What is a personal loan?

A personal loan is a ‘small expense’ loan in which money has been borrowed from a bank, credit union or non-banking financial company (NBFC) to meet personal needs and day-to-day emergencies.

• Such Loan are usually “unsecured” and are not backed by a collateral.
• Due to their “unsecured” nature, the lender cannot auction or sell anything the borrower owns.
• Interest rates on such loan is higher than home loan, car loan or gold Loan as there is a greater risk involved.
• The evaluation criteria for sanctioning such Loan include income level, credit history, employment status, capacity for repayment, amongst others.
• Personal Loan are usually a medium-term solution for managing your finances and can be used to help with expenses related to exotic travel plans, wedding, medical emergency, home renovation, amongst others.

Features of a Personal Loan offered by YES BANK

YES BANK offers customers personal Loan for Rs. 1 Lakh to Rs. 40 Lakh at attractive interest rates for tenure ranging from 12-60 months. This long tenure period ensures you can choose when you wish to repay your loan amount and reduces pressure on your monthly budget. There are several features and benefits of personal loan offered by YES BANK, due to which they continue to be a top choice of customers:

• No need for collateral: while availing the loan.
• Flexibility in repayment options: YES BANK enables customers to choose the tenure of their loan. Customers can calculate the equated monthly instalment (EMI) they are required to pay across various loan tenure to determine a repayment schedule that would suit them the best. With personal loan EMI calculator facility, you can quickly determine the EMI you would be required to pay across various tenures and choose a repayment schedule that suits you the best.
• 1-minute in-principle approval: Customers can check their eligibility for a YES BANK personal loan in 60 seconds or less by using the personal loan eligibility calculator here. They can also use YES BANK mPower Bot for 1-minute in-principle loan approval.
• Quick disbursal of loan funds: Once your YES BANK personal loan has been processed and sanctioned, your funds will be disbursed in a matter of hours, ensuring they are available at moment’s notice for any emergencies such as medical payments.
• Lucrative interest rates: YES BANK offers one of the best interest rates available in the industry starting at merely 10.99%.
• Easy to apply for personal loan online: Customers can easily apply for a personal loan using YES BANK’s online service, which is quick, easy to understand and only requires basic documentation.
• Speedy approval: After all the documentation has been completed, YES BANK will confirm its appraisal decision within five days of the date of receipt of application. This is given that the documentation has been completed correctly as per YES BANK policy norms.
• Transfer existing Loan: Customers also have the option of transferring their high-cost personal Loan from other banks or institutions at lower interest rates. Additionally, they can also acquire additional Top-up funding to add on to the loan during the same tenure.
• Doorstep banking: To add to your convenience in banking with YES BANK, we provide you with doorstep banking services. When applying for a personal loan with YES BANK, a bank representative will visit your home or office for completion of the application form as well as the documentation process for personal Loan.
• Net Banking & Mobile Banking facilities: YES BANK provides you with Net Banking and Mobile Banking services to help you carry out your banking functions as smoothly and efficiently as possible.
• Part pre-payment option: If customers have had a good financial month or just come across some extra funds, they have the option to choose to part pre-pay your YES Bank Personal Loan post 12 EMIs.

Eligibility criteria for personal Loan at YES BANK

Customers can now immediately check their eligibility for a personal loan at YES BANK in just 60 seconds by clicking on the link here. Once logged in, customers will be required to fill in details such as:

• Age
• Monthly Income
• Other recurring monthly expenses, including any current EMIs
• Employer
• Employment history: years at current job
• The period spent living at current residence
  • Whether it is rented, owned or mortgaged

Type of personal Loan available at YES BANK

YES BANK offers a wide variety of personal Loan to help make special occasions in your life a little extra special by providing you with some extra funding. Here are the types of personal Loan available for customers at YES BANK:

1. YES BANK’s Personal Loan for Holiday

• Customers no longer need to have a financial crunch stop them from planning their dream holiday.
• YES BANK’s personal Loan for holidays ensure that holidays are no longer a luxury you just dream of and enable you to spend some time with your loved and dear ones.
• A personal loan for a holiday from YES BANK helps cover most of your expenses, including, flight tickets and hotel charges.
• Depending upon the size of the loan, it can also help to cover travel accessories.

2. YES BANK’s Personal Loan for Wedding

• An individual’s wedding day is perhaps one of the most important days of their life, which marks the beginning of a new life.
• YES BANK helps customers ensure that yours or your child’s or siblings big day does not lack any grandeur due to a shortage of funds.
• Wedding Loan from YES BANK offer you quick cash during your time of need, ensuring that all wedding costs are covered.
• You can incorporate various needs such as jewelry, clothing, decoration, catering to be under such a loan.

3. YES BANK’s personal loan for Home Renovation

• If your finances have been keeping you from redecorating or refurbishing your household space and making it into your dream home for you and your loved ones, YES BANK’s personal loan for Home Renovation is the ideal solution for you.
• This personal loan can be taken out to meet the needs of you and your family.
• When it comes to personal Loan for home renovation, YES BANK offers you the best of plans, custom-made to meet the demands of you and your family.

How to apply for a personal loan at YES BANK

Customers can apply for personal loan at YES BANK online or by visiting their nearest YES BANK branch. Here are the steps customers should follow while applying for a loan with YES BANK:

Step 1: Assess your requirement for the loan

• The first step for customers is to determine the amount of money they will require and plan out how and when this amount will be repaid.
• Customers should carefully analyse, given their current income and other foreseeable expenses to choose the amount of EMIs they would have to pay.

Step 2: Find out your eligibility for a personal loan at YES BANK (Direct access to bot)

• The second and fastest step is to determine your eligibility for the personal loan at YES BANK.
• Customers can do so by clicking on the link here. They will be asked to fill in details such as:
  • Age
  • Monthly Income
  • Other recurring monthly expenses, including any current EMIs
  • Employer
  • Employment history: years at current job
  • The period spent living at current residence
    • Whether it is rented, owned or mortgaged

Step 3: Get a call from YES BANK and ensure you have all the required documents, including, know your customer (KYC) and proof of income. Customers should ensure they have the following documents:

• Application Form
• Identity Proof:
  • Passport
  • Driving License
  • AADHAAR Card
  • Voter ID
• Address Proof: A valid form of ID proof with the permanent address (should be at least a year old)
• Income Proof: Bank statement from the last three months

YES BANK staff is available to you at every step of the way to help ensure your loan application process is smooth.

Frequently Asked Questions (FAQs) about personal Loan at YES BANK

1. What is the rate of interest I must pay on a personal loan from YES BANK?

Answer: The rate of interest charged for a personal loan at YES BANK is determined by a range of factors, including the age, income, employment status of the customer. However, YES BANK offers some of the more lucrative rates of interest available in the industry, starting from only 10.99%. Usually, the lowest rates are available to salaried employees working with reputed companies.

2. How much personal loan can I avail from YES BANK?

Answer: The amount of personal loan an individual can avail will vary on their profile, including their credit score, income, employment history, amongst other factors. YES BANK personal Loan can be availed for Rs. 1 Lakh to Rs. 40 Lakh. Customers can check their eligibility for a YES BANK personal loan in 60 seconds or less by using the eligibility calculator here.

3. How much time do I have to repay the loan?

Answer: YES BANK offers flexible repayment terms for individuals, and the loan tenure for the same can vary from 12 months to 60 months.

4. What are the documents I need to provide to apply for personal loan?

Answer: Documents required by individuals, whether salaried or self-employed include an application form, identity proof (Passport, driving license, Aadhaar card, Voter ID), address proof (valid form of ID proof with the permanent address should be at least a year old) and income proof (bank statement from the last three months). Customers must keep in mind that all information given to YES BANK may be verified at any point in time by our authorised employees before the loan is sanctioned.

5. I have extra funds available. Can I payback my personal loan earlier?

Answer: YES BANK has foreclosure facilities available with applicable charges. If customers have had a good financial month or just come across some extra funds, they have the option to choose to avail this service post 12 EMIs.

6. How long will it take to process my YES BANK personal loan application?

Answer: After all the documentation has been completed, YES BANK will confirm its appraisal decision within five days of the date of receipt of application. This is given that the documentation has been completed correctly as per YES BANK policy norms.

7. Does YES BANK provide any part-payment facilities?

Answer: If customers have had a good financial month or just come across some extra funds, they have the option to choose to part pre-pay your YES Bank Personal Loan post 12 EMIs. Customers should kindly refer to the schedule of charges. to find out the costs for doing the same.

8. Am I eligible for a personal loan at YES BANK?

Answer: Customers can now immediately check their eligibility for a personal loan at YES BANK in under 60 seconds by clicking on the link here. Once logged in, customers will be required to fill in details such as age, monthly income, other recurring monthly expenses, including any current EMIs, employer and employment history- years at the current job as well as the period spent living at the current residence.

9. What can I avail a YES BANK personal loan for?

Answer: Customers can avail a YES BANK personal loan to meet any financial needs such as for holidays, weddings and for home renovation, medical emergency and shopping. Is there a minimum personal loan amount that I need to borrow?

Answer: YES BANK offers customers personal Loan for Rs. 1 lakh to Rs. 40 lakhs at very competitive interest rates at tenures ranging from 12-60 months.

10. How does a bank decide how much personal loan I can avail?

Answer: Key factors that help banks determine how much loan can be sanctioned to an individual include, credit score, current income level as well as liabilities. Higher credit scores given banks the impression that you have serviced previous Loan and credit card dues on time, ensuring that you are a safe borrower. Your current income and liabilities, including outstanding credit card payments, unpaid Loan, other EMIs direct impact your financial capability to pay back a loan. Thereby, if you have lesser income along with large outstanding EMIs you will be sanctioned a much lower loan amount than someone with few financial liabilities and a higher income.