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Yes Bank Personal Loan Closure

Yes Bank Foreclosure Charges

Last Updated 08th Jun 2021

  • Yes Bank Personal loan pre-closure refers to a situation where the borrower pays back the loan before the end of a personal loan agreement either fully or partially.
  • Partial payment of Yes Bank Personal loan is called Part payment, whereas closing the loan completely is called foreclosure.
  • You can foreclose your personal loan by contacting the Yes Bank branch where you availed the loan.
  • Ensure collecting NOC and loan statements of your last paid EMIs once you prepay or part pay your personal loan.
Part Payment Fee Allowed Allowed at 2% charges
Foreclosure fee Allowed Allowed at Up to 4%
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Yes Bank Personal Loan Pre-Closure

Foreclosure of Yes Bank personal loan refers to a situation where the borrower pays back the personal loan completely before the end of the loan agreement. In case of foreclosing the loan, the borrower will have to pay the current month's EMI, any outstanding dues if there are and the foreclosure fees.Yes Bank allows part payment of personal loan after 12 Months at Up to 4%

Steps of Yes Bank personal loan pre closure are as follow:

  • Visit the Yes Bank branch and carry all the necessary documents like identity proof, last EMI payment, and loan account number to the Yes Bank.
  • Pay the outstanding loan amount as well as the foreclosure charges of the bank.
  • Once all the documents are checked and the amount made, the bank will check to provide the acknowledgement. The acknowledgement will clarify that the borrower has paid the loan amount and there are no further outstanding dues left.

Yes Bank Personal Loan Part-Payment

Apart from foreclosing of Yes Bank Personal Loan, you may also prepay your personal loan partially. This is called personal loan part payment. Yes Bank allows part payment after 12 Months at 2% charges

Fee and Charges of Yes Bank Personal Loan Closure

Fees and charges associated with personal loan closure for Yes Bank Personal Loan are listed in the table below:

Part Payment Fee Allowed Allowed at 2% charges
Foreclosure fee Allowed Allowed at Up to 4%

Yes Bank Personal Loan Regular Closure

Usual way of closing the loan is Regular closure. Yes Bank Personal loan Pre-closure is the situation where the borrower repays the last EMI of the loan as per the pre-decided personal loan part payment schedule. The steps for the Pre-closure of Yes Bank Personal loan are as follow:

  • Pay the last instalment of the Yes Bank loan and contact the bank for closing the loan.
  • Provide all the relevant documents like identity proof, last EMI payment, and loan account number to the Yes Bank branch where you opted for the loan.
  • On checking all the documents and their authenticity, the bank will provide the NOC or No Objection Certificate. No objection certificate is proof that the borrower has paid all the EMIs and there is no outstanding due.

However, in order to make the loan less expensive, you may opt for a Yes Bank Personal loan part payment. To reduce the interest burden, borrowers opt for foreclosure or part payment of the loan.

Required Documents for Yes Bank Personal Loan Closure

The documents required for Personal loan closure are:

  • Loan statements
  • Identity and address proofs such as Aadhar, Voter ID, Passport
  • Cheque or demand draft

After the loan has been closed, it is important that you collect the acknowledgement slip, NOC certificates, payment receipts from Yes Bank.

FAQs

What is the pre-closure fee for personal loan?

Pre-closure fee or foreclosure charges is a penalty levied on a borrower when he prepays the personal loan before the end of the tenure. Pre-closure helps the borrower in reducing the interest burden. Yes Bank allows part payment of personal loan after 12 Months at 2% charges.

Can we close personal loans online for Yes Bank?

No, you cannot close the personal loans online for Yes Bank. Individuals are required to visit the Yes Bank Branch to close the personal loan.Below are the steps to close the Yes Bank personal loan:

  • Visit the nearest Yes Bank branch.
  • Carry necessary documents like identity proof, address proof,and bank statements mentioning the final clearance of the last EMI.
  • Once all the documents are successfully checked, the Yes Bank will give the acknowledgement letter and NOC.

Does foreclosure of loan affect CIBIL?

Foreclosure may not directly affect your CIBIL score. However, your chances of creating a good credit history, which will result in an improved score, will be affected.


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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.
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