YES Bank is currently offering personal loans with rates starting at 10.99% p.a. for amounts up to Rs 40 lakh and terms up to 5 years. Additionally, according to YES Bank, loan applications are processed within 5 days after submission and funds are disbursed shortly after loan approval. It permits a personal loan balance transfer from other banks or NBFCs to YES Bank at a lower interest rate. After 12 EMIs, it also permits partial prepayment of its personal loan.
Table of Contents
| YES Bank Personal Loan Highlights | |
| Interest Rate | 10.99% p.a. onwards |
| Loan Amount | Rs 1 lakh-Rs 40 lakh |
| Tenure | 1-5 years |
| Prepayment Charges | Allowed if borrower has paid at least 12 EMIs.20% of principal outstanding (13-24 months of EMI repayment)20% of principal outstanding (25-36 months of EMI repayment)25% of principal outstanding (37-48 months of EMI repayment)25% of principal outstanding (>48 months of EMI repayment) |
| Foreclosure Charges | Allowed if borrower has paid at least 12 EMIs.4% of principal outstanding (13-24 months of EMI repayment)3% of principal outstanding (25-36 months of EMI repayment)2% of principal outstanding (37-48 months of EMI repayment)NIL (>48 months of EMI repayment of EMI repayment) |
| Processing Fees | Up to 2% |
YES Bank Personal Loan Interest Rates
Interest rates for personal loans from YES Bank begin at 10.99% per year. Although YES Bank has not specified the breakdown of interest rates offered on the basis of the applicants’ credit score, employer profile, profession profile, etc., lenders typically take these aspects into account when determining the personal loan interest rates of its applicants.
Features of Yes Bank Personal Loan Interest Rate
Here are the following features:
- The interest rate by the bank is 10.99% onward.
- The processing fee is up to 2% of borrowed amount, exclusive of taxes.
- If you work for a government department, reputed company, or bank, then you may be eligible for lower rates and better offers.
- You can foreclose the loan or opt for part payment after paying the first 12 EMIs.
- You can even choose a top-up loan over the existing loan. The starting rate for the same is 10.99%.
Personal Loan Fees and Charges of Yes Bank
In addition to the interest rate, you must be aware of all applicable fees. Knowing this information will allow you to calculate the total cost of the loan and make an informed decision.
Processing Fee: This fee is either added to the first EMI or deducted from the amount disbursed. It is a non-refundable fee levied for loan processing and disbursement legal procedures. The bank charges up to 2.50 percent of the loan amount plus tax, with a minimal charge of Rs. 999.
Foreclosure Charges: After paying the initial 12 EMIs, you can prepay the loan before the end of the term for a fee. Defaulting on the loan will result in significant interest savings. Between 13 and 24 months, the fees are 4%, between 25 and 36 months, they are 3%, and between 37 and 48 months, they are 2%. After 48 months, there are no fees incurred.
Part Payment Charges: You can pay a portion of the amount owed before the end of the term for a fee. This will reduce the interest payment and reduce the monthly payment amount. The bank imposes a 2% fee for the same service. After 12 monthly installments, you may make a partial payment. An annual partial prepayment option is available. The monthly payments will not be reduced, but the quantity received will be applied to the principal balance. You can pay 20% and 25% of the outstanding principal if you make payments between 13 and 24 months, 25 and 36 months, 37 to 48 months, and 49 and 60 months, respectively.
Other Charges: After approving the loan, the bank will provide a statement of charges and fees. In addition to the interest rate, there may be additional charges for late payment, loan cancellation, insufficient funds, etc.
Influencing Factors of Yes Bank Personal Loan Interest Rate
The bank examines your employment and financial information to determine the interest rate. It will evaluate your loan amount, financial obligations, employment information, tenure, credit history, monthly income, and the other factors listed below:
Loan Amount: You can borrow between 1 and 40 million rupees. You can receive a lower interest rate in exchange for a larger loan quantity, and vice versa.
Salary: The bank may offer superior interest rates to those with a higher income bracket. Your monthly income and disposable income will indicate your ability to pay the EMIs to the lender. A higher income may convince the lender that expeditious payments will be made.
Loan Tenure: A shortened loan term reduces interest payments, even if the monthly payments are higher. A prolonged term will incur a higher interest expense, but the EMIs will be lower. The duration offered by the bank ranges from 12 to 60 months. You must choose the term based on your ability to make payments.
Repayment Capacity: Your CIBIL report and score will provide the creditor with information regarding your payment history. The interest rate on a loan will be reduced the higher the credit score. The report will include information regarding credit card bill payments and EMIs paid, as well as a history of ongoing loans, dues, and defaults (if applicable). These details will allow the lender to assess your ability to timely repay the loan.
Employer Category: The bank will maintain an internal registry of businesses. These businesses will be rated. Based on the company’s size, reputation, and relationship with the lending institution, the rating will range from high to low. If you work for a company with a superior rating, you might be offered a lower interest rate.
Relationship with the Bank: Those who have an existing account with the bank or a track record of timely repayments are eligible for the lowest interest rates. If you are a loyal consumer, you may receive a discounted pre-approved offer.
Additional Read: 25 Best Instant Personal Loan Apps in India
Personal Loan Yes Bank Total Cost
| Annual Percentage Rate (APR) | 10.99% onward |
| Total Cost: Principal + Interest + Fee | Here is an illustration:Principal Amount: Rs. 1 lakhTenure: 12 months to 60 monthsProcessing Fee: From Up to 2.50% of the loan amount + tax, subject to minimum Rs. 999Fee to Loanbaba: No feeMonthly Cost: For instance, the tenure for Rs. 1 lakh borrowing is 60 months and the rate is 10.99%. In this case, the EMI will be Rs. 2,174. Now, if the same loan amount is borrowed at 20.00% rate over 12 months, then the EMI will be Rs. 9,263Total Interest Cost Over Tenure: For 60 months the cost payable is Rs. 30,455, while the same is Rs. 0.13 lakh for 12 months tenure |
Yes Bank Personal Loan Interest Calculation
Here are the interest and monthly payment calculations for various loan terms at a rate of 10.99% applied to a Rs. 1 lakh loan amount.
| Interest Amount | 5 years | 3 years | 2 years |
|---|---|---|---|
| For Rs. 1 lakh borrowing at 10.99% | Rs. 2,174 | Rs.3,274 | Rs. 4,661 |
| Principal + Interest = Total cost | Rs. 130,455 | Rs. 117,859 | Rs. 111,859 |
| Total interest over the tenure | Rs. 30,455 | Rs. 17,859 | Rs. 11,859 |
- The preceding illustration demonstrates that the Equated Monthly Instalment is lower for lengthier terms and vice versa. However, the interest expense is greater for lengthier terms.
- For example, the monthly payment for a Rs 1 lakh loan at 10.99% over 60 months is Rs 2,174. The total interest is 30,455 rupees.
- For a loan of Rs 1 lakh over a period of 2 years, the EMI is Rs 4,661, but the interest rate is lower at Rs 11,859.
- Therefore, a shortened duration will decrease the interest payout. However, you must select the term based on your ability to pay the installments.
EMI Calculation for Personal Loan Yes Bank
EMI is an equated monthly instalment that must be paid monthly to the creditor as repayment. This is a fixed quantity that must be paid on the specified date via ECS, standing instruction, or any other available method. At 10.99%, the lowest EMI is Rs 2,174 for a loan of Rs 1 lakh over 60 months. Below, we list various loan quantities for various terms at the lowest possible interest rate.
| Loan Amount | 5 Years loan | 3 Years loan | 1 Year Loan |
|---|---|---|---|
| Rs. 1 Lakh | Rs. 2,174 | Rs. 3,274 | Rs. 8,838 |
| Rs. 5 Lakh | Rs. 10,871 | Rs. 16,369 | Rs. 44,191 |
| Rs. 10 Lakh | Rs. 21,742 | Rs. 32,739 | Rs. 88,382 |
Here is another illustration for EMI calculation at 10.99% for different tenures and loan amounts:
| Loan Amount | 5 Years | 3 Years | 2 Years |
|---|---|---|---|
| Rs.1 Lakh | Rs. 2,174 | Rs. 3,274 | Rs. 4,661 |
| Rs. 3 Lakh | Rs. 6,523 | Rs. 9,822 | Rs. 13,982 |
| Rs. 5 Lakh | Rs. 10,871 | Rs. 16,369 | Rs. 23,304 |
| Rs. 10 Lakh | Rs. 21,742 | Rs. 32,739 | Rs. 46,608 |
It is evident from the preceding example that various loan amounts over varying terms at the lowest interest rate will result in varying EMI amounts.
For extended terms, the monthly payment is lower, and vice versa. After each EMI payment, the proportion of interest and principal changes.
As you continue to make EMI payments, the principal portion increases while the interest portion decreases.
Frequently Asked Questions about Yes Bank Personal Loan Interest Rate
1. What are the current interest rates offered by Yes Bank on personal loans?
Yes Bank offers personal loan interest rates starting from X.XX% per annum. However, the interest rates may vary based on factors such as loan amount, tenure, and the applicant’s creditworthiness.
2. How can I calculate the EMI for a personal loan from Yes Bank?
To calculate your Equated Monthly Installment (EMI) for a Yes Bank personal loan, you can use the EMI calculator available on their official website. Enter the loan amount, interest rate, and tenure to get an accurate estimate of your monthly installment.
3. Are the interest rates fixed or floating for Yes Bank personal loans?
Yes Bank offers both fixed and floating interest rate options for personal loans. You can choose the type of interest rate that suits your financial needs and preferences.
4. What factors influence the Yes Bank personal loan interest rates?
The personal loan interest rates at Yes Bank are influenced by factors such as the applicant’s credit score, income level, loan amount, loan tenure, and existing relationship with the bank.
5. Do existing Yes Bank account holders get any special benefits on personal loan interest rates?
Yes, existing Yes Bank account holders may be eligible for special benefits and lower interest rates on personal loans. Having a good banking relationship with the bank can work in your favor during loan processing.
6. Can I negotiate the interest rate for a Yes Bank personal loan?
Yes, in some cases, you may have the option to negotiate the interest rate with Yes Bank. However, the final decision will depend on your creditworthiness and the bank’s policies.
7. What is the minimum and maximum loan amount offered for Yes Bank personal loans?
Yes Bank provides personal loans with a minimum loan amount of INR X and a maximum loan amount of INR XX, subject to eligibility criteria.
8. Is there an age limit to apply for a personal loan from Yes Bank?
Yes, to be eligible for a personal loan from Yes Bank, the applicant must be at least 21 years old at the time of application and should not exceed X years at loan maturity.
9. How long does it take for Yes Bank to process personal loan applications?
The processing time for personal loan applications at Yes Bank may vary, but in general, it takes a few working days for the bank to process and approve the loan, subject to document verification and other formalities.
10. Are there any prepayment charges for Yes Bank personal loans?
Yes, Yes Bank may charge prepayment penalties on personal loans. It is advisable to check the prepayment terms and conditions with the bank before making any early repayments.
11. Can I transfer my existing personal loan to Yes Bank for a lower interest rate?
Yes, Yes Bank offers personal loan balance transfer facility, allowing you to transfer your existing loan from another bank to Yes Bank for a potentially lower interest rate and better terms.
12. Can self-employed individuals apply for personal loans from Yes Bank?
Yes, Yes Bank extends personal loans to both salaried and self-employed individuals, subject to meeting the eligibility criteria and providing the necessary documentation.
13. What is the processing fee for Yes Bank personal loans?
Yes Bank charges a processing fee on personal loans, which is usually a percentage of the loan amount. The exact processing fee may vary and can be obtained from the bank during the application process.
14. How do I check my eligibility for a Yes Bank personal loan?
Yes Bank provides an online eligibility calculator on their official website. By entering basic details like income, age, and current obligations, you can quickly check your eligibility for a personal loan.
15. Can I avail of a top-up loan on my existing Yes Bank personal loan?
Yes, if you have a good repayment history and meet the bank’s eligibility criteria, you may be eligible for a top-up loan on your existing Yes Bank personal loan.
16. What are the foreclosure charges for Yes Bank personal loans?
Yes Bank may charge foreclosure or prepayment penalties on personal loans. It is recommended to inquire about the exact charges applicable before proceeding with any early repayment.
17. How can I apply for a Yes Bank personal loan?
You can apply for a Yes Bank personal loan online through their official website or by visiting the nearest Yes Bank branch. Fill out the application form and submit the required documents for processing.
18. Can I get a personal loan from Yes Bank without providing collateral?
Yes, Yes Bank offers unsecured personal loans, which means you don’t need to provide any collateral or security to avail of the loan.
19. What is the tenure range for Yes Bank personal loans?
Yes Bank provides personal loan tenures ranging from X months to X months, depending on the applicant’s eligibility and loan amount.
20. Can I apply for a personal loan jointly with a co-applicant?
Yes, you can apply for a Yes Bank personal loan jointly with a co-applicant, which may increase your chances of loan approval and potentially secure a better interest rate.
21. Is it possible to track the status of my Yes Bank personal loan application online?
Yes, Yes Bank allows applicants to track the status of their personal loan applications online through the application tracking facility on their website.
22. What is the minimum income requirement to be eligible for a Yes Bank personal loan?
The minimum income requirement for a Yes Bank personal loan varies based on the loan amount and the applicant’s profile. It is advisable to check the specific income criteria with the bank.
23. Can I convert my existing Yes Bank personal loan from a floating rate to a fixed rate, or vice versa?
Yes, in some cases, Yes Bank may offer the option to convert the interest rate type of your personal loan from floating to fixed or vice versa. The availability and terms of such conversions may vary.
24. Can I change the loan tenure after taking a personal loan from Yes Bank?
Once the loan is disbursed, the loan tenure generally remains fixed. However, you can contact Yes Bank to inquire about any possible options for modifying the tenure, if available.
25. Are personal loans from Yes Bank available for pensioners and retired individuals?
Yes, Yes Bank may extend personal loans to pensioners and retired individuals, subject to meeting the bank’s eligibility criteria and providing proof of pension or retirement income.
26. What are the late payment charges for Yes Bank personal loans?
Yes Bank may levy late payment charges on personal loan EMIs that are not paid on time. The late payment charges are generally a percentage of the overdue amount.
27. Can I get a top-up loan on an existing personal loan from Yes Bank?
Yes, if you have an existing personal loan with Yes Bank and have a good repayment history, you may be eligible for a top-up loan, subject to the bank’s discretion and loan eligibility criteria.
28. Can I pre-close my Yes Bank personal loan before the completion of the tenure?
Yes, you can pre-close or foreclose your Yes Bank personal loan before the completion of the loan tenure. However, the bank may levy prepayment charges as per their policy.
29. Is there a provision to change the EMI payment date for Yes Bank personal loans?
Yes, Yes Bank may allow you to change the EMI payment date for your personal loan, subject to the bank’s terms and conditions. You may need to contact the bank and request the change formally.
30. Can I apply for a Yes Bank personal loan if I already have an existing loan with another bank?
Yes, having an existing loan with another bank does not necessarily disqualify you from applying for a Yes Bank personal loan. However, the final loan approval will depend on your overall creditworthiness and repayment capacity.
Please note that the information provided here is based on general guidelines and practices. For the most accurate and up-to-date details regarding Yes Bank’s personal loan interest rates and offerings, it’s best to contact the bank directly or visit their official website.