Eligibility Criteria for YES Bank Personal Loan
21 to 60 years
25 to 65 years
Rs. 25,000 per month (if residing in tier 1 cities)
700 and above
700 and above
Rs. 1 Lakh to Rs. 40 lakhs
Rs. 1 Lakh to Rs. 40 lakhs
1 - 5 years
1 - 5 years
Up to 2.5% (Min Rs.999)
Up to 2.5% (Min Rs.999)
After 12 EMIs, 4% of principal outstanding + Service Tax
After 12 EMIs, 4% of principal outstanding + Service Tax
Overview of YES Bank Personal Loans
YES bank distinguishes itself with its quick and easy personal loans processing. Borrowers can easily fulfil various personal requirements with the help of these personal loans. Additionally, if you require extra funds and unsure of any other easy solution, YES bank’s loan can be an ideal choice.
YES bank personal loans can be used for meeting various type of financial expenses such as payment of medical bills, marriage expenses, vacation expenses, home renovation, etc. A personal loan of a maximum of Rs. 20 lakhs can be easily availed if you can meet the eligibility criteria set by the bank. Also, Yes bank Personal Loan is easy to repay as it comes with flexible loan tenure ranging from 12 to 60 months.
YES BANK offers personal loans of a maximum of Rs. 40 lakhs and it is available for both salaried and self-employed individuals. Before approving and disbursing a personal loan application, YES BANK verifies an applicant’s age, monthly income, liabilities outstanding, employment status, work experience, and the years residing in the current stated residence. It also verifies an individual’s credit history before granting a personal loan.
Factors Influencing YES Bank’s Personal Loan Eligibility
Age: An applicant’s age at the time of the personal loan application will have an impact on his/her eligibility. Individuals in their 20s and 30s can get a higher loan amount since they can choose a longer repayment term. This will however be subject to the applicant meeting the remaining criteria set by the bank.
Income: An applicant has to meet the bank’s minimum income criteria of either Rs. 25,000 or Rs. 18,000 (depending on his/her place of residence) to qualify for a personal loan. Individuals having a good income can easily borrow more amount since they will most likely have better repayment ability.
Work experience: YES bank only offers personal loans to applicants employed or self-employed through a business for a few years. A good work experience indicates an individual’s financial stability.
Credit score: To be eligible to borrow a higher personal loan amount at competitive interest rates, an applicant should have a credit score above 700.
Financial obligations: In case you have outstanding financial liabilities like loans or credit cards debts, you may not qualify to borrow a larger sum of personal loan since your repayment ability might be lower.
Maximum Personal Loan Amount Offered by YES Bank
YES Bank offers many personal loan variants such as Platinum, Personal Plus, Diamond and Diamond plus, Gold, Gold Plus and Silver, Sarkaar, Guru and Vijay. The table below shows the maximum loan amount offered in each of the loan categories:
Personal Loan Variants
Maximum Loan Amount
RS. 15 Lakhs
RS. 20 Lakhs
Diamond Plus, Diamond
RS. 15 Lakhs
Gold, Gold Plus and Silver Plus
RS. 10 Lakhs
Sarkaar, Guru and Vijay
RS. 12 Lakhs
YES Bank’s Assessment of Personal Loan Eligibility via FOIR
YES Bank uses Fixed Obligation to Income Ratio (FOIR)to measure the personal loan eligibility of people having different incomes. In easier terms, FOIR is the percentage up to which EMI is permissible from an applicant’s income. While determining the personal loan EMI and other existing obligations, the proposed loan obligation is deducted from the net monthly income to calculate an individual’s eligibility. Here is the FOIR used by YES bank for various incomes and personal loan variants.
Personal Loan Variants
Less than Rs. 35,000
Less than Rs. 35,000
Features of YES Bank Personal Loan
No Collateral – For YES bank’s personal loan, you don’t have to submit any collateral or security. Since there’s no collateral requirement, you can immediately access the loan that is credited to your account.
Repayment Flexibility – Flexible repayment is an important feature of YES bank’s personal loan facility. YES Bank offers a flexible repayment tenure that ranges from 12 months to a maximum of 72 months. You can choose a loan tenure as per your monthly income and therefore, your repayment capability. You can make repayment through the easy monthly instalment option. You can also get the pre-estimate on the EMI amount by using the YES bank Personal Loan EMI Calculator. This can help you in better managing your finances.
Balance Transfer Facility – If you have been paying a higher interest rate on an existing personal loan from another bank, you can easily switch to YES bank’s balance transfer facility and make use of lower interest rates. This will bring down the monthly EMI and also reduce the interest obligations in the long run. The balance transfer process is easy and all you need to do is submit a balance transfer request to the bank. You will then have to arrange for a No-objection Certificate (NOC) and the loan statement from your existing lender. YES bank will then check your repayment track record and if everything looks ok then it will approve the application.
Part Payment Option – During the loan tenure, if you want to make part-payment of the outstanding principal amount, you can do so by using the part payment facility offered by the bank. This can help in reducing the overall interest burden. However, before you apply, you must note that you can part-pay only up to 20% of the principal due before loan tenure. You will have to pay the remaining loan amount as per the pre-decided schedule. Charges apply at 1% of the part payment amount.
Foreclosure Facility – YES bank offers a foreclosure facility which can be used to make part or full payment of your principal outstanding amount after completing one year of the loan tenure. This means you can opt for the facility at any time after making timely payments of the first 12 EMIs. Charges will be applicable in case you prepay before the completion of 48 months. The foreclosure charges usually range from Nil to 4% and are calculated on the outstanding principal amount.
Quick Disbursal – Once your loan is processed and approved, the funds will get disbursed a few hours. This ensures the availability of funds at a short notice and can be helpful during emergencies such as medical expenses.
Reasonable Rate of Interest – YES bank offers very competitive interest rates starting at just 10.45%. on personal loans
Easy Online Application Process – You can apply for a YES bank personal loan easily using the bank’s online services. This makes the process quick, easy to follow and requires minimal documentation.
Ways to Improve Personal Loan Eligibility
Good credit score: The ideal way to improve your loan eligibility is by improving your credit score. It is ideal to maintain a credit score above 700 if you are looking for immediate personal loan approval.
Ensure Sufficient Income: Your income plays an important role in deciding your eligibility and chances of instant approval for a personal loan. Hence, make sure to check the bank’s income threshold before you apply for a personal loan. In case your current income is lower than the eligible range, ensure that you wait for it to increase before submitting the personal loan application. This will avoid the chances of the loan application being rejected.
Borrow a loan amount within your repayment capability: The loan amount that you apply for should be within your repayment capacity. It should not be a hassle to make EMI payments every month. If you choose a loan that is not within your repayment capacity, the lender may reject your application.
Avoid multiple lenders at once: Reaching out to multiple lenders at the same time can individual your desperation for a loan and this will affect your credit score. This will further make it difficult for you to get a personal loan easily. Hence, ensure that you compare the various loans and apply to a lender which best suits your requirements.
Overview of YES Bank
YES bank is one of the largest private sector banks in India and is known to cater to the varied financial needs of individuals and corporates alike. It has exclusive products and service variants that are unparalleled in the country. The bank aims to meet the financial needs of millions by offering some of the best personal loan packages.
FAQs – Personal Loan Eligibility – YES Bank
1. How can I get a personal loan from Yes Bank?
You can apply for a YES bank personal loan on the bank’s website. Before doing so, you may want to check your eligibility by looking for a personal loan eligibility calculator online.
2. What is the interest rate of Yes Bank Personal Loan?
The interest rate charged by Yes Bank for a personal loan is a minimum of 10.75%.
3. What is the processing fee applicable for Yes Bank Personal Loan?
The processing fee applicable on Yes Bank Personal Loan is up to 2.50% of the loan amount with a minimum of Rs. 999 plus GST.
4. What is the customer care number of Yes Bank?
You can contact 1800 1200 (Toll-Free Number) to raise queries about YES bank.
5. Does the reason for borrowing a personal loan has any effect on YES bank personal loan eligibility?
No, your loan application with YES bank will be approved if you meet the eligibility criteria set by the bank. The reason for which you wish to borrow a personal loan does not impact your eligibility.
6. What are the documents required to be eligible to borrow a personal loan?
Here are the documents required to borrow a personal loan:
- Identity proof
- Address proof
- Proof of income
7. Does YES bank charge the same interest rate to all eligible customers for a personal loan?
No, YES bank charges interest rates starting 10.99% p.a. The actual interest rate charged can vary based on an individual’s credit score, the loan tenure, repayment capability, etc.
8. Is there a minimum loan amount that individuals can borrow from YES bank?
The minimum loan amount which can be borrowed from YES bank is Rs. 1 lakh.
9. What is the general timeline for processing of YES bank personal loan if an individual meets the eligibility criteria?
YES Bank will update the applicant regarding the status of the personal loan application within 5 days from receiving the same.
10. What is the timeline offered by YES Bank to repay a personal loan?
YES BANK offers flexible loan repayment terms for individuals, and the loan tenure can vary from 12 months to 60 months.
Minimum income: Higher income indicates higher capacity to repay your loan on time, which further implies lower risk for lenders. For salaried professionals, the minimum salary requirement set by most lenders is Rs. 15,000 or above. Note that individuals with a minimum salary of Rs 25,000 are preferred by lenders.What is the loan percentage of Yes Bank? ›
You can get current and lowest personal loan interest rates ranging from 10.99% to 20%, p.a. in India. Compare personal loan interest rate in India among banks and submit instant online personal loan.How can I check my yes bank personal loan status? ›
- Call the customer care department: You can call the toll-free number 1800 1200 and the executives will help you find out the status of your loan application.
- Send an SMS: Alternatively, you can SMS 'HELP' followed by your customer ID to 92233 90909.
YES BANK Limited Period Offer
YES BANK is running an limited period offer wherein it offers both fresh personal loan and balance transfer at attractive interest rates. YBL Staff Offer – 11.05% for fresh and balance transfer cases. The minimum net monthly income should be INR 30,000 to grab such an offer.
Some lenders don't have a minimum income requirement, but they still require borrowers to show an income on the loan application. Including income from other sources like child support, alimony and social security payments can help you qualify for a loan.How can I get a personal loan without proof of income? ›
If you don't meet a lender's income requirements, you may qualify for a traditional unsecured personal loan if you have a creditworthy co-signer apply with you. A co-signer is usually a relative or friend with a high credit score and a reliable source of income.How long does it take to get a loan from Yes Bank? ›
YES Bank Personal Loan is offered @ 10.99% p.a. onwards for loan amount of up to Rs 40 lakh and for tenure of up to 5 years. YES Bank also claims to process the loan application within 5 days of making application and disburses the loan amount within a few hours of its sanction.What is the credit rating of Yes Bank? ›
|Rs.13941 Crore Tier II Bonds (Under Basel III)||CRISIL A-/Positive (Upgraded from 'CRISIL BBB+/Stable' and outlook revised to 'Positive')|
|Rs.20000 Crore Certificate of Deposits||CRISIL A1+ (Upgraded from 'CRISIL A1')|
YES Bank Home Loan Interest Rate 2023
Interest Rate: 6.70% to 11.80% p.a.
Check with your bank if a pre-approved loan offer is available for you. You can log in to your net banking account to check if you are eligible for a pre-approved loan. Submit a duly-filled loan application form which can be obtained from the lender's website, branch office, through SMS, or mobile app.
- Credit Score and History. An applicant's credit score is one of the most important factors a lender considers when evaluating a loan application. ...
- Income. ...
- Debt-to-income Ratio. ...
- Collateral. ...
- Origination Fee.
Funding. If you are approved, funding generally takes between two to five business days. Smaller banks and credit unions may take longer, but most should be able to fund your loan within a week of applying if you opt for direct deposit into a bank account.Can you negotiate personal loan with bank? ›
There are various ways to settle your personal loan debt. The most common options include: Doing it yourself. Contrary to popular belief, it is possible to negotiate a payment plan or settlement directly with your personal loan lender.Which bank is best for personal loan for salaried employees? ›
|Lender||Interest Rate (p.a.)||Processing Fee|
|ICICI Bank||10.75% onwards||Up to 2.5% of the loan amount|
|Axis Bank||10.49% onwards||1.5%-2% of the loan amount|
|Tata Capital||10.99% onwards||Up to 2.75% of the loan amount|
|Yes Bank||10.99% onwards||Up to 2.5% of the loan amount|
A good interest rate on a personal loan is 5.99% to 9%. The average APR for a two-year personal loan from a bank is 9.87, according to the Federal Reserve, and the best personal loans have APRs as low as 5.99% for the most creditworthy borrowers.What loan does not verify income? ›
No-income, no-job, no-asset (NINJA) mortgages don't require lenders to verify income, assets or employment. Essentially, with a NINJA loan, the lender takes the borrower's word that the loan application is accurate.How much money can I borrow based on income? ›
The general rule is that you can afford a mortgage that is 2x to 2.5x your gross income. Total monthly mortgage payments are typically made up of four components: principal, interest, taxes, and insurance (collectively known as PITI).What type of income can be used to qualify a borrower? ›
Retirement, government, annuity, and pension income
If your retirement includes savings in an IRA, 401(k), or other retirement accounts, you can use it as income to qualify for a mortgage.
Loans that don't require income verification are possible, but they're usually more difficult to secure. Occasionally, lenders will charge higher interest rates for borrowers who are unable to provide income, so borrowers should be careful not to take on unmanageable loans.Can you get a personal bank loan without a job? ›
Yes, you can get a personal loan without a job, but it'll be more challenging, and you may pay higher interest rates. Lenders will also want to see that you have solid credit and an alternate source of income. Personal loans are unsecured loans, which means that they aren't secured by an asset, such as a car or house.
You may have to provide documents such as a copy of your lease agreement or utility bill to prove that you live at the address you stated. Proof of income: Lenders want to know that, if they lend you money, they'll be repaid. Your income can give lenders insight into whether you are able to repay the loan.Which bank easily gives loan? ›
HDFC Bank offers pre-approved loans to customers in 10 seconds flat*. Non – HDFC Bank customers can get loans in 4 hours. If you've wondered how to get an instant loan, wonder no more.What is the maximum personal loan amount in 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.What is the cibil score required for personal loan in Yes Bank? ›
|CIBIL Score||700 and above||700 and above|
|Loan Amount||Rs.1 Lakh to Rs.40 lakhs||Rs.1 Lakh to Rs.40 lakhs|
|Loan Tenure||1 - 5 years||1 - 5 years|
|Interest Rate||10.99% p.a.||10.99% p.a.|
The rating of BBB- from Standard & Poor's and Baa3 from Moody's represents the lowest possible ratings for a security to be considered investment grade.What is the credit to deposit ratio of YES Bank? ›
|India Yes Bank: Financial Ratio: Credit-Deposit (%)||101.390 2018|
|India Yes Bank: Financial Ratio: Cash-Deposit (%)||5.690 2018|
|India Yes Bank: Financial Ratio: Investment-Deposit (%)||34.070 2018|
Although ranges vary depending on the credit scoring model, generally credit scores from 580 to 669 are considered fair; 670 to 739 are considered good; 740 to 799 are considered very good; and 800 and up are considered excellent.What is the highest rate of interest in Yes Bank? ›
The bank offers the highest interest rate of 8.25% on tenure of 18 months to less than 36 months. Premature withdrawal penalty shall be applicable on all deposits booked / renewed for amount less than Rs 5 crore as per the below table. Note that premature penalty will not be applicable for senior citizen customers.Will loan rates go down in 2023? ›
“A fight over raising the debt ceiling is likely to drag into the summer, and mortgage borrowers should expect rate volatility as a result.” Mortgage Bankers Association (MBA). “Long-term rates have already peaked. We expect that 30-year mortgage rates will end 2023 at 5.2%.”Is interest going down in 2023? ›
When it becomes more attractive to save money, consumers tend to spend less of it. But the Fed isn't done fighting inflation. And because of that, consumers should not expect interest rates to drop in 2023. However, rates may also not climb much from where they are today.
Can I be denied a loan after pre-approval? After being pre-approved on a loan, you can still be denied by the lender. This is because pre-approval is based on a soft credit check – essentially the lender is relying on you to provide accurate and up-to-date information.Can you still get denied after pre-approval personal loan? ›
Prepare with personal loan preapproval
Many lenders allow you to prequalify without impacting your credit score or making a commitment. However, your application could be denied if something changes, such as your income or credit score.
Getting pre-approved for a loan only means that you meet the lender's basic requirements at a specific moment in time. Circumstances can change, and it is possible to be denied for a mortgage after pre-approval. If this happens, do not despair.How do banks verify income for personal loans? ›
Historically, it involved borrowers sharing documents from several sources, such as W2 forms, pay stubs, or bank statements. Lenders manually review these documents and verify that a borrower has a sufficient and steady income before making a loan approval decision.What is the easiest loan to get? ›
- Payday Loan. ...
- No Credit Check Loans. ...
- Unsecured Personal Loans. ...
- Secured Personal Loan. ...
- Loan From a Friend or Family Member. ...
- Emergency Loans. ...
- Hardship Loans from Local Government. ...
- Hardship Distribution from Your 401(k)
- How you plan to use the money.
- The amount of money you are requesting.
- Your desired loan terms.
- How you plan to pay back your loan.
- And collateral to be used.
Getting approved for a personal loan generally takes anywhere from one day to one week. As we mentioned above, how long it takes for a personal loan to go through depends on several factors, like your credit score.Are personal loans instant? ›
Few major personal loan providers offer same-day approval and funding, as most take at least 2 business days, but there are some worthwhile exceptions. The best same-day personal loans offer low APRs and fees, in addition to nearly instant access to money.What happens after you get approved for a personal loan? ›
Once you're approved for a personal loan, the cash is usually delivered directly to your checking account. If you're getting a loan to refinance existing debt, you can sometimes request that your lender pay your bills directly.Why would a bank reject a personal loan? ›
The most common reasons for rejection include a low credit score or bad credit history, a high debt-to-income ratio, unstable employment history, too low of income for the desired loan amount, or missing important information or paperwork within your application.
The best banks for personal loans are Discover, American Express, Wells Fargo and Citibank. These banks are great for personal loans because they provide the most competitive terms on the market, including low APRs, $0 origination fees, large loan amounts, long payoff periods and more.Do banks ask what a personal loan is for? ›
Taking out a personal loan is exactly that — personal. But does your lender need to know how you plan to use funds? In short, yes. While most reasons won't stop you from obtaining a personal loan, you'll need to explain why you need the money you're borrowing.What is the lowest salary for personal loan from bank? ›
|Lenders||Interest Rates||Min. Salary Required|
|Bajaj Finance||11.00% p.a. onwards||Rs. 25,000|
|Standard Chartered Bank||11.49% p.a. onwards||Rs. 22,000|
|HDFC Bank||10.50% p.a. onwards||Rs. 25,000|
|Kotak Mahindra Bank||10.99% p.a. onwards||Rs. 25,000|
Perhaps the most important factors that qualify an applicant for a loan are employment and income. Lenders value employment so much that you can qualify for a loan if you just started a new job or even if you only have an offer letter and haven't started yet.Can I get a personal loan from my employer? ›
Employee loans are a type of loan you can get from your employer. Not all employers will allow you to borrow money, but some are able to offer certain types of loans to its employees. Loans to employees can take different forms.Is 10% good on a personal loan? ›
Yes, 10% is a good personal loan interest rate for people with good credit. Applicants with a credit score of 660+ could qualify for a personal loan with a 10.00% APR if they choose the right lender and have enough income to afford the loan.Why are personal loan rates so high right now? ›
But current market conditions, including the Federal Reserve's unprecedented streak of interest rate hikes on federal funds, are causing personal loan rates to increase — which may result in more denials for people with bad credit.How long are personal loans? ›
With a standard personal loan, you usually have between two and five years to repay the loan. Long-term personal loans can have loan repayment terms of up to 15 years. This makes the monthly payment more manageable but stretches interest costs over a longer period of time.How much income do I need to apply for a loan? ›
Usually, the minimum salary requirement for how much income do you need to get a personal loan is in the area of $15,000-$20,000 a year for the lowest loan amounts. If you're asking for a $100,000 loan then your income needs be about 10x the minimum salary.Can you get a small personal loan without a job? ›
You can get a personal loan without a job—but you'll need to have someone in your life who is willing to help you out. For those without a source of income, that means getting a co-signer.
What Is A Common Range For Personal Loan Amounts? In general, most lenders allow borrowers to take out $1,000 – $50,000. The amount you're approved for, however, can depend on certain factors in your finances. Rocket LoansSM offers personal loans from $2,000 – $45,000.What is required for a personal bank loan? ›
Proof of identity, such as a driver's license, passport, or state-issued ID card. Proof of your income. You may need to provide pay stubs, tax returns, W-2s and 1099s, bank statements, or your employer's contact information. If you are self-employed, the loan provider may ask for bank statements, 1099s, or tax returns.What disqualifies you from getting a personal loan? ›
The most common reasons for rejection include a low credit score or bad credit history, a high debt-to-income ratio, unstable employment history, too low of income for the desired loan amount, or missing important information or paperwork within your application.Can banks do small personal loans? ›
Small personal loans are available from different types of lenders, including banks, credit unions, online lenders and mobile apps. To apply, you need to complete an application and provide any supporting documentation the lender requires.Can I get a personal loan if I just started working? ›
Perhaps the most important factors that qualify an applicant for a loan are employment and income. Lenders value employment so much that you can qualify for a loan if you just started a new job or even if you only have an offer letter and haven't started yet.