YES BANK Personal Loan

Yes Bank offers multipurpose personal loans at extremely competitive interest rates to its borrowers, with this interest computed on the back of two platforms MCLR and Base Rate. While base rates are applicable to borrowers who availed a loan before April 1, 2016, MCLR will be used to compute interest rates for others.

Yes Bank Marginal Cost of Funds Based Lending Rate (MCLR) (For new borrowers)

Yes Bank introduced an MCLR benchmark following RBI guidelines, accounting for factors like their operating costs, repo rate, CRR, etc. The table below indicates the rates applicable as of June 2016.

Personal loan interest rates (MCLR)

Borrowers who fall under the MCLR category will typically be charged an interest which consists of the MCLR plus an additional spread over this MCLR. The final interest applicable depends on factors like the loan amount, repayment tenure, collateral offered, personal standing with the bank, etc. Interest generally ranges between 12.50% and 16.00% per annum, with Yes Bank having the autonomy to modify it on a case to case basis.

Yes Bank Base and Prime Lending Rates (For existing borrowers)

The table below indicates the base and prime lending rates applicable at Yes Bank.

Yes Bank personal loan interest rate (Base Rate)

Interest rates for borrowers who availed a loan before MCLR benchmark was introduced is computed after factoring the base rate. The final applicable interest in such cases ranges between 12% per annum and 16% per annum, subject to a number of conditions. Yes Bank can choose to increase or lower the interest at its sole discretion, on a case to case basis.

Note: All interest rates mentioned here are applicable as of June 20, 2016. Yes Bank reserves the right to modify these rates without prior notice and eligible borrowers should check the same before applying for a loan.

To be eligible for a YES BANK Personal Loan applicants must between the ages of 25 and 58 years old. He or she must have a minimum net monthly income of Rs.25,000 per month and total work experience of 2 years or more. Work experience with the current employer must be at least 6 months. Applicants must also have stayed at the current place of residence for a minimum of 2 years.

Calculating the EMI for a personal loan from YES BANK is very simple with BankBazaars EMI calculator. All a user has to do is to feed in the necessary information and they will be able to calculate the EMI for various loan amounts and tenures. The EMI calculator will help them decide which is the best EMI and tenure combination for them. The steps to use the EMI calculator are mentioned below:

• On the homepage there is a link for Finance Tools. Place the mouse over it and wait for the options to load.
• From the options present, select the Personal Loan EMI Calculator and click on it.
• Use the first slider to select the amount of the loan
• Use the second slider to select the duration of the loan
• In the box marked Interest Rate in % enter the interest rate. There is no need to add the % symbol.
• In the field marked Processing Fee enter the percentage of the loan amount that will be charged as processing fee. Example 3% (without the % symbol)
• Confirm that all the information is accurate and hit the calculate button.
• Scroll down a little to see the results of the EMI calculator.
• To make any changes to the details provided, simply scroll up and make the appropriate changes.

Calculate your Loan EMI with YES Bank Personal Loan EMI Calculator

1. How do I check my loan status?

   Customers can check the status of their loan applications at any time by getting in touch with the banks.

2. Where can I find the YES BANK personal loan application form?

   To apply for a personal loan with YES BANK, customers need to go to the banks website. Once there, go to the Branch Banking option. Under that there is an option for Retail Banking - Loans and under this option there is the option for selecting personal loans. Once on the ˜personal loans page, users can click on the online application form provided on the right hand side of the page.

3. Can I check my YES BANK personal loan statement online?

   Customers can get in touch with the bank to get the latest statement of accounts, however, issuing these statements will attract charges of Rs. 750 per statement.

4. What are the pre-closure charges and the pre-closure process?

   Pre-closure of Personal Loans from YES BANK is not permitted until the first 6 EMIs are paid. Once the first 6 EMIs are paid, charges levied are 4% on the POS (Principal Outstanding) until the complete payment of 12 EMIs. After the 12 EMIs are paid, future prepayments attract no extra charges. One thing to note is that part payment of the loan is not possible.

   To initiate the pre-closure process, customers will have to intimate the bank of their intention via letters or emails. Once the request is received, the bank will request you to make the pending payments, following the completion of which, the bank will give the customer all relevant documents like the No Objections Certificate or the No Due Certificates and any post dated cheques (if applicable).

5. How can I receive my Repayment Schedule?

   Customers can request the bank for repayment schedules at any instant, however, every copy of the repayment schedule that is sent to the customer will be charged at Rs. 750.

6. When is the NOC dispatched?

   The NOC will be dispatched once the bank has confirmed that all charges related to the repayment of the loan have been paid by the customer. To get the NOC, the customer will have to pay an amount of Rs.750 to the bank. In case the customer wants a duplicate copy of the NOC, they can get in touch with the bank to request for one. They will have to pay a sum of Rs. 250 for each copy.

7. How do I postpone/reschedule my EMI payments?

   To reschedule or postpone EMI payments the customer will need to intimate the bank of the desired change. Any such change may attract payments to be made to the bank which will be decided at the time of rescheduling.

8. Do I have to pay extra charges to change the installment payment date?

   Yes, to reschedule the repayment of the loan the bank may charge the customer an amount that will be decided at the time of rescheduling the loan.

9. How do I change my mode of installment payment from PDC to ECS?

   To enquire about the possibility of changing the method of repaying the personal loan, the customer will have to get in touch with the bank and request them for a change of payment method from PDC to ECS.

10. Will there be a penalty to be paid if the EMI is paid late?

    Yes, if the EMI payment is delayed then a penalty of 24% per annum on the outstanding amount may be charged and calculated from the date of default.

11. Does Yes Bank offer multiple personal loan products?

    No, Yes Bank offers just one personal loan product to customers.

12. Can one apply for a Yes Bank personal loan online?

    Yes, individuals who are keen on availing a personal loan from Yes Bank can apply through the official website of the bank. A borrower would have to provide his/her basic information like name, PAN details, date of birth, address, etc. in order to completely fill this application. Individuals who are keen on applying physically can download the application from this website, fill it and submit it to their nearest Yes Bank branch.

13. How much loan can one avail through a Yes Bank personal loan?

    Individuals can avail loans ranging from Rs 2 lakh to Rs 20 lakh, depending on their requirement. The quantum which an individual gets is at the sole discretion of Yes Bank and this amount could vary from applicant to applicant.

14. Is it mandatory to have a guarantor/collateral in order avail a Yes Bank personal loan?

    No, there is no need to have a guarantor or collateral in order to avail this personal loan.

15. How can a borrower repay the loan amount?

    A borrower can repay the loan through regular, flexible EMIs.

16. Is pre-payment of a personal loan permitted by Yes Bank?

    Yes, prepayment of a personal loan is permitted, subject to certain conditions. Prepayment of a loan is not allowed until the first 6 EMIs are paid, post which one can choose to prepay the amount, albeit at certain additional charges.

17. What are the prepayment charges imposed by Yes Bank?

    Yes Bank charges a fee equivalent to 4% of the outstanding principal in cases of repayments up to a maximum of 12 EMIs. If a borrower has paid more than 12 EMIs, there are no prepayment charges imposed by the bank.

18. Is part payment of a personal loan permitted?

    No, there is no part payment allowed.

19. Will an applicant be required to provide proof of income while applying for a loan?

    Yes, an applicant might be asked by the bank to furnish income details while applying for a personal loan.

20. Does Yes Bank levy any loan cancellation charges?

    Yes, the bank can levy loan cancellation charges up to Rs 1,000, which should be borne by a borrower.