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Yes Bank Personal Loan Closure

Yes Bank Foreclosure Charges

Last Updated 08th Nov 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 After 12 Months at 2% charges
Foreclosure Fee Allowed After 12 Months at Up to 4%
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Yes Bank Personal Loan Pre-Closure

You can avail foreclosure of Yes Bank personal loan if you pay back the personal loan completely before the end of the loan agreement. In case of foreclosing the loan, you 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 preclosure 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 Yes Bank foreclosure charges.
  • Once all the documents are checked and the amount made, the bank will check to provide the acknowledgement. The acknowledgement will clarify that you have paid the loan amount and there are no further outstanding dues left.

Yes Bank Personal Loan Part-Payment

Apart from foreclosing 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

Fees and Charges of Yes Bank Personal Loan Closure

Fees and charges associated with preclosure of Yes Bank Personal Loan are listed as follows:

  • Part payment is Allowed at 2% charges after 12 Months
  • Foreclosure is Allowed at Up to 4% after 12 Months

Yes Bank Personal Loan Regular Closure

You can pay back your HDFC Bank Personal loan via regular closure, which involves repaying the last EMI of the loan as per the pre-decided personal loan part payment schedule. The steps for closing 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 you have 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, you can opt for Yes Bank foreclosure or part payment of the loan.

Required Documents for Yes Bank Personal Loan Closure

The documents required for Personal loan foreclosure from Yes Bank 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 and payment receipts from Yes Bank.

Check Prepayment Charges of Other Banks

FAQs

What is the Yes Bank pre-closure fee for a personal loan?

Pre-closure fee or foreclosure charges is a penalty levied when you prepay the personal loan before the end of the tenure. 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 Yes Bank personal loan affect CIBIL?

Foreclosure of Yes Bank personal loan 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 - 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.
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