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Personal Loan Balance transfer to Yes Bank

Refinance Yes Bank Personal Loan

Last Updated 08th Jun 2021

Interest Rate 10.70%
Processing Fee Upto 2.50%
Lowest EMI per lakh ₹ 2,159
Loan Tenure 5 years
  • 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.
  • Now apply for Yes Bank personal loan balance transfer at 10.70%.
  • 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..
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 an individual transfers outstanding principal of personal loan from one account 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

The decision to transfer the personal loan to Yes Bank must be taken 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. Individuals should proceed with the Yes Bank balance transfer only when the gains due to balance transfer are greater than the cost incurred due to the same.

Yes Bank Personal loan balance transfer calculator is the online calculator which helps borrowers to determine the savings on his or her EMI as well as interest payable. Borrowers 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 compared to your existing personal loan rates.

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 the borrower to reduce the interest burden.
  • Yes Bank Balance transfer provides the borrower the opportunity to negotiate the tenure of the loan according to their requirement. longer loan tenure will reduce the EMI burden whereas shorter long tenure will help to reduce the interest burden.
  • Balance transfers also provide the borrower the facility to avail the top up facility and fulfil their cash requirement.
  • There are chances that the borrower might not be satisfied by the services offered by their existing bank in that case they can transfer their 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 dynamics.

Yes Bank Eligibility Criteria and Documents required

Eligibility criterion of the Yes Bank is mainly dependent upon the repayment history , CIBIL Score and income dynamics. Some basic Eligibility criterion of the Yes Bank Personal loan balance transfer are mentioned below:

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

Documents required for Yes Bank Personal loan balance transfer 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 personal loan balance transfer of the different banks is given below:

Bank Name Minimum Rate Maximum Rate Processing Fees
ICICI Bank 10.75% Nil Upto 2.25% of Loan Amount
SBI 9.60% Nil 1.00%
Axis Bank 10.40% Nil Upto 1.75%,Min Rs.4,999
Kotak Bank 10.45% Nil Starting from Rs.999
Standard Chartered Bank 11.50% Nil 1.00%
Bajaj Finserv 12.99% Nil Starting from 1.50%, Up to 3%
Bank of Baroda 10.50% Nil 2%, Min Rs. 250
IDFC First Bank 10.49% Nil 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 personal loan balance transfer to Yes Bank are mentioned below:

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

Which bank is best for personal loan balance transfer?

The decision to transfer the personal loan should be based on the current interest rate on your personal loan, the cost involved in the balance transfer, interest rate on the loan of the bank to be transfered the personal loan and saving due to balance transfer. Currently, Yes Bank charges lowest interest rate on personal loan balance transfer.

How do I check my Yes Bank personal loan balance?

You can check your personal loan balance of Yes Bank by below mentioned ways:

  • By visiting the Yes Bank branch.
  • By calling the customer care of the Yes Bank.
  • By logging on into the Yes Bank mobile application and checking the personal loan status.
  • Via internet banking.

How do I know my Yes Bank loan application?

You can get update about Yes Bank loan application via the ways mentioned below:

  • 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.
  • 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 - Jun 2021
  • 2021-03-09 : YES Essence, a holistic banking proposition for women launched
    YES Bank launched YES Essence, a holistic banking proposition for women across different customer segments. YES Essence provides offers, solutions and products for women covering categories like lifestyle, wellness, education, protection and investment. The banking proposition is aiming to aid women to fulfil their aspirations.
  • 2021-01-06 : Yes Bank reported 1.3% quarterly growth in loans and advances
    Yes Bank registered 1.3% quarter-on-quarter growth in loans and advances which includes home, personal, gold, car, two-wheeler and education loans along with business and mudra loans to Rs 1.69 lakh crore during the December quarter. Deposits which include fixed and recurring deposits grew 7.7% to Rs 1.46 lakh crore. Further, the current account and savings account deposits grew 12.6% to Rs 37,973 crore.
  • 2021-01-05 : YES BANK retail loan disbursal to become easier and faster
    YES BANK has joined hands with Salesforce to make its retail loan disbursal easier and faster. This collaboration aims to engage customers with a unified experience and drive aggressive retail-led growth for the bank. Further, the partnership will improve the disbursal process of retail loans like home, personal, car, two-wheeler, gold and education loans.
  • 2020-07-28 : Yes Bank reported a net profit of 45. 44 crore for June quarter
    YES Bank posted a 60.05% year-on-year fall in net profit at Rs 45.44 crore for the quarter ended June 30. The Bank had posted a net profit of Rs 113.76 crore in the corresponding quarter last year. Deposits at Rs 1,17,360 crore grew 11.4% QoQ aided by 26.4% QoQ growth in current account deposits and 12.6 per cent QoQ growth in term deposits which includes fixed and recurring deposits. CASA ratio stood at 25.8%. Further, Net interest income was at Rs 1,908 crore bolstered by home, personal, gold, car and two-wheeler loan along with business and mudra loans.
  • 2020-07-06 : YES Bank introduces instant loan disbursement facility
    Private lender, Yes Bank has launched an instant loan disbursement facility. The facility will help the retail customers like that of home, personal, gold, two-wheeler, and car loan to apply for the loan in a smooth and fast manner.
*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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