YES Bank offers personal loans of minimum Rs. 1 Lac to maximum Rs. 25 Lacs. You can avail the funds for a minimum of 12 months to maximum 60 months. The interest rate offered by YES Bank on personal loans is starting from 10.75% per annum to 15.90% per annum with processing charges equal to up to 2.50% on the principal outstanding amount.
Being an eligible borrower, you can get approval on your personal loan application within just 60 seconds. YES Bank also gives you the options to prepay your personal loan using either of the prepayment method, foreclosure or part-payment. However, you can only prepay your personal loan after the repayment of first 12 EMIs.
Getting a personal loan with YES Bank becomes easy since they offer doorstep services for each and every customer. YES Bank will send their representative at your home who will not only help you understand the application process for personal loan but will also assist on complete documentation process.
YES Bank Personal Loan at a glance
| Annual Interest Rate | 10.75% – 15.90% |
| Loan Term | 12 Months – 60 Months |
| Loan Amount | Rs. 1 Lac – Rs. 25 Lacs |
| Time of Funding | Within 24 hours of Approval |
| Pre-closure Charges | Zero to Upto 4%Allowed only if first 12 EMIs are paid |
YES Bank Personal Loan Rate of Interest
| Personal Loans | Applicable Interest Rate |
| YES Bank Personal Loan | 10.75% – 14% per annum |
| YES Bank Sarkar | 14.50% – 15.90% per annum |
| YES Bank Guru | 14.50% – 15.90% per annum |
The interest rate levied by YES Bank to regular personal loans ranges from 10.75% to as high as 14% per annum. All kinds of eligible borrower can avail the personal loans within this interest rate range, which is comparatively lower than SBI with ROI range 10.75% to 15.15% per annum and HDFC Bank with ROI range 11.39% to 20.99% per annum.
The interest rates offered to government employees and teachers, are comparatively higher than what is being offered under regular personal loan scheme. Any eligible government employee or teacher can avail personal loan at interest rate between 14.50% to 15.90% per annum under YES Bank Sarkar and YES Bank Guru respectively. Although, it is still cheaper than HDFC Bank but costly than SBI Bank.
YES Bank Personal Loan Eligibility
| Eligibility Criteria | Requirements |
| Age | 22 Years to 58 Years |
| Income | Minimum Rs. 18,000 |
| Experience at Current Organization | Minimum 6 Months |
| Total Work Experience | Minimum 2 Years |
| Residential Stability | Minimum 1 Year at Current Place |
- Minimum age of the applicant should not be less than 22 Years at the time of loan application and maximum 58 Years at the time of loan maturity.
- Applicant should have a minimum net monthly salary of Rs. 18,000 and must be filing ITR for last 2 years.
- Applicant should have been working at the current workplace for minimum 6 months and must have a total work experience of 2 years minimum.
- In case the current residence is rented, applicant must have been living at the place for at least 1 year.
Why YES Bank is a good fit for you?
Existing YES Bank Customer – YES Bank Personal Loan can be a good choice for you if you have an existing relationship with the bank. Being an existing customer of YES Bank helps you avail personal loan hassle free and exclusive benefits such as zero documentation, quick disbursal and pre-approved offers etc.
If You’re a Teacher – YES Bank is a good fit for you if you are a teacher teaching at a government or private schools, college, or university. YES Bank have a specific personal loan for teachers only where you can get personal loan as high as Rs. 20 Lacs depending upon your total experience, credit score and the your current city.
If You’re a Government Employees – Being a government employee, you can take a personal loan of as high as Rs. 20 Lacs depending upon your eligibility criteria and credit score. YES Bank have a specific personal loan scheme for government employees.
Why Choose YES Bank?
Quick Approval – Getting a approval on your YES Bank Personal Loan is easy since YES Bank offers approval within 60 seconds of loan application. However, it depends upon your monthly income and repayment capacity.
Doorstep Facility – YES Bank offers its personal loan customer doorstep facility to help them in loan application and documentation. When applying for YES Bank Personal Loan, you can make a request to meet a representative of YES Bank who will help you understand the application process as well as documentation required for the loan application.
Part-Payment Available – The facility to repay the personal loan via Part-Payment feature isn’t something that every bank of financial institution offers to its customers. However, YES Bank offers both foreclosure as well as Part-payment repayment options.
What to watch out for?
No personal loan of less than Rs. 1 Lac – There might be many cases where you just need the financial help of amount less than Rs. 1 Lac. In such cases, YES Bank is out of the choice since they doesn’t offer personal loan less than Rs. 1 Lac.
Processing Charges not refundable – The processing fee you pay on booking of your personal loan with YES Bank will not be refunded back to you by YES Bank in any condition. So, you should be sure about if you really need to book it in the first place.
Charges on Non-Utilisation of the funds – With YES Bank, you might have to pay the charges on not utilizing the whole personal loan fund credited into your loan account. Currently, YES Bank charges a fee equal to 0.25% of the non-utilized amount if you have used only less than 25% of the availed funds. If you have utilized funds more than 25% to less 50% of the actual availed amount, then you have to pay a fee equal to 0.10% on the non-utilized amount.
High Income Criteria – YES Bank have a high income criteria as compared to other banks such as HDFC and SBI. You must have a minimum net monthly income of Rs. 18,000 to avail personal loan from YES Bank whereas HDFC and SBI offers personal loans with monthly income as low as Rs. 12,000.
YES Bank Salary Account is Mandatory for YES Sarkar and YES Guru – If you are a permanent government employee or a teacher teaching in a government or private school, college or university and wants to avail funds under YES Sarkar Personal Loan or YES Guru Personal Loan, then you must be disbursing salary through YES Bank Salary Account for at least past 3 months.
Compare YES Bank Personal Loan to Other Banks
| Bank Name | YES Bank | Kotak Mahindra Bank | SBI |
| Typical APR | 10.75% – 15.90% | 10.99% – 24% | 11.15% – 15.15% |
| Loan Term | 12 Months – 60 Months | 12 Months – 60 Months | 12 Months – 60 Months |
| Maximum Lending Amount | Rs. 25 Lacs | Rs. 15 Lacs | Rs. 15 Lacs |
| Processing Fee | Up to 2.50% of the loan amountMinimum Rs. 999. | Up to 2.50% of the loan amount | 1% of the loan amount |
| Time to Funding | Within 24 hours | Within 30 minutes | Usually within 2 to 3 working days |
| Pre-Closure | Zero to Upto 4% of Principal Outstanding | 5% of Principal Outstanding | Zero to Upto 3% of Principal Outstanding |
Being a private sector bank, the personal loan offerings YES Bank offers to its customers is quite better than what its competitors offers. Currently, a typical annual interest rate offered by YES Bank ranges from 10.75% to 14% in comparison to its competitors like Kotak Mahindra Bank and SBI who offers interest rate from 10.99% to up to 24% per annum.
There’s also a huge gap between maximum lending rate that YES Bank offers as compared to Kotak and SBI. YES Bank offers as high as upto Rs. 25 Lacs in comparison to Kotak Mahindra Bank and SBI, offering only upto Rs. 15 Lacs.
In case of the processing charges, the amount YES Bank levies for processing of the loan is a bit higher since the minimum processing charge are equal to Rs. 999 and go as high as upto 2.50% of the sanctioned loan amount. As for the minimum time to process the application and provide the funds to the customers, Kotak Bank takes less time, only 30 minutes to be exact in comparison to YES Bank where they take upto 24 hours to process the loan and provide the funds.
As for the pre-closure charges, YES Bank charges are a bit higher than many other competitor like SBI charging only maximum upto 3% of the loan amount. Whereas YES Bank is charging maximum upto 4% of the loan amount. However, some other competitive banks and FIs like Kotak Mahindra Bank and Fullerton India charges pre-closure way higher than YES Bank.
Loan Offerings
YES Bank Personal Loan
YES Bank personal loan can be availed for any purpose, bet it wedding, education, home renovation, or going on your dream vacation. YES Bank offers personal loan of up to Rs. 25 Lacs, whereas the minimum amount you can avail is limited to Rs. 1 Lac. The interest rate levied by YES Bank to personal loan customers ranges between 10.75% to 14% per annum, whereas the processing charges goes up to as high as 2.50% of the loan amount and subject to minimum Rs. 999.
Documentation required for YES Bank personal loan for Salaried:
- Letter from Employer / Salary Slip / Form 16 / Salary Account Statement
- Last 3 months bank statements and IT Returns for last 2 years
- Personal Loan Application along with a KYC Documents and Passport Sized Photograph
Documentation required for YES Bank personal loan for Self-Employed:
- Business Existence and Continuity Proof
- Last 3 months bank statements and IT Returns for last 2 years
- Copy of Profit & Loss Account Sheet of the Business
- Personal Loan Application along with a KYC Documents and Passport Sized Photograph
YES Sarkar (Personal Loan for Government Employees)
YES Bank offers a personal loan offering dedicated to permanent government employees, where an eligible applicant can avail personal loan from minimum Rs. 1 Lac to maximum Rs. 20 Lacs depending upon the income criteria.
An applicant earning a monthly salary of Rs. 50,000 or above, can avail upto Rs. 20 Lacs if applicant is residing in the following cities – Mumbai, Delhi, Pune, Mumbai, Delhi, Pune, Bangalore, Chennai, Kolkata, and Hyderabad and must have a minimum 2 years experience with current organisation. And if the applicant is residing in any other indian city, then he/she can avail as high as upto Rs. 10 Lacs only.
An applicant earning a monthly salary of between Rs. 30,000 to less than Rs. 50,000, can avail personal loan of upto Rs. 12 Lacs if residing in the following cities – Mumbai, Delhi, Pune, Mumbai, Delhi, Pune, Bangalore, Chennai, Kolkata, and Hyderabad and must have a minimum 3 years of experience with current employer. Otherwise, the applicant can only avail as high as Rs. 7.50 Lacs.
The interest rates offered to the borrower varies according to the current monthly income of the applicant. YES Bank currently levies an interest rate equal to 14.50% per annum to applicants who are earning a net monthly income of Rs. 75,000 or above. If the net monthly salary of the applicant is between Rs. 50,000 to less than Rs. 75,000, then the applicable interest rate is 15.25% per annum. If the net monthly salary of the applicant is between Rs. 35,000 to less than Rs. 50,000 then the applicable interest rate is equal to 15.75% per annum. And, 15.90% per annum where the net monthly salary of the applicant is between Rs. 25,000 to less than Rs. 35,000.
The repayment period offered to the borrower ranges from minimum 12 months to maximum 60 months. An eligible applicant for YES Sarkar Personal Loan would be of minimum 21 years of age at the time of loan application and maximum 60 years at the time of loan maturity and must be disbursing his/her monthly salary through YES Bank Salary Account. The person must have a credit score of minimum 700 points to be eligible for the loan and should be able to provide the landline number at the office and have landline/postpaid connection at home.
Documents required for YES Sarkar Personal Loan
- Last 3 months’ YES Bank Salary Account Statement
- Personal Loan Application along with a KYC Documents and Passport Sized Photograph
YES Guru (Personal Loan for Teachers)
YES Bank have a separate personal loan scheme for teachers, where an eligible applicant can avail funds as high as Rs. 20 Lacs depending upon the eligibility criteria for a tenure of 12 months to 60 months. An eligible applicant can be any teacher teaching at any Government or Private School / College / Universities.
An applicant earning a minimum net monthly salary of Rs. 50,000, can avail from minimum Rs. 1 Lac to upto Rs. 10 Lacs if he/she is living in the following cities – Mumbai, Delhi, Pune, Bangalore, Chennai, Kolkata, and Hyderabad. If the person is a resident of any other city, then he/she can borrow upto maximum Rs. 6 Lacs only.
If the applicant is earning a net monthly salary between Rs. 30,000 to less than Rs. 50,000, then he/she can avail loan amount from minimum Rs. 1 Lac to maximum Rs. 7 Lacs if living in the following cities – Mumbai, Delhi, Pune, Bangalore, Chennai, Kolkata, and Hyderabad. If the applicant is living in other cities, then the maximum loan amount he/she can avail is limited to Rs. 4 Lacs only.
An eligible applicant would be one with credit score of minimum 700 points and have a total experience of 3 years where the 1 year experience must be with the current institution. The person must be drawing his/her monthly salary through YES Bank Salary Account and able to provide office landline number as well as have a landline or postpaid connection at the resident.
In some case where the applicant is teaching in a private institution, be it a private school, college or a private university, can avail personal loan as high as above Rs. 10 Lacs to upto Rs. 20 Lacs. In this case, the applicant must be living in any of the following cities – Mumbai, Delhi, Pune, Bangalore, Chennai, Kolkata, and Hyderabad and have a credit score of 810 points or above as well as have a total teaching experience of 5 years where the last 1 year experience is with the current organisation.
The interest rate offered to an applicant earning a minimum net monthly salary of Rs. 75,000 is equal to 14.50% per annum. If the applicant is earning a net monthly income between Rs. 50,000 to less than Rs. 75,000, then he/she can avail personal loan at 15.25% annual interest rate. An applicant can avail an annual interest rate of 15.75% per annum if his/her net monthly salary is between Rs. 35,000 to less than Rs. 50,000 and annual interest rate of 15.90% if the net monthly salary is between Rs. 25,000 to less than Rs. 35,000.
Documents required for YES Guru Personal Loan
- Last 3 months’ YES Bank Salary Account Statement
- Personal Loan Application along with a KYC Documents and Passport Sized Photograph
How to Apply for YES Bank Personal Loan?
At Paisa
- Check the personal loan offering mentioned above and click on “Apply Now” button.
- Now provide your information such as your mobile number, email address, date of birth etc.
- Cross check all the provided information and click on “Submit”.
At YES Bank Branch
- Walk into the nearest YES Bank Branch and go to the helpdesk.
- Provide your details to the YES Bank representative and he/she will check your eligibility for the loan.
Note: YES Bank will notify you about the status of your loan application on your registered phone number via message or on registered email.
After I Apply?
Check Personal Loan Status
- Check Loan Status through Email
- Check Loan Status via SMS Alert
- Check Loan Status at the nearest YES Bank Branch
Once I’m Approved?
Pay your Personal Loan Overdue
- Click here to go the Billdesk Loan Repayment page of YES Bank, and enter your loan account number and confirm it.
- Enter the Captcha code correctly and click on “Next” button.
- Enter the payment details such as due amount.
- Choose a bank from the drop-down list from which you want to make the payment and click on “Continue”.
- You’ll be redirected to the internet banking page of your chosen bank. Login to the internet banking services.
- Select the amount you wish to pay against the due amount and click on “Confirm”.
- Receive the acknowledgement of the transaction.
Fees & Penalties
| Type of Charges | Applicable Charge |
| Processing Fee | Up to 2.50% of the loan amount or Min Rs. 999 |
| Foreclosure ChargesAllowed after first 12 EMIs | 4% of the principal outstanding if prepayment is made between 13 to 24 months from disbursal 3% of the principal outstanding if prepayment is made between 25 to 36 months from disbursal 2% of the principal outstanding if prepayment is made between 37 to 48 months from disbursal NIL if prepayment is made after 48 months from disbursal |
| Part-payment ChargesAllowed after first 12 EMIs | 1% on the prepaid amount |
| Penal Charges | 24% per annum on overdue amount |
| Cheque Swapping Charges | Rs. 750 per instance |
| EMI Bounce Charges | Rs. 750 per instance |
| Loan Cancellation / Rebooking charges | Rs. 1000 |
| Account Statement Charges | Rs. 750 each schedule |
| Charges for Duplicate NOC / NDC | Rs. 250 per copy |
| Duplicate Repayment Schedule | Rs. 750 for each schedule |
FAQs
Can I avail Top Up loan if I have availed funds under Sarkar or Guru personal loan schemes?
Yes, you can avail a top up loan on your existing Sarkar or Guru personal loan, but only after the full repayment of first 6 EMIs.
Can I transfer my personal loan to YES Bank Sarkar loan or YES Bank Guru loan?
Yes, you can transfer your existing personal loan to YES Bank under Sarkar or Guru schemes anytime after the full repayment of first 6 months of loan disbursement. The takeover loan should must never had a bounce EMI and due payment record. A person can transfer maximum 3 loans only at a time.
Can I pre-close my YES Bank Personal Loan anytime before the actual loan period?
Yes. YES Bank allow the borrower to repay his/her personal loan faster in case they have the funds available. Pre-closing your personal loan would attract some charges as mentioned below.
- If foreclosure is made between 13 to 24 months of loan disbursal, a foreclosure fee of 4% of principal outstanding would be applicable.
- If foreclosure is made between 25 to 36 months of loan disbursal, a foreclosure fee of 3% of principal outstanding would be applicable.
- If foreclosure is made between 37 to 48 months of loan disbursal, a foreclosure fee of 2% of principal outstanding would be applicable.
- If foreclosure is made after 48 months of loan disbursal, there would be no charges for the foreclosure of the loan account.
Can I pre-close my YES Bank Personal Loan through Partial prepayment? And what are the applicable charges?
Yes, you can pre-close you personal loan by paying off the debt in partial prepayment and doing so would not attract any charges.
Partial prepayment is allowed as mentioned below.
- If Partial prepayment is being made between 12 – 24 months or 25 – 36 months then Partial prepayment amount should be equal to the 20% of the Principal Outstanding.
- If Partial prepayment is being made between 37 – 48 months or 49 – 60 months then Partial prepayment amount should be equal to the 25% of the Principal Outstanding.
Can I change the mode of my monthly EMIs? Is there any fee applicable on doing so?
Yes. You can change the mode of payment for your YES Bank Personal Loan anytime and it wouldn’t charge you anything.
Can I have a co-applicant on my personal loan? If yes, then who can be my co-applicant?
Co-applicant is allowed for personal loans of less than Rs. 10 Lacs. And, a co-applicant can be any close relative who is working such as father, mother, sister, brother or spouse.
However, Co-applicant isn’t allowed in case of YES Bank Sarkar Personal Loan and YES Bank Guru Personal Loan.