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.

About YES BANK personal loan

YES BANK’s 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.

Features of YES BANK personal loans

• The loan amount vary between Rs.1 lakh to Rs.20 lakhs.
• No guarantor or collateral is required to avail the loan.
• The repayment options are flexible.
• Documentation only includes 2 passport size photographs, proof of identity, address, age and signature, salary slips for the last 3 months, IT returns for the last 2 years and statement of salary account for the preceding 6 months.
• The interest rates are very competitive.
• Applying for the a personal loan hardly take any time.

What are the interest rates on YES BANK personal loans?

The interest rates on YES BANK’s personal loans starts at 14% and can go upto 16%.

Personal Loan Interest Rate	14% to 16%
Processing fee	1.5% of the loan amount applied for.
Prepayment	Before the first 6 EMI’s are completed, no prepayment of loans will be accepted.
Pre-payment Charges	For the first 12 EMI’s the charges will be 4% on the POS
Age limit	The applicant can’t be younger than 25 years of age or older than 58 years of age.
Charges for late payment of EMI	The charges for late payment will be 24% per annum of the outstanding amount
Cheque swapping charges	An amount of Rs. 750 will be charged for each swap.
Cheque bounce charges	For each cheque that bounces, an amount of Rs. 750 will be charged.
Loan cancellation / Rebooking	Rs. 1000; however, in the case of cancellation, both the cancellation charge and the interest will be paid by the customer.
Duplicate Repayment Schedule	For each schedule an amount of Rs.750 will be charged
Statement of Acount	For each statement of account a charge of Rs.750 will be levied.
No Due Certificate/No Objection Certificate (NOC)	Rs.750 for each certificate.
Duplicate of No Due Certificate/No Objection Certificate (NOC)	Rs.250 per certificate.

What are the eligibility criteria for YES BANK personal 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.

Frequently asked questions (FAQ) on YES BANK personal loans

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 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.
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 EMI’s 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 EMI’s 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.

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