YES BANK is a private bank in India with headquarters in Mumbai, a balance sheet size of Rs. 1,500 billion, deposits of Rs. 1,250 billion, advances of Rs. 1,000 billion, a pan India network of 900 branches and a human capital base of 12,750 by 2015. YES BANK offer retail loans to product like Home Loan, Personal Loan, Car Loan, Commercial Vehicle Loan. Personal loan in YES BANK can be processed with No guarantor and minimal documentation. Read on to learn about the eligibility and documentation requirements for YES BANK personal loan.
With over 600 branches across the country, YES BANK is one of India’s fastest growing banks which has always done its utmost to stick to the ethos that the name Yes stands for. The bank has always believed in providing customers with a banking experience that is simple, trustworthy and unforgettable and this belief has been rewarded by the many awards they have earned for the services they provide.
YES BANKs personal loans are designed to give its customers the means to fulfill the various financial obligations that might arise at any time. A Personal Loan from YES BANK could translate into an ability to go on a long overdue vacation, makeover of a house or even pay for a wedding or an educational course that could be very beneficial to a customer's future.
Why choose YES BANK Personal Loan?
The bank started operations in 2004 and since that time it has positioned itself as a leading choice for various financial services, including personal loans. Their passion for quality service and the ease with which it can be availed has set it apart as the bank of choice for many. In its pursuit for excellence the bank has also done well in integrating technology into its daily business in such a way that customers can get the information they want in mere minutes.
As a result of these efforts YES BANK has won itself some very prestigious awards. The long list of accolades includes awards like Asia Pacific Quality Organization (APQO) 2014 (the first Indian bank to win this award), IMC Ramkrishna Bajaj National Quality Award for Business Excellence in the Services Category 2013 (first bank in India to win this award) and the Dun & Bradstreet- Best Private Sector Bank award 2014 to name a few. They also received the ISO 14001:2004 certificate in 2013 which made them the first bank in India to receive this certification. YES BANK’s long-term mission is to attain the title ‘Finest Quality Large Bank in India’ by the year 2020.
Features of YES BANK Personal Loans
YES BANK offers personal loans to individuals at highly competitive rates for terms ranging from 12 months to 60 months. Some of the other features of YES BANK personal loans are mentioned below:
- A loan amount between Rs.1 lakh and Rs.25 lakh can be chosen.
- No guarantor or collateral security is required to avail the loan.
- The repayment options are flexible. With the assistance of a personal loan EMI Calculator, the EMI payable across multiple tenures can be easily determined and accordingly a suitable repayment schedule can be chosen.
- The required documents include duly-filled loan application form, 2 passport size photographs, proof of identity, proof of address, applicant’s age and signature, salary slips for the last 3 months, Income Tax returns for the last 2 years and statement of salary account for the preceding 6 months.
- The interest rates are very competitive, and begin at 10.75%.
- Applying for a personal loan at YES BANK is hassle-free and less time consuming.
- Eligibility for a personal can be easily determined with their 60-seconds In Principal Approval feature.
What are the interest rates on YES Bank Personal Loan?
Personal loan rates at YES BANK are highly competitive. They begin at 10.75% for salaried individuals and at 12.49% for self-employed people.
| Lowest Interest Rate |
10.75% |
12.49% |
| Processing Fee |
Starts at 0.99%, goes up to 2% |
Starts at 1.5%, goes up to 2% |
| Tenure of the Loan |
Ranges from 12 months to 60 months |
Ranges from 12 months to 60 months |
| Total Loan Amount |
Ranges from Rs.2 lakh to Rs.20 lakh |
Ranges from Rs.5 lakh to Rs.50 lakh |
| Part Prepayment Fees |
Permitted after payment of 12 installments, charges are NIL |
Permitted after payment of 12 installments, charges are NIL |
| Pre Closure Costs |
Permitted after payment of 12 EMIs, goes up to 4% |
Permitted after payment of 12 EMIs, goes up to 4% |
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. YES BANK’s most recent MCLR rate ranges from 8.40% to 9.65%, depending on the reset frequency of the personal loan. The MCLR rates mentioned in the table below are revised by YES BANK on a monthly basis and each month a different benchmark is set for personal loan, home loans, and so on.
| Overnight |
8.40% |
| 1 month |
8.80% |
| 3 months |
9.35% |
| 6 months |
9.50% |
| 1 year |
9.65% |
| Bse Rate (YES BANK) |
10.25% |
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.
| Base Rate |
10.25% per annum, effective October 5, 2015 |
| Prime Lending Rate |
19.75% per annum, effective July 26, 2011 |
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.
What is the Eligibility Criteria for YES BANK Personal Loan?
| Profession |
Salaried individuals working in private companies, Government offices, and MNCs |
Workers in professions like CA, CS, etc. |
| Age of the Applicant |
21 years to 60 years |
25 years to 65 years |
| Minimum Required Income for Eligibility |
Rs.18,000 per month |
Rs.12 lakh on a yearly basis |
| Maximum Eligible Loan |
15 times the monthly salary |
|
| Maximum Loan Amount Eligible |
Rs.20 lakh |
Rs.50 lakh |
| Minimum Required Work Experience |
24 months |
36 months |
How do I calculate YES BANK personal loan EMI?
Calculating the EMI for a personal loan from YES BANK is very simple with BankBazaar’s 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.
Personal Loan EMI Calculator given on YES BANK’s website can also help determine the installment amount payable. Follow the steps given below:
- Enter the desired loan amount.
- Enter the interest rate.
- Enter the loan tenure (years and months).
- The graph appearing on the right side will display your EMI.
Frequently Asked Questions (FAQ) on YES BANK Personal Loans
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.
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 bank’s 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.
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.
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).
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.
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.
A GST rate of 18% will be applicable on banking services and products from 01 July, 2017.
