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Yes Bank Personal Loan Balance Transfer

Online Personal Loan Balance Transfer to Yes Bank

Last Updated 07th Dec 2021

  • Yes Bank Personal loan balance transfer is the process of transferring the outstanding balance from an existing bank to Yes Bank.
  • Avail top up from Yes Bank at the time of loan balance transfer to fulfil additional fund requirements.
  • Yes Bank offers attractive interest rates, top up facility and many more benefits on balance transfer.
  • Compare Yes Bank Personal Loan Balance Transfer offers with different banks to choose the right option.
Interest Rate 10.70% Check Best Offers
Processing Fee Upto 2.50%
Lowest EMI per lakh ₹ 2,159
Loan Tenure 5 years
Calculate Savings, Check Best Offers Get upto ₹ 1,000* Cashback

Yes Bank Personal Loan Balance Transfer

Yes Bank Personal loan balance transfer is a situation where you can transfer transfers outstanding principal of personal loan from another bank to Yes Bank to reap the benefits of better interest rates, extended loan tenure, augmented loan amount and various other features.

Balance transfer is also referred to as refinancing. The interest rates on Yes Bank balance transfer ranges from 10.70% to 19.99%, while the repayment tenure ranges between 12 Months to 60 Months.

Yes Bank Personal Loan Balance Transfer Calculator

You must take the decision of transferring the personal loan to Yes Bank keeping in mind the interest rate of the current Bank and Yes Bank. Further, the balance transfer charges, EMI paid and the profit incurred due to the balance transfer must be considered. Therefore, you should proceed with the Yes Bank balance transfer only when the gains due to balance transfer are higher than the cost incurred due to the same.

Yes Bank Personal loan balance transfer calculator is an online calculator that helps you determine the savings on your EMI and interest payable. You are required to enter the information such as the entire loan amount, interest rate in current and potential bank, overall tenure of the loan and no. of EMIs already paid to the existing lender to calculate the savings on EMIs. You can also calculate balance transfer personal loan eligibility at MyLoanCare and identify offers with lower personal loan rates in comparison to current rates you are paying.

Benefits of Transferring Personal Loan to Yes Bank

The benefits of transferring the Personal loan to Yes Bank are as follow:

  • Yes Bank offers a lower interest rate on personal loan balance transfer. Lower interest rates will help you reduce the interest burden.
  • Yes Bank Balance transfer offers you the opportunity to negotiate the tenure of the loan according to your requirements. A longer loan tenure will reduce the EMI burden whereas shorter long tenure will help to reduce the interest burden.
  • Balance transfers also provides you the facility to avail the top-up facility and fulfil your cash requirement.
  • There are chances that you might not be satisfied by the services offered by your existing bank. In that case, you can transfer your personal loans to the Yes Bank and avail better facilities.
  • Yes Bank offers additional features like waiver of last EMI, zero processing fees, lower interest rates, etc depending on past repayment history and income.

Yes Bank Eligibility Criteria and Documents Required

The eligibility criterion of the Yes Bank is mainly dependent upon the repayment history, CIBIL Score and income. Some basic eligibility criterion is mentioned below:

  • Any salaried and self-employed professional above the age of 21 years.
  • Your Maximum age must not exceed 65 years.
  • You should have a personal loan in another bank.
  • Your minimum work experience must be of 2 years.
  • CIBIL score must be at least greater than 700.

Documents required are as follow:

Salaried Individuals
  • Identity proof : Aadhar, Driving license, Passport
  • Address proof : Electricity bill, Aadhar, Voter ID
  • PAN Card
  • Salary slips for past 6 months
Self Employed
  • Last 3 years balance sheet
  • P and L account statements
  • TAN Card
  • Last 6 months current account statements
  • Applicant’s savings account statements

Compare Yes Bank Personal Loan Balance Transfer with Other Banks

Comparison on the basis of interest charged on balance transfer of the different banks is given below:

Bank Name Minimum Rate Processing Fees
ICICI Bank 10.75% Upto 2.25% of Loan Amount
SBI 9.60% 1.00%
Axis Bank 10.25% Upto 1.75%,Min Rs.3,999
Kotak Bank 10.45% Starting from Rs.999
Standard Chartered Bank 11.50% 1.00%
Bajaj Finserv 12.99% Starting from 1.50%, Up to 3%
Bank of Baroda 10.50% 2%, Min Rs. 250
IDFC First Bank 10.49% Upto 2.00%

Compare Yes Bank Personal Loan with Other Banks

FAQs

How can I transfer my personal loan to Yes Bank?

Steps for the balance transfer to Yes Bank are : (i) Apply for the foreclosure letter and No Objection Certificate (NOC) from the existing lender. (ii) Start the Yes Bank personal loan transfer process and submit all the relevant documents and repayment history of the loan. (iii) After getting the sanctioned letter from the Yes Bank, sign the loan agreement with the bank. (iv)Take a disbursement of the outstanding loan amount from Yes Bank in favour of the earlier lender. (v) Once the previous lender receives the outstanding loan amount, it will cancel all the cheques and close your personal loan account.

How do I check my Yes Bank personal loan balance?

You can check your personal loan balance of Yes Bank in below-mentioned ways: (i) By visiting the Yes Bank branch. (ii) By calling the customer care of the Yes Bank. (iii) By logging on to the Yes Bank mobile application and checking the personal loan status. (v) Via internet banking.

How do I know my Yes Bank loan application?

You can check the status of your Yes Bank loan application in two ways. (i) Net banking: You are required to login into Yes Bank net banking and visit the loan status segment. The loan status segment will update about the loan application. (ii) Visiting the Yes Bank: You can also visit the Yes Bank branch to track your loan application process. The bank will ask for some basic documents before disclosing the loan application details.

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Yes Bank Personal Loan News - Dec 2021
  • 2021-10-04 : Yes Bank Posts Growth in Loans and Deposits
    Yes Bank has posted growth of 3.6% (year-on-year) in advances at Rs 1,72,945 crore for the quarter ended September 2021 (Q2FY22). Its advances stood at Rs 1,66,923 crore at end of September 2020 (Q2FY21).
  • 2021-08-10 : Yes Bank Personal Loan Freedom Offer
    Yes Bank has launched a special personal loan offer for the employees of all companies with a Flat PF of 2499. The offer is valid till 18th August 2021.
  • 2021-07-08 : Yes Bank loans, advances shrink marginally at Rs 1.63 lakh cr by end of June quarter
    Yes Bank loans and advances that include Personal Loan, Home Loan, Loan Against Property, Business Loan, Education Loan, Gold Loan, Car Loan and Top-up Loan, fell by a marginal 0.4% to Rs 1.63 lakh crore by the end of June 30, 2021, data from the bank showed on Monday. The loans and advances stood at Rs 1,63,914 crore as of June 30, 2021, as compared with Rs 1,64,510 crore in the year-ago period, registering a marginal decline of 0.4% on a year-on-year basis.
  • 2021-07-06 : Yes Bank - Loans, advances shrink in Q1 over Covid-19 impact
    Yes Bank loans and advances shrank in the Q1 FY22 on a year-on-year basis and also sequentially, reflecting the economic and business impact of the Coronavirus (Covid-19) pandemic. Sequentially, the loan book that includes Personal Loan, Home Loan, Loan Against Property, Business Loan, Education Loan, Two-wheeler Loan, Car Loan, Gold Loan, Doctor Loan, Mudra Loan, etc. contracted by 1.8% to Rs 1,63,914 crore at the end of June 2021 from Rs 1,66,893 crore in the previous quarter ended March 2021.
  • 2021-06-23 : Yes Bank aims to double retail loan book in 3 years
    Yes Bank aims to double their retail loan book that includes personal loan, business loan, home loan, loan against property, top-up loan, professional loan, personal loan, gold loan, car loan, consumer loan and mudra loan in the next three years. Their SME book has already improved to 51% from 44% last year with the target to reach around 60% in the next two years.
*Terms and conditions apply. Credit at sole discretion of lender, which is subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and collected from public sources. Read More
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