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YES BANK PERSONAL LOAN

YES BANK PERSONAL LOAN - (A)

Personal loans offered by Yes Bank can be used to cover all financial expenses, including payment of medical bills, weddings, vacation trips, home renovations, etc. An instant personal loan up to 20 lakh rupees can be used by those who meet the eligibility criteria of Yes Bank. In addition, the Yes Bank personal loan can be easily repaid within a flexible period of 12 to 60 months.

ELIGIBILITY CRITERIA

Must be an employee or self-employed

You must be at least 21 and your maximum age must be 60.

You must be in the current place of residence that you have owned or rented for at least 1 year.

You must work with the current employer for at least 6 months.

Your minimum monthly income must be Rs. 18,000 or more

DOCUMENTS REQUIRED

The applicant must provide documented proof of his age and address, as well as the bank statement from his salary account for the past 6 months. In addition, applicants must submit their IT returns or Form 16 within the past two years.

INTEREST RATES

The interest rate is calculated using two methods, the base rate, and the MCLR. Applicants who applied for the loan before April 1, 2016, are eligible for the rate based on the base rate, while others are charged on the loan rate based on the marginal cost (MCLR).

Borrowers eligible for MCLR rates will be billed at the MCLR rate plus an additional margin above the MCLR. The final interest rate also depends on the instant loan amount, the term of the loan and the creditworthiness of the borrower. The interest rate on the Yes Bank personal loan starts at 10.75%. The loan does not require collateral or guarantee of approval. The base rate on October 5, 2015, was 10.25%, while the prime rate (PLR) for July 26, 2011, was 19.75%.

The MCLR benchmark follows certain RBI guidelines regarding certain factors such as operating costs, redemption rate, CRR, etc. Here is a brief description of the MCLR.

 

MCLR reference prices                   MCLR reference scheme
Overnight8.90%
1 Month9.00%
3 Months9.25%
6 Months9.30%
1 Year9.50%

FEES AND CHARGES

Yes, Personal bank loan fees include closing costs and processing fees. The loan processing fees can reach 2% of the loan amount. Loans can only be closed after 12 months. Subsequently, closing costs are billed at the following rates.

4% when paying from 13 to 24 EWI (i.e. 1 to 2 years)

3% if you paid between 25 and 36 NDEs (i.e. more than 2 years to 3 years)

2% when 37 to 48 NDEs have been paid (i.e. more than 3 years to 4 years)

No cut-off costs when 48 NDEs have been paid (i.e. after 4 years)

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