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Yes Bank Personal Loan Interest Rate

Current Yes Bank Personal Loan Interest Rates, Nov 2021

Last Updated 08th Nov 2021

Interest Rate 10.70% - 19.99% Check Best Offers
Tenure Upto 60 months
Processing Fee Upto 2.50%
Loan Amount ₹ 2 Lakh to ₹ 20 Lakh
Minimum Income ₹ 18,000
Eligible Age 21 to 60 years
Part Prepayment Charges Allowed after paying 12 EMIs with charges ranging from, 2% charges of the outstanding loan amount.
Foreclosure Charges Allowed after 12 months with charges ranging from Up to 4% of the outstanding loan amount.
  • You can avail lowest rates on Yes Bank Personal loan if you are an existing customer of the bank or working with top corporations.
Apply for Personal Loan @ 10.25%* Get upto ₹ 1,000* Cashback

Yes Bank Personal Loan Rates and Charges

  • Yes Bank offers personal loans to salaried individuals at a low rate in comparison to self employed.
  • Apart from the interest rate, the bank also charges processing fees and penalty fees for pre-payment, foreclosure, and late payment as Yes Bank personal loan rates and charges. As listed below:
Yes Bank Personal Loan Rates and Charges
Interest Rate 10.70% to 19.99%
Part Prepayment Charges Allowed after paying 12 with charges ranging from, 2% charges of the outstanding loan amount.
Foreclosure Charges Allowed after paying 12 months with charges ranging from, Up to 4% of the outstanding loan amount.
Processing Fees Upto 2.50%
Additional Reschedule Charges ₹ 750 + GST/td>
EMI Cheque Bounce Charges ₹ 750
Loan Cancellation Charges ₹ 1000
Other Charges ₹ 750

Interest rates on Yes Bank Personal Loans Schemes

Yes Bank Personal loan interest rates are lower for existing customers of the bank with a strong CIBIL Score and for those working with reputed corporations with a stable employment history. The lowest rate on Yes Bank personal loan remains unchanged at 10.70% as on 14 Jul, 2021. Yes Bank also runs special schemes in which it offers lower rates for defense, armed forces and government employees.Personal loan interest rate for government employee and defense personnel is different from private salaried employees.

Yes Bank Personal Loan Interest Rates for Salaried and Self-Employed-

Employment TypeLowest Rate Processing FeesPrepayment charges
Salaried Starting from 10.70% Upto 2.50% 2% charges
Self-Employed Professional Starting from 10.50% Rs. 1499 2% charges

Yes Bank Personal Loan Rate Comparison with Other Banks

Here is a comparison of Yes Bank Personal Loan with top lenders based on interest rate, loan tenure, amount, processing fee, and other charges. It is always better to compare various personal loan lenders before proceeding with the personal loan process.

Particulars Yes Bank HDFC Bank SBI
Rate of Interest Starting from 10.70% Starting from 10.25% Starting from 9.60%
Loan Tenure 12 - 60 months 12 - 60 months 6 - 72 months
Minimum Age 21 years 21 years 21 years
Processing Fee Upto 2.50% Upto 2.50% Min ₹ 999 Nil
Maximum Loan Amount ₹ 20 Lakh ₹ 75 Lakh ₹ 15 Lakh
Prepayment charges Allowed after 12 EMI's, 2% charges Allowed after 12 EMI's, 2-4% Not allowed
Pre closure charges Allowed after 12 EMI's, Up to 4% Allowed after 12 EMI's, 2 - 4% Allowed after 6 EMI's, 3%

Yes Bank Personal Loan Balance Transfer Interest Rates

Yes Bank personal loan balance transfer facility is ideal for existing personal loan customers, who are paying high interest to their existing lender. Through this facility, you can transfer your existing personal loan with Yes Bank at a lower rate of interest, without closing the account. However, you do need to check the foreclosure charges that you have to pay to your existing lender. Currently Yes Bank offers the lowest personal loan balance transfer rate of 10.50%.

How to Get Low Interest Rates on Yes Bank Personal Loan?

You can get the lowest Yes Bank personal loan rate, by ensuring the below-mentioned things:

  • Ensure that you are aware of the Yes Bank personal loan eligibility and documentation requirements beforehand so that you do not end up paying a higher rate as compensation for lack of any document.
  • Ensure that you maintain a good credit score of 650. The higher the credit score, the higher is your chance of getting a low-interest rate.
  • Always check if you are eligible for a pre-approved offer from Yes Bank as that allows you to get instant loans at the best rates.
  • Compare lenders to get competitive interest rates. Further keep track of the loan rates trends, Yes Bank may offer lower interest rates in the festive season.
  • If you are a high salary earning employee and work in a reputed firm, then leverage it. Yes Bank offers lower rates to employees working in top firms drawing high salaries.

FAQs

What is Yes Bank personal Loan interest rate?

Today, the lowest interest rate on Yes Bank Personal Loan is 10.70% and ranges up to 19.99%. Borrowers with high income and CIBIL score are eligible for the lowest interest rate. Also, Yes Bank personal loan interest rates for salary account holders are comparatively lower than that for other customers.

How can I reduce my interest in Yes Bank personal loan?

You can reduce the interest to be paid on Yes Bank personal loan by any of Following ways: (i) By maintaining a good CIBIL score. (ii) By showing all proofs of income. (iii) By maintaining a good debt to credit ratio. (iv) By applying at peak time when Yes Bank provides discounted personal loan offers.

Is Yes Bank personal a floating rate loan or fixed-rate loan?

Yes Bank is offered at both fixed and floating rates. In the case of the fixed rate, the interest remains the same whereas in the case of the floating rate the personal loan rates keep varying according to the market.

Did Yes Bank personal loan rate drop in 2021?

Presently, Yes Bank offers personal loans at an interest rate starting at 10.70%. There has been no change in personal loan rates of Yes Bank since 14 Jul, 2021.

How do I check my eligibility to get a personal loan at a low rate from Yes Bank?

The lowest rate on Yes Bank is mostly offered to individuals with high CIBIL and high income. You can check the eligibility for the personal loan at Yes Bank official website. Apart from that you can also use MyLoanCare Personal Loan Eligibility Calculator.

Can I ask for a reduction in the Yes Bank personal loan interest rate?

You can ask for a reduction in your Yes Bank personal loan interest rate. However, it depends upon the policy of the bank, whether it allows negotiation or not. Good credit score, high income, and existing relationship with the bank are some of the points which can contribute to the talks going your way.

Is there any need for security or collateral while availing Personal loan from Yes Bank?

No, there is no need for any collateral or security while availing a personal loan from Yes Bank. Yes Bank personal loan is an unsecured loan; thus, it does not require pledging of any asset as security to avail the loan.

How can I close my Personal Loan from Yes Bank early?

If you want to prepay your entire personal loan from Yes Bank, then you can do so by making a lump sum payment. However, you should also inquire about the prepayment and foreclosure charges based on the Yes Bank personal loan scheme availed by you, before making any decision.

How does Yes Bank calculate the interest on a personal loan?

The interest for Yes Bank personal loan is calculated based on the following methods:

Flat rate method:   Under this method, Yes Bank personal loan rate is estimated on the original loan amount throughout the original loan tenure. Thereby, the principal amount for calculation remains the same. This method is also called the fixed method of Yes Bank personal loan interest calculation.

Reducing rate method:  As per the Yes Bank personal loan reducing balance method the interest rate is calculated on the outstanding loan amount. Therefore, the principal component that is paid during the monthly EMI is not chargeable for interest calculation. In this case, the outstanding balance and the interest reduces with time, and the interest is charged only on the remaining principal amount.

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Yes Bank Personal Loan News - Nov 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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