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Personal Loan for Self-Employed Professional & Individuals|YES BANK

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Are you eligible to apply for a personal loan if you are self-employed?

You can apply for a personal loan online or can make a personal loan application at a YES BANK brach as well. There are a few different types of personal loans, continue reading to know more in detail.

Following are the eligibility criteria for personal loans for self-employed individuals :

1. Credit Score: As a self – employed individual your income will not be regular. So the bank gives you a credit score and based on that you will be eligible for a personal loan. The credit score depends on the repayment behavior of yours.

2. Monthly Income: To be eligible to apply for a personal loan, you need to have a minimum monthly income and Banks have different minimum income expectations.

3. Age: You need to be at least 21 years old. Age criteria depend on the Bank as it may vary.

4. Business stability: Bank considers this as an important checkpoint for approving the personal loan application of a self-employed. There should be a stable business income graph for the bank to have assurance.

5. Bank Association: If you are applying for a personal loan through a bank. Then you need to be an account holder in the bank for at least a year before you can apply for a personal loan.

Features of a Personal Loan offered by YES BANK

YES BANK offers customers Personal Loan for Rs. 1 Lakh to Rs. 40 Lakh at attractive interest rates for tenure ranging from 12-60 months. This long tenure period ensures you can choose when you wish to repay your loan amount and reduces pressure on your monthly budget. There are several features and benefits of personal loan offered by YES BANK, due to which they continue to be a top choice of customers:

  • No need for collateral: while availing the loan.

  • Flexibility in repayment options: YES BANK enables 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. With personal loan EMI calculator facility, you can quickly determine the EMI you would be required to pay across various tenures and choose a repayment schedule that suits you 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 here. They can also use YES BANK mPower Bot for 1-minute in-principle loan approval.

  • Quick disbursal of loan funds: Once your YES BANK personal loan has been processed and sanctioned, your funds will be disbursed in a matter of hours, ensuring they are available at moment’s notice for any emergencies such as medical payments.

  • Lucrative interest rates: YES BANK offers one of the best interest rates available in the industry starting at merely 10.99%.

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

  • Speedy approval: After all the documentation has been completed, YES BANK will confirm its appraisal decision within five days of the date of receipt of application. This is given that the documentation has been completed correctly as per YES BANK policy norms.

  • Transfer existing Loan: Customers also have the option of transferring their high-cost personal Loan from other banks or institutions at lower interest rates. Additionally, they can also acquire additional Top-up funding to add on to the loan during the same tenure.

  • Doorstep banking: To add to your convenience in banking with YES BANK, we provide you with doorstep banking services. When applying for a personal loan with YES BANK, a bank representative will visit your home or office for completion of the application form as well as the documentation process for personal Loan.

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

Personal loans are easy to apply and a good way to take care of fast and liquidity needs. While personal loans have higher interest rates, but the nature of having flexible quick cash is a leading choice for every self –employed individual like you!

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