Yes Bank Personal Loan Interest Rate: Yes Bank is one of India’s most popular private banks and is known for its loans and advances services. The bank offers various types of loans such as home loans, personal loans, education loans, etc. Personal loans are usually unsecured loans that are sanctioned based on the income of the applicant. If you want to get a Yes Bank education loan without collateral, then you can apply for a personal loan for education from the bank.
Yes Bank personal loans for education are available for the students at affordable interest rates and easy loan procedures. Let’s check and understand this topic and other major features of the loan.
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What is Yes Bank Personal Loan Interest Rate?
The personal loan interest rate starts from 10.99% (as of June 2024). The interest rate can vary between 10.99% to 20% depending on factors like loan amount, repayment period, credit score etc. Yes Bank offers attractive and competitive personal loan interest rates, making it a preferred choice for those seeking the loan. With Yes Bank, you can take advantage of low-interest personal loans and use them for educational expenses. Check more details below:
| Features | Details |
| Yes Bank Personal Loan Interest Rate | 10.99% to 20% per annum |
| Processing Charges | Up to 2.5% of the net loan amount |
| Stamp Duty and Other Statutory Fees for the Loan | As Applicable by law |
| Maximum Loan Amount | INR 40 lakh |
| CIBIL Associated Charges | INR 50/- |
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Yes Bank Personal Loan Interest Rate: Calculation Process
Ever wondered how the interest rate for personal loans or any other type of loan is calculated and determined by the bank? Well, there are certain categories involved and adding all of them provides the effective rate of interest on personal loans. External Benchmark Lending Rate (EBLR) is one of the most common rates implemented by banks to calculate interest. Another major rate is Repo Linked Lendering Rate (RLLR) which is also used by a lot of banks. Check the example below:
For example, if EBLR is 9.50% and the spread determined by the bank is 1.49%, the effective rate of interest will be:
EBLR + Spread i.e. (9.50 + 1.49)% = 10.99%
Major Factors Affecting Interest Rate
The major factors that affect the interest rate are the loan amount, credit score, net monthly income, tenure of the loan, employment status etc. Check details about some of the major factors below:
Credit Score
A credit score is the most important factor that is considered while determining the rate of interest. The credit score reflects a borrower’s creditworthiness and repayment behaviour based on their credit history. A higher credit score, usually above 750, indicates a lower risk of default and this encourages the banks to offer lower interest rates. In the same way, a lower credit score suggests higher risk, leading to higher interest rates. Maintaining a good credit score through timely repayments and responsible credit usage can reduce Yes Bank personal loans for education.
Loan Amount and Tenure
The amount of the loan and the repayment period also play an important role in determining the interest rate for a personal loan from Yes Bank. Bigger loan amounts might come with slightly higher interest rates due to the increased risk to the bank, whereas smaller loan amounts could attract lower interest rates.
The total tenure of the loan impacts the interest rate. If the repayment period is shorted, the EMI will be high but the interest rate will be low as the lender’s risk is minimised over a shorter repayment period.
Income and Employment Status
A borrower’s income and employment status are critical factors which affect this bank’s interest rate. Individuals with stable, high-income jobs are considered lower-risk borrowers due to which the bank offers a low rate of interest. On the other hand, borrowers with irregular income or less stable employment may face higher interest rates as it reflects the increased risk perceived by the lender.
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Yes Bank personal loan interest rates are affordable and competitive. Always try to negotiate with the bank over interest rates if applying for a bigger loan amount. Check some of the FAQs based on the same.
FAQs
Yes Bank personal loans interest rates start from 10.99% and can go up to 20% per annum. The specific rate within this range depends on various factors like the loan amount, repayment period, credit score, etc.
Yes Bank calculates the interest rate for personal loans using various benchmarks like the External Benchmark Lending Rate (EBLR) and the Repo Linked Lending Rate (RLLR).
The interest rate on a Yes Bank personal loan is affected by several factors like the applicant’s credit score, the loan amount and tenure, and the borrower’s income and employment status.
Yes Bank personal loans come with additional charges such as processing fees up to 2.5% of the net loan amount, stamp duty and other statutory fees as applicable by law, and a CIBIL-associated charge of INR 50.
Yes Bank offers personal loans up to a maximum amount of INR 40 lakh. The actual amount that an applicant can borrow depends on their eligibility, which is assessed based on their income, credit score, employment status, etc.
To know more about education loans, the best bank accounts for students, forex and banking experience for global students or international money transfers, reach out to our experts at 1800572126 to help ease your study abroad experience.
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