Yes Bank Personal Loan Preclosure

Before proceeding, it is important to:

1. Check if your loan agreement permits foreclosure at your current stage of repayment.
2. Review the exact foreclosure fee as per your loan terms.
3. Contact YES BANK’s customer care or visit your nearest branch to initiate the process.

Foreclosure requests are generally accepted after the completion of a minimum number of EMI payments, as defined in your loan contract.

Yes Bank Personal Loan Preclosure Charges

Requirements for Yes Bank Personal Loan Preclosure

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

How to Pay Yes Bank Personal Loan Outstanding

Follow the steps given below to pay the personal loan outstanding from YES Bank:

Step 1: Submit Your Loan Information: Start by entering your YES BANK loan account number. Ensure that the number is entered correctly, then reconfirm it to proceed.

Step 2: Enter Payment Details: Check the total outstanding amount displayed on the screen. Enter the amount you wish to pay. From the dropdown list, select the bank account you would like to use for the transaction. YES BANK supports payments through a set of partner banks only. After reviewing your details, confirm the payment. You will then be redirected to the secure payment portal of your selected bank.

Step 3: Complete the Payment: Log in using your Internet Banking credentials, such as your User ID and password or other authentication methods as required by your bank. Confirm the payment amount. Your bank account will be debited immediately once the transaction is authorised.

Step 4: Receive Confirmation: After the transaction is completed successfully, a confirmation screen will appear showing your transaction reference number. Make a note of this number or take a screenshot for your records.

How to Preclose Yes Bank Personal Loan

1. Visit the nearest branch of Yes Bank with the documents mentioned above.
2. You may be asked to fill a preclosure form or write an application requesting the bank to preclose your loan.
3. 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.
4. If asked for, sign the documents necessary for loan preclosure.
5. 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

1. 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.
2. Retain the original documents associated with the personal loan such as letter of guarantor, contract, insurance letter, etc.
3. 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.
4. 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.
5. 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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