Yes Bank Personal Loan Eligibility

Yes Bank Personal loan facilities for individuals with flexible repayment tenure and instant approvals. The scheme has been initiated with the identification of the credit need of the individuals to meet day-to-day emergencies. The needs can be anything related to personal expenses such as weddings, vacations, medical emergencies, renovations etc.

Yes Bank has set criteria for a personal loan that includes income level, employment status, repayment capacity and credit score. They also ensure quick disbursal and efficient services like Net banking and mobile banking. Yes Bank also provides hassle-free doorstep banking services and offers a maximum amount of upto 40 Lakhs in personal loans with a repayment tenure of upto 60 months or 5 years.

The eligibility process set by Yes Bank verifies Applicant’s age, liabilities, monthly income, work experience, employment status etc. Credit history is also assessed before sanctioning the personal loan to the individual.

Eligibility required – Yes Bank Personal loan

Yes Bank Personal loans are offered to both salaried and self-employed individuals depending upon the below-discussed eligibility criteria proposed by the lending institution itself.

Basis	Details
Age	21-60 Years
Credit score	700 or Above
Income required	INR 25,000 Per Month – Salaried Individuals. Profitable Business for previous 2 years – Self-employed Individuals.
Loan amount	Upto INR 40 Lakhs
Repayment Tenure	Upto 5 Years
Interest Rate	10.99% to 20%
Processing fee	Upto 2% on the amount
Stamp Duty (Other Statutory charges)	Applicable as per State Laws

Documents Required: Yes Bank Personal Loan

Yes Bank Personal loan process is easy to go through and is hassle-free. The process is majorly online thus, very minimal and basic documentation is required to submit.

Salaried

Self-Employed

Duly filled Application form.

Proof of Identity- Voter ID card, Aadhar card and PAN card.

Address Proof – Electricity bill, Driving Licence, Ration card, Gas Bill.

Income Proof – Last 3 months Bank statements, Latest salary slips, Income statement, ITR – FORM – 16.

Duly filled Application form.

Proof of Identity- Voter ID card, Aadhar card and PAN card.

Address Proof – Electricity bill, Driving Licence, Ration card, Gas Bill.

Business Vintage – 1-year

GST registration certificate

Income proof – Last 3 months’ bank statement, ITR – FORM 16, Income receipts

Personal Loan EMI calculator: Yes Bank

Yes Bank provides a portal for individuals to calculate monthly EMIs. The personal loan EMI comprises the loan amount in addition to the interest rate paid accordingly. To calculate Yes Bank’s personal loan EMI, three significant points are required to get mentioned, i.e.,

Loan amount
Interest Rate
Loan Repayment Tenure

Features & Benefits: Yes Bank Personal Loan

Yes Bank Personal loan ensures various benefits to existing and potential customers in different ways. Personal loans are usually medium-term loans that are helpful in managing finances and are useful in managing different expenses. Some of the renowned benefits are listed below.

Collateral / Security Free
Flexibility in repayment tenure
Faster disbursal of funds
Lower Interest rate
Faster approval
Internet & Mobile banking facilities
Part & Prepayment option
Foreclosure facility

Easy ways to improve Personal Loan eligibility: Yes Bank

Just like any lending institution, Yes Bank has set eligibility criteria to be met if one is willing to acquire a personal loan from them. If an applicant fails to meet the eligibility criteria, then it can get rectified in the following ways discussed below.

Avoid different lenders at a time.

Making enquiries to multiple lenders simultaneously will degrade your CIBIL score immediately. The reason behind the diminishing credit score is because of multiple hard inquiries in the majority of cases. Credit enquiries are of two types soft and hard; soft enquiries are considered safe and do not lower the score, but hard enquiry does. Repeated and frequent enquiry depicts the individual’s desperation and hunger for the loan. Thus it gets more difficult to acquire one.

Maintain enough CIBIL scores.

Having a good CIBIL score is one of the respected ways to improve Yes Bank’s personal loan eligibility. Just like other lending institutions, Yes Bank too asks for a minimum CIBIL score of at least 700 or above before assigning the sanctioning amount. A high CIBIL score, i.e. a score near 900, not only improves eligibility but also ensures personal loans at low-interest rates and flexibility in repayment terms.

Ensure sufficient Income

High income or sufficient income is the primary requirement for the personal loan that you are looking to get sanctioned. Income is an important factor, and high income possesses chances of getting instant approval. Generally, applicants with low income and income below the limit face delay and dismissal in the application. It’s better one should wait to get the income increased and then apply later on.

Borrow amount as per repayment capacity.

Many people commit this mistake just because banks offer them loans beyond their limit; they acquire it happily without worrying about the repercussions. If one takes credit beyond the limit, there are high chances that he may fail to repay, and that will result in decreased CIBIL score.

Thus it is suggested to acquire only what one can repay.

Clear off previous debts before taking new

Whenever you are about to apply for a Yes Bank personal loan, it is, therefore, important to maintain a decent debt-to-income ratio. The lower the debt-income ratio, the higher the asset will be and an improved chance of getting faster disbursal. No previous and pending debts tend to reduce the risk of repayment defaults and increase the lender’s confidence in the applicant’s profile.

Arrange a Co-applicant

Adding a co-applicant to the personal loan is an effective and helpful measure. It is helpful in reducing the liability of the individual; the co-applicant becomes equally responsible for the loan payment and repayment failure. It is much more beneficial to those applicants who have a low CIBIL score once they get associated with the applicant having a good score, it gets extremely easy for them to acquire a personal loan.