Yes Bank Personal Loan Review: Interest Rate, Eligibility

Yes Bank Personal Loan Review: Interest Rate, Eligibility

Yes Bank offers large personal loans up to Rs. 40 lakhs with competitive interest rates starting at 10.99%.

Good for

  • Borrowers seeking large personal loans up to Rs. 40 lakhs
  • Self employed borrowers without ITR

Bad for

  • Borrowers with low CIBIL scores
  • Borrowers who want a hassle-free prepayment process

Editor's Rating

4.0/5.0

Yes Bank is one of the few personal loan lenders to provide large loan amounts up to Rs. 40 lakhs. In addition, self employed borrowers without income tax returns (ITRs) will greatly benefit from the lender's minimal documentation requirements. However, Yes Bank's personal loan interest rates are preferential towards salaried employees and borrowers with high CIBIL scores. With interest rates between 10.99% and 24.00%, it's possible to minimise your total cost of borrowing as long as you meet Yes Bank's personal loan eligibility criteria.

Summary of Yes Bank Personal Loans
Interest rates between 10.99% and 24.00%
Personal loan amounts up to Rs. 40 lakhs
1 to 5 year loan tenures
Prepayment facility available after 12 months
Minimal documentation requirements for income proof

Table of Contents

What Makes Yes Bank Personal Loans Stand Out to Borrowers

Yes Bank has minimal documentation requirements in addition to competitive interest rates starting at 10.99% for the most eligible applicants. Although, Yes Bank's best feature is its range of personal loan amounts. While most banks fund up to Rs. 20 lakhs, Yes Bank provides large personal loans between Rs. 1 lakh and Rs. 40 lakhs.

Yes Bank Personal Loan Interest Rates

Yes Bank description
Yes Bank description

Yes Bank advertises personal loan interest rates as low as 10.99%, which is lower than the market average of 11.88%. However, your final interest rate will be determined by a number of factors including: CIBIL score and credit history, job position and income, age and gender, and the amount you seek to borrow from the lender.

Depending on your personal loan eligibility, you may be charged up to 24.00% interest on your Yes Bank loan. In particular, self employed borrowers or those with low CIBIL scores will be subject to higher rates at Yes Bank. Generally, the lowest personal loan interest rates are reserved for salaried employees who work with reputed companies and have a CIBIL score above 700.

Read More: Best Personal Loans for Low CIBIL Score

Yes Bank Personal Loan Eligibility Criteria

Consider this if you seek a large personal loan

Required Monthly Income RS. 25,000
Min. Loan Amount Rs. 1 lakh
Max. Loan Amount Rs. 40 lakh
Processing Fee Up to 2.50%
Loan Tenure 12 to 60 months

Yes Bank's eligibility criteria is more strict than other personal loan lenders. Though the Yes Bank personal loan is available to both self-employed and salaried borrowers, the lender's age and income requirements reduce the number of eligible applicants.

While many personal loan lenders allow applicants between 18 and 75 years of age to apply, Yes Bank requires borrowers to be between the ages of 22 and 58. If you are outside of this age requirement range, consider State Bank of India (SBI) or ICICI Bank for your personal financing needs.

Similarly, Yes Bank's income requirement of Rs. 25,000 is relatively high compared to other personal loan lenders. If you are a low income earner, click here to find personal loans best suited to borrowers with a low salary.

Yes Bank Personal Loan Processing Fee and Other Charges

Yes Bank has standard processing fees and other personal loan charges, but they aren't the lowest fees you will find in India. For instance, Yes Bank's processing fee of 2.50% is slightly higher than the market standard of 2.00%. To minimise extra personal loan costs, consider SBI or Indian Overseas Bank for your personal financing needs.

Foreclosure on your Yes Bank personal loan is only permitted after 12 months of your loan tenure. Depending on the stage of your loan term, you can pay up to 4.00% of the principal outstanding in foreclosure charges.

Stage of Loan TenureFee
13 - 24 months4.00% of principal outstanding
25 - 36 months3.00% of principal outstanding
37 - 48 months2.00% of principal outstanding
More than 48 monthsNone.
Stage of Loan TenurePart Prepayment Maximum
13 - 24 months20% of principal outstanding
25 - 36 months20% of principal outstanding
37 - 48 months25% of principal outstanding
49 - 60 months25% of principal outstanding
Part Prepayment Maximum is the maximum amount of your personal loan that you are allowed to pay during the given period of your loan tenure

Some borrowers would like to pay more than their equated monthly instalments (EMIs) to complete their EMI repayment sooner than the length of the loan tenure. These prepayments are only allowed once per year by Yes Bank and incur an additional 2.00% fee of the principal outstanding amount.

FeeAmount
Duplicate No Due CertificateRs. 250
Late Payment Charges2.00% of late EMI
Cheque Swapping ChargesRs. 750 + GST
Cheque Bounce ChargesRs. 750 + GST
Loan Cancellation and RebookingRs. 2000 + GST
Deuplicat Repayment Schedule ChargesRs. 750 + GST
Statement of Account ChargesRs. 750 + GST

Like all personal loan lenders, Yes Bank charges an assortment of fees throughout your loan application process.

Yes Bank Personal Loan Payment

Some banks like Tata Capital and Union Bank offer multiple EMI repayment plans. However, Yes Bank advertises just the standard repayment plan of 12 EMIs per month.

To calculate an estimate of your personal loan EMIs, use the Yes Bank Personal Loan EMI calculator on their official website.

Yes Bank Personal Loan: Apply

You can apply for Yes Bank Personal Loan in person or online, but it's important to note that Yes Bank's website is difficult to navigate. In fact, you will find conflicting information on key details of the Yes Bank personal loan on their website, such as minimum personal loan interest rates.

Nonetheless, Yes Bank follows a standard online personal loan application process and promises that you will receive a loan sanction within 5 days of submitting your required documents.

Yes Bank: Documents Required for Personal Loan

Since most banks require borrowers to submit an income tax return, Yes Bank's minimum documentation requirements for income proof are beneficial to self employed borrowers who most likely do not have any ITRs.

Required Documents for Self Employed and Salaried Borrowers

  • Identity Proof: Passport, driving license, Aadhar card OR voter ID
  • Address Proof: Valid form of ID proof with permanent address should be at least a year old
  • Income Proof: Last 3 months bank statements

Yes Bank is one of few lenders that provides personal loans to self employed people without ITRs, and instead asks for the last 3 months of bank statements to confirm financial ability.

Tata Capital Personal Loan Customer Care

If you have any queries about your Yes Bank personal loan application status or how to apply for a personal loan, you should contact Yes Bank personal loan customer care.

Natalia Sanchez-Kumar

Natalia Sanchez-Kumar is a Junior Research Analyst at ValueChampion, specialising in home loans in India. She is a History graduate of New York University and has worked in the area of social impact, Future of Work and socio-technological research in the US and India. She has co-authored policy proposals alongside the International Labour Organisation in Sri Lanka and the Maldives, as well as hosted a data privacy conference with Facebook in New Delhi.