Yes Bank Personal Loan – Check Eligibility & Interest Rates Online

Need funds to make a purchase or cover your short-term needs? Yes Bank personal loan online applications may come in handy! Being one of the leading private sector banks in India, Yes Bank has over 600 branches across the country, advances of Rs. 1,000 billion, deposits of Rs. 1,250 billion and a balance sheet worth of Rs. 1,500 billion. So, it is not surprising that the bank offers some of the best retail loans such as commercial vehicle loan, car loan, personal loan, and home loan. Yes Bank personal loans provide easy online application, minimal documentation and fast approval. If you need an instant personal loan, Yes Bank personal loan online schemes may be ideal for you.

Yes Bank personal loan online – a brief overview

Dedicated to providing trustworthy, simple and unforgettable banking experience to the users, Yes Bank ranks as one of the fastest growing organisations in India’s retail banking sector. That is why a large number of people turn to Yes Bank personal loan online schemes when faced with a dire need for funds. Depending on your income, repayment capability, and eligibility, you may get anywhere from Rs. 1 lakh to Rs. 20 lakhs as a personal loan. Yes Bank personal loans are unsecured. So, you do not have to worry about putting your assets or property down as collateral. You also do not need a guarantor to co-sign the loan for you.

No matter what type of financial crisis you are facing, applying for a Yes Bank personal loan online may be the ideal solution. These loans are versatile and they can fulfil a variety of funding needs by providing you with a lump sum amount. Whether you want to put the down payment on a new apartment, purchase the latest gadgets or appliances, pay your credit card bills, undertake a home improvement project, go on a vacation, or pay for a medical emergency, the Yes Bank personal loans will be appropriate. Unlike most online cash loans, these personal loans provide a significant sum that can take care of a range of needs.

Yes Bank personal loans – Check Eligibility & Interest Rates Online

When you hear about the benefits of Yes Bank personal loans such as quick approval, attractive interest rates, easy application, and flexible repayment schemes, it is natural for you to want to apply for the loan right away. However, before you submit your application for the Yes Bank personal loan online, you should find out whether you qualify for it. Like all financial product, Yes Bank personal loans have some eligibility requirements that you need to fulfil in order to get the approval. The loan is available to both salaried and self-employed individuals, and the requirements may slightly vary. Here’s a quick chart that should give you a better idea.

Particulars

Self-employed

Salaried

Age 25 to 58 years 25 to 58 years
CIBIL Score 750 and above 750 and above
Income Minimum Rs. 25,000 per month
Guarantor None None
Loan amount Rs. 2 lakhs to Rs. 20 lakhs Rs. 2 lakhs to Rs. 20 lakhs
Loan tenure 1 to 5 years 1 to 5 years
Interest rates Up to 14% Up to 14%
Prepayment Charge Up to 4% plus service tax Up to 4% plus service tax
Processing Fee Up to 2% Up to 2%

After you check eligibility & interest rates online, you should carry out a rough calculation of the interest rates and charges. It would help you determine how much the loan will cost you. Having a rough estimate in hand will make it easy for you to plan the repayment. Once you obtain the Yes Bank personal loan online, you must focus on paying it back on time. You would need to pay off the sum in fixed instalments every month. It is crucial that you keep up with timely payment. Defaulting on the loan will not only damage your credit rating, but it may also invite legal troubles.

CIBIL score and Yes Bank personal loan

A number of factors can affect your eligibility for Yes Bank personal loan online. Your credit score is one of the most crucial ones. It is true that lenders look at your income and employment to judge your repayment capacity. However, they also look at your credit history to check your past loan performance. If you have been reckless with your debt in the past, it is bound to show up in your credit record. Poor financial management and late payments can also have a damaging impact on your credit scores.

To be eligible for Yes Bank personal loans, you need to have a minimum CIBIL score of 750. If your scores are lower than that, you will not qualify for the loan. However, if you have higher scores than the minimum required, you will likely get the best interest rates and charges. If you do not know your credit rating, try the free CIBIL score checkers. Remember, lenders always carry out a hard credit check when processing your application. The hard credit inquiry takes into account your credit history, credit record, and credit rating.

If you do not qualify for the Yes Bank personal loan online, you should try and improve your credit scores. However, if you need money urgently, Loan Sumo can arrange salary advance loans and low salary personal loans to get you through the troubled times.