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Personal Loan Eligibility Criteria|Eligibility For Personal Loan|YES BANK

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What is a personal loan?

In a broader term, personal loan is a loan in which money has been borrowed from a bank, credit union or non-banking financial company (NBFC) to meet personal needs and day-to-day emergencies. Personal Loans can be used for many purposes. They can be availed when you are planning a vacation, renovating your home or arranging a dream wedding for yourself or somebody special in the family. These loans are usually “unsecured” and are not backed by collateral. Due to their “unsecured” nature, the lender cannot auction or sell anything the borrower owns. Interest rates on such loan are higher than a home loan, car loan or gold Loan as there is a greater risk involved.

 

Features and benefits of a Personal Loan offered by YES BANK

  • No need for collateral: while availing the loan.

  • Flexibility in repayment options:YES BANK authorize the customers to choose the tenure of their loan. Customers can calculate the equated monthly installment (EMI) they are required to pay across various loan tenure to determine a repayment schedule that would suit them the best.

  • 1-minute in-principle approval: Customers can check their eligibility for a YES BANK personal loan in 60 seconds or less by using the personal loan eligibility calculator/ personal loan eligibility checker.

  • Quick disbursal of loan funds: Once your YES BANK personal loan has been processed and sanctioned, your funds will be soon disbursed, ensuring they are available for any emergencies such as medical payments.

  • Profiting interest rates: YES BANK offers one of the best interest rates available in the industry, starting at 10.75%.

  • Easy to apply for personal loans: Using YES BANK’s online service, customers can easily apply for a personal loan, which is quick, easy to understand and requires basic documentation.

  • Fast personal loan approval: Once all the documentation has been completed, the customer gets the appraisal decision within five days of the date of receipt of application.

  • Doorstep banking: YES BANK provides you with doorstep banking services. When applying for a personal loan with YES BANK: A bank representative will visit your home or office for the documentation process for personal Loan.

  • Net & Mobile Banking facilities: YES BANK provides you with Net and Mobile Banking services to help you carry out your banking functions as smoothly as possible.

  • Part pre-payment option: If customers have had a good financial month or just come across some extra funds, they have the option to choose to part pre-pay your YES Bank Personal Loan post 12 EMIs.

 

What is the Eligibility criteria to apply for Personal Loan at YES BANK?

There are certain eligibility criteria which you should know before applying for a personal loan. Customers can now immediately check their personal loan eligibility with YES BANK in just 60 seconds. How to check personal loan eligibility?
After logging in, customers will be required to fill in details such as:

  • Age

  • Monthly Income

  • Recurring monthly expenses (including any current EMIs)

  • Employer

  • Employment history: years at current job

  • The period spent living at current residence

    • Whether it is rented, owned or mortgage

At YES BANK how to apply for a personal loan?

One can easily apply for a personal loan at YES BANK online or by visiting their nearest YES BANK branch. Below are the steps customers should follow while applying for a personal loan with YES BANK:

Step 1: Assess your requirement for the loan

  • The customers should determine the amount of money they will require and plan out how and when this amount will be repaid by them.

Step 2: Significantly, find out your personal loan eligibility at YES BANK The second and fastest step is to determine your eligibility for the personal loan at YES BANK

  • Customers can do so by filling a form with their details

Step 3: Get a call from YES BANK and ensure you have all the documents, including, know your customer (KYC) and proof of income. Customers should ensure they have the following documents:

  • Application Form

  • Identity Proof:

    • Passport

    • Driving License

    • AADHAAR Card

    • Voter ID

  • A valid ID proof with the permanent address (should be at least a year old)

  • Provide Income Proof i.e. a bank statement from the last three months

YES BANK offers innovative financial solutions, backed by expert advice which in return takes care of your banking and savings requirements. For more information on their personal loans, click here, https://www.yesbank.in/personal-banking/yes-individual/loans/personal-loans

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