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
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
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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I have taken personal loan directly through yes bank.The rate of interest and the processing fee was very less and based on my requirement i have availed this loan .This loan is still active and paying the premium on EMI if there is any delay then no extra charges .
I have chosen YES bank personal loan to clear my credit card bill. The loan was easily available and i have applied the loan through online. Provided interest rate was very high. I got the interest rate of 14% and i pay the EMI amount of Rs. 4661. I have chosen the duration of 5 years. If they reduced the interest rate, it would be fine.
I have taken a personal loan with YES bank. On 3 months before I had applied through online. The verification process was lengthy and they have done for twice, so they took 2 weeks to sanctioned the loan amount of 1L with tenure period of 4 years. The rate of interest 13%. EMI use to pay amount of 3K.
YES bank offered me an interest rate of 11.5% when i availed the personal loan. I have chosen this bank because they were ready to provide the required loan amount for me. Somebody called me from YES bank once i applied, within 1 week i got the loan from them. Documentation process was quite smooth and they have collected the document like 5 months bank statement, Aadhar card, PAN card and 2 cheque leaf.
I have applied a personal loan with YES bank on one or two months before. Since I am holding a salary account with them, they offered a personal loan. The amount of 2L which is sufficient with tenure period of 2 years. The rate of interest of 17% according to me its nominal and processing fee charge of 2%. Pre closure is available. The customer service is good. They have sanctioned the loan by 20 days.
I have taken personal loan through Yes Bank.The rate of interest and the processing fee was little high .Each and every detail was shared by the agent .I have taken this loan since had requirement and there was no drawbacks faced so far on.I am satisfed with the overall service.
Yes bank is a good service. I don't find any issue with them and their service was good and resolved my issue on time. I have taken a personal loan on last year. There is an option of pre closure and charges are applicable. The amount was fulfilled as per my requirement. Rate of interest of 13% which is quite nominal. They have sanctioned the loan by 4 days.
Since I am holding a salary account with them, so I have taken a personal loan with YES bank. The loan amount was Rs. 15,00,000 and the tenure was 8 years. The rate of interest was 18% which was high. I went to bank directly and I given all my documents. There is a no pre closure charges and the customer service was good.
I applied for YES BANK personal loan via online, bank executive collected the documents and loan got disbursed with in 3 days. Loan amount is 2 lakhs and i asked for the interest rate 11.50% with the tenure of 24 months, atlast bank provided me with 11.75% interest rate and the tenure is 36 months. The processing fee and insurance was around Rs.5000 detected from loan amount. Customer services was good.
I have taken Yes Bank personal loan directly .The rate of interest was very high since had requirement at that time which I went ahead. I have got this loan without any delay .I have submitted the required documents and its still active.I have got all the details about this loan process through the agent.,
I applied the loan amount of Rs. 3.5 lakhs but based on my eligibility they have provided me a loan amount of Rs. 1.60 lakhs and the provided interest rate is 13.75%. They charged Rs. 4000 for processing fee and insurance. I have selected the tenure period of 5 years. There is a additional charges for the pre-closure facility.
I have taken a personal loan with YES bank on 3 months before, which applied directly to bank. The amount was sufficient of 5 lakhs for the tenure of 5 years, the rate of interest of 15% which was high and fee was taken for 20 thousands which include insurance and for all.
I have processed my personal loan with YES BANK and they have been continuously following me. The rate of interest is 11.25% and they were ready to give much lesser interest rate when I reached them. The customer service is good. There was a processing fee and the loan duration is also flexible. Its almost done and have been receiving the amount in a short span.
I directly took YES Bank personal loan, the service is good and documentation is easy. I have taken Rs. 1.5 lakh for three years of duration, the bank offered me the rate of interest around 13% per annum and they taken 2% of processing fee from the disbursement. Its quite economical as per market.
YES bank gave me the least rate of interest than HDFC, they quoted me 10.25% for per annum. The loan process was hassle free through online channel then within two days I have received the principal amount of Rs. 6.5 lakhs with the duration of five years.
In YES bank, they have instantly approved the loan but they have not asked me any documents. Its a quick and smooth loan process. Competitively interest rates are low in the market and they didn't charge any processing fee. I applied the loan amount of Rs. 1.5 lakhs and the interest rate is nominal.
I have taken for a personal loan with YES BANK on a year before and they have contacted me immediately provided me a good service and sanctioned the loan amount on time. The rate of interest and processing fee are nominal at an initial but now it was increased. For an online ECS payment I am facing an issue to do it.
I have applied for a personal loan with YES BANK and they have contacted me immediately provided me a good service and sanctioned the loan amount on committed time. They need an improvement on the customer service part. The interest rate was average. The processing fee is included.
1 year ago, i bought the personal loan and i have chosen the yes bank because of the convenient in process. I took the loan amount of Rs. 4 lakhs and within 15 days, they have disburse the loan. I am paying the EMI amount of Rs.8900 for my personal loan.
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.