2019
    • YES Bank Personal Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      I have completed 5 years in YES BANK so their executive contacted me and provided me a quick loan of 60K. They have processed the loan immediately. I have repaid 10K on first month. Its pre approved loan and the amount credited in 30minutes. The interest rate is 0.85% and need to pay Rs.3000 including GST within 6months. They charged me a processing fee of 1.5%.
      Was this review helpful? 2
      , bangalore
      Reviewed on Jun 08, 2019
    • YES Bank Personal Loan
      "Good"
      0.5 4.5/5 "Excellent!"
      I have taken a personal loan before 2.5 years and the interest rate was satisfactory. There was some processing fee which I don't remember. The customer service is good. Overall it was good. There is option for foreclosure and partial payment but I had to check for charges. The loan duration is 5 years.
      Was this review helpful? 2
      , hyderabad
      Reviewed on Jun 02, 2019
    • YES Bank Personal Loan
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      I have taken personal loan directly through Yes Bank .The rate of interest and the processing fee was nominal .I have got all the relevant information about the loan process .The loan amount was 1 lakh for the tenure of 5 years.This loan amount was sufficient and this loan is still active .
      Was this review helpful? 2
      , mumbai
      Reviewed on May 31, 2019
    • YES Bank Personal Loan
      "Overall fine with yes bank loan"
      0.5 5.0/5 "Blown Away!"
      The rate of interest was convenient since i approached the loan with YES bank. They have given me a interest rate of 11.25% and there is a processing fee of 1% from the loan amount. Its easy to make the EMI amount through online banking and auto deduction from salary account. The customer care service is more elaborate. Whenever i call the customer care they are not responding immediately.
      Was this review helpful? 1
      , bangalore
      Reviewed on May 29, 2019
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