The unavailability of sufficient cash is quite common for a large number of Indian families. On several occasions, they have binding financial commitments. But due to limited monthly income and no savings, they find it extremely difficult to arrange cash for unavoidable financial obligations. Borrowing financial help from friends and relatives doesn’t always help. Many people don’t want to take financial support from their relatives, friends, and neighbors. So they look for the source from where they can easily arrange the required cash. Yes Bank personal loan is one such arrangement. The bank offers customized loan products to eligible borrowers and helps them fulfill all financial applications with great ease and comfort. In this article, we will have a detailed look at Yes bank loans and consider their benefits for Indians.
Yes Bank Online Personal Loan: A Brief Introduction
Yes Bank instant loan is beneficial for anyone who needs funds in a short time following specific financial emergencies. We cannot predict when a financial crisis will hit our life. They can appear at any time without giving you any notice. When you already don’t have sufficient funds to meet all your basic needs in a particular month ( due to limited monthly income), the sudden appearance of avoidable financial commitments can make you feel stressed. Yes Bank instant loan is the ideal solution to such problems. The bank allows you to get funds from Rs. 1 lakh maximum up to Rs. Forty lakhs for a period of a maximum of 5 years. The interest rate applied on the loan amount starts from 10.99% p.a. onwards. The good thing about Yes Bank is that it offers personalized loan products for different categories of people. Therefore, you can get the desired funds in a short time and meet all emergency financial obligations without facing any issues.
Also Read : Axis Personal Loan: A Pal For Financially Troubled People
What Are The Benefits of Yes Bank Online Personal Loan?
India’s market is flooded with different loan products. So, people have multiple options when they need to take additional funds from banks and financial sources. Yes Bank online personal loan is quite beneficial for needy people. Look at the main benefits of this loan product, which are detailed below:
Customized Loan Products
Different people have multiple reasons to take loans from banks and financial organizations. Therefore, keeping the people’s needs in mind, the yes bank offers different personalized loans to eligible borrowers. Some of them are detailed here below:
Yes Bank’s Personal Loan for Holiday
This loan is quite helpful to finance your trips to favorite destinations in India and abroad. It helps you get additional funds to cover different traveling expenses.
Yes Bank’s personal loan for wedding
It is an ideal loan to cover various expenses of a marriage party. It helps all those who need additional funds to make their wedding functions successful without asking for monetary help from anyone.
Yes Bank’s personal loan for home renovation
Take this loan from Yes bank and renovate your home quickly. It is pretty helpful when you need to repair your home and there is a cash shortage.
Yes Bank’s quick loan
It is an ideal loan product for selected credit card members of Yes Bank. The good thing about this financial arrangement is that Yes Bank credit cardholders can quickly get it and meet multiple essential expenses with great comfort.
Doorstep Banking Services
Yes Bank is famous for its friendly services to all customers in need. Yes Bank personal loan is quite beneficial for all those who use offline methods to apply for the loan. Just submit your application for the desired loan product per the established protocol. After an initial consultation, Bank executives will visit your house to collect the required documents and process your loan further.
Facility To Transfer Personal Loan Balance Transfer Yes Bank
It is one of the main benefits of Yes Bank’s loan. If you have already taken a loan from another bank, you can transfer it to Yes Bank and pay it off with lower interest-free. You can also take a top-up loan from Yes Bank if you need additional cash to meet unavoidable financial commitments.
Collateral Free Loans
To get approved for Yes Bank personal loan, there is no requirement to place collateral. So even all those people who don’t have expensive properties and assets to get traditional loans can apply for this financial assistance. Due to the absence of collateral against borrowed money, Yes Bank needs your employment and income proof to process your application for the loan. The bank executives will examine your income status and repayment potential to determine the loan amount you can repay over the repayment tenure.
Simple Application Method
Applicants can easily apply for Yes Bank personal loan by visiting the nearest branch or using the Internet. They need to put the correct information in the application form and recheck the accuracy of facts. Once the Bank gets your application, its executive examines the legitimacy of the given data and your credibility as a borrower. Tech-savvy individuals apply for the loan online and get a quick response from the Bank. Therefore, all borrowers need to submit their application to the Bank in the correct form. The Bank will not give you a reply if your application has too many errors and misleading information.
Prepayment options
The prepayment option is suitable for those who want to settle the loan before repayment. After paying 12 EMIs of the loan, you can request the banker to settle the loan permanently. The Bank will not ask for prepayment charges.
Quick Disbursal of Loan Amount & Flexible Repayment Facility
After the approval of your application and completion of all formalities, the Bank will deposit the sanctioned loan amount in the specified bank account. When it comes to yes bank personal loan processing fee, it may go up to 2.5% of the approved loan amount. Repaying a Yes Bank personal loan is relatively easy. Talk to the banker, divide the loan into equal EMIs, and agree to the automatic deductions of the loan amount. Maintain enough balance in your bank account, and it’s done. The repayment amount is automatically detected from the bank account. Timely loan repayment is mandatory as it affects your credit score and financial life as well. In case of the non-repayment of the loan, the Bank may take strict action to recover the unpaid money, interest fees, and applicable late payment charges.
Also Read: Tips To Get Your First Personal Loan From Banks and NBFCs in India
Yes Bank Personal Loan Eligibility Criteria
Eligibility Criteria For Salaried Individuals:
● The applicant must be an Indian citizen aged between 22-60 years,
● The applicant must hold stable employment with an established company, business organization, and firm. A job with central and government agencies makes you an ideal candidate for Yes Bank Personal Loan,
● The applicant must earn at least Rs. Twenty-five thousand to get approved for the loan. This condition is for those who live in Tier-1 cities. Those who live in Tier-2 cities must earn at least Rs. Eighteen thousand to be eligible for the Yes Bank Personal Loan, and
● The applicant must have an active bank account that accepts online transfers.
Eligibility Criteria For Self-employed Individuals:
Self-employed people should be at least 22 years old to apply for a loan. In addition, you must have a stable business entity, regular income flow, ITRs, and other documents to be eligible for the loan.
Documents For Yes Bank Online Personal Loan
For Salaried Individuals:
- Personal identity proof,
- Address proof,
- Bank account details,
- Last six month’s account statement, and
- Last 3′ months salary slip.
For Self-Employed Individuals:
- Personal identity proof,
- Office address proof,
- Proof of Business,
- Business continuity proof, and
- Details of the company’s current bank account details.
Factors That Play An Essential Role In The Loan Approval:
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Your Employment Condition And Repayment Potential
Yes Bank personal loan is free from Collateral placement. That is why, to reduce the risk factor involved in issuing a new loan, the Bank will examine the applicant’s employment condition and repayment potential closely. Stable employment and regular monthly income is the first condition the banker will consider while reviewing your application. There should be a perfect balance between your income and overall expenses. Before applying for a new loan, eliminate all unnecessary costs as far as possible. Pay off the EMIs of any loan you have already taken. Banks prefer borrowers with a clean financial record.
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The Loan Amount
Yes Bank offers Rs 1 lakh to Rs 40 lakhs under personal loans. The actual loan amount will depend on the information supplied to the banker, your employment condition, repayment potential, credit score, and other related factors. Apart from this, the Bank will see if you can repay the new loan comfortably or not. If there are too many pending bills, loan EMIs, credit card payments against your name, the chances for loan approval are reduced up to a great extent. Therefore, you must take the loan amount sufficient for meeting all emergency needs. When there is less debt burden, it becomes easier for you to repay all loan EMIs comfortably.
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Your Credit Score
After receiving applications from borrowers, Yes Bank immediately contacts credit rating agencies. With this move, they can easily extract the credit scores of borrowers. To get a Yes Bank online personal loan, you should have a minimum credit score of 700 or more. The Bank will not give you any relaxation on this parameter. The credit score is an overall record of borrowers. It displays the loan you took in the past, pre-closure, repayment, non-payment, late penalties, pending EMIs of one or more loans, etc. After seeing your credit score, Bank executives can quickly conclude whether you can bear the load of a new loan or not. Yes, Bank approves the loan applications of people with good credit scores. If your credit score is below the criteria, a rejection is highly possible.
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Your Approach Towards The Loan Application
The Bank will also consider this before approving your application. A loan is not a luxurious product at all. The borrower must use it as a last resort to raise funds for unavoidable financial obligations. Taking out a loan for luxury needs is not a good decision at all. While applying for the loan, state all facts carefully and never tell a lie to the banker. Ensure that your application carries accurate data and you have documents to verify it. Please don’t ignore the call from the Bank when they invite you for documentation, background checks, verification of documents, interviews, consultation on the loan amount, etc. Close cooperation with Bank executives play an essential role in the processing of your application. Applications with incorrect information or missing details don’t impress bankers. They will reject such applications without sufficient attention to their details.
Concluding Remarks
Financial problems keep striking people from time to time. It happens throughout our lives, and there is no surprise element in it.Yes Bank online personal loan is an innovative solution to all financial problems. You can get funds starting from Rs 100000 to Rs 40 lakhs for meeting all crucial financial obligations. Complete the eligibility criteria, submit a carefully filled application form to the banker and take all possible steps to increase your chances for loan approval. The Bank has made the loan application and acquisition process relatively simple. So take the desired amount of money as a loan and quickly say a final farewell to all financial problems.
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Frequently Asked Questions
Q. When And Why Should I Apply For Yes Bank Online Personal Loan?
A. There are many situations when you have emergency expenses, but there is an acute shortage of money. When you don’t get financial help from any possible source, Yes Bank online personal loan appears quite helpful. You can apply for it for almost all essential financial obligations and maintain peace in life. Moreover, the Bank allows you to submit your application online or at the nearest branch.
Q. How Much Money Can I Get If I Am Applying For A Loan For The First Time?
A. By applying for Yes Bank Online Personal Loan, you can get funds from Rs 100000 to Rs 40 lakhs. If you are applying for a loan for the first time in your life, keep your expectations at a moderate level. The Bank will examine your income status and repayment potential before giving you a loan.
Q. Is Good Credit Essential For Loan Approval?
A. Yes, you need to maintain a credit score of at least 700 or more to get approved for a Yes Bank online personal loan. A good credit score works as a guarantee for the banker. The Bank may reject your application if you have a bad credit score and many pending bills against you already.
Q. What Is My Responsibility As A Loan Borrower?
A. Always keep in mind that any loan is a financial obligation which borrowers can’t avoid if they take it. Therefore, you need to act responsibly while taking a loan, using it for multiple purposes, and making repayments. In addition, you must act as per the terms and conditions mentioned in the loan contract and follow all the protocols agreed with the banker. It will help you avoid financial emergencies, maintain a good credit score, and receive positive responses from bankers.
Q. How To Request The Banker For Preclosure of The Loan?
A. These days, preclosure of the loan is considered a typical incident in the financial market. For this, you need to contact the Bank and generate a request. The Bank executive will ask you to repay the borrowed money in full with all applicable interest fees and close the loan.
