YES Bank is one of the best banks in India providing varied services for its customers, including YES Bank education loan to study abroad. It helps aspiring and meritorious students by providing financial assistance. It covers costs like tuition fees, accommodation expenses, travel expenses, and other related expenses. Loans up to INR 1.5 crores are provided to study-abroad students.
In this blog, we will provide you with all the necessary details like quantum of finance, interest rates, eligibility criteria, documents required, and how to apply. Check them all to escalate your career to the next level with YES Bank education loan.
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Features of YES Bank Education Loan
YES Bank is one of the best education loan providers offering loans for overseas education at competitive rates. The bank aims to provide financial assistance to aspiring students with flexible repayment options. One of the major benefits of taking YES Bank education loan is the streamlined approval process of an online education loan. Also, students can avail of income tax rebate on education loan under Section 80E of the Income Tax Act.
- Bank provides flexible interest rate for girl child
- YES Bank education loan without collateral to study abroad can also be availed
- Doorstep services are also provided
- Students can avail of YES Bank Forex cards and manage their study abroad funds easily
Check out the basic features of the education loan provided by YES Bank for overseas education.
| Basis | Details |
| Amount of the Loan | India – INR 1 lakh to INR 40 lakhs Abroad – Up to INR 1.5 crore |
| Processing Fee | 2% of the loan sanction amount |
| Rate of Interest | 12 – 14% |
| Age Criteria | 18-35 years of age |
| Repayment tenure | 15 years |
| Part Prepayment fee | Not Applicable |
| Moratorium period | Course duration |
| Late payment charges | Late payment fee of up to 2% |
Eligibility Criteria for Education Loan
The eligibility criteria to apply for an education loan may vary depending on the amount of loan you have applied for. Check out the eligibility criteria below.
- The applicant must be an Indian citizen.
- The age of the applicant should be between 18 to 35 years.
- The applicant must have a good academic record.
- The applicant or co-applicant must have a regular source of income.
- The applicant and co-applicant must have a good CIBIL score.
- The student must have secured admission abroad.
Also Read- Are you planning to study abroad and worried about the interest rates of various banks? Check out our blog Vidya Lakshmi Education Loan Interest Rate for detailed information.
YES Bank Education Loan Interest Rate
The education loan interest rate may vary from bank to bank and amount to amount depending on the loan you have availed of.
The education loan interest rate of YES Bank varies according to the amount of loan chosen and various other factors. It offers education loans at competitive rates starting from 10.99% per annum. The education loan processing fee is 2% of the loan amount sanctioned and other charges include statutory charges like stamp duty. The best part is that you can also avail tax exemption on education loan interest rates.
Document Checklist for YES Loans
To ensure a smooth education loan application process, a set of documents is required. Check out the list of documents required to apply for the YES Bank education loan to study abroad.
| S.No | Checklist | Description |
| 1. | Application Form with photograph | Application forms can be downloaded from the official website of YES Bank. |
| 2. | Aadhaar Card | Mandatory for identification purposes. |
| 3. | Residence Proof | Utility bills, rental agreements, or other address verification documents. |
| 4. | A valid Passport | a self-attested copy of the passport along with a self-attested form issued by the institute for visa purposes. |
| 5. | Pan Card | Required for income verification. |
| 6. | Proof of Income | Last 2 years Salary Slip and IT returns/ Form 16. |
| 7. | Bank Statement | Salary slips, income tax returns, or other documents showing the co-applicant’s financial stability. |
| 8. | Qualification Proof | Educational certificates including Transcripts, mark sheets, and certificates. Admission letter, course details, and a prospectus are also required. |
| 9. | Collateral Documents(if applicable) | Property documents for collateral security, as per bank requirements. |
How to Apply?
The process of applying for a YES Bank education loan to study abroad is quite easy. You just need to follow several steps to submit your application successfully. Follow these steps to apply for a YES loan easily-
- Download the application form from the official website of YES Bank.
- Provide accurate personal, educational and financial information.
- Provide the necessary documents as discussed above.
- Double-check your application form before submitting it.
- Await for the Bank’s approval and provide them with additional information/ documents as asked.
- Once the loan is approved, review the terms and conditions carefully.
- Confirm your acceptance of the loan offer and sign the loan sanction letter.
- Finally, the YES Bank education loan disbursement process begins and the funds will be transferred to the university account on your behalf.
Also Read- If you want to understand the complete process of student loan consolidation, check out our blog on a comprehensive guide to Understanding Student Loan Consolidation
FAQs
You can apply online for a YES Bank education loan.
Yes, you can avail tax benefits on the interest of a YES Bank education loan to study abroad under Section 80E.
Indeed, an education loan can be availed with certain interest rate benefits by females.
Yes, KYC is compulsory to avail education loans from YES Bank.
The repayment term of a YES Bank education loan varies between 12 months to 180 months.
This blog was all about the YES Bank education loan to study abroad. To know more about such loan schemes, 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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