Yes Bank Education Loan to Study Abroad: Check Out the Details Here!

Yes Bank Education Loan to Study Abroad

If you are planning to escalate your career to the next level with an education loan abroad, this blog will serve as a guide for you. Yes Bank is helping out aspiring students for their higher studies providing them the financial assistance they are seeking. Keep Reading further to check out all the related details and education loan interest rates to avail Yes Bank education loan to study abroad. 

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 aim of the bank is to provide financial assistance to aspiring students with flexible repayment options. Check out the basic features of the education loan provided by Yes Bank for overseas education.

BankYes Bank
Amount of the LoanIndia – INR 1 lakh to  INR 40 lakhs
Abroad – Up to INR 1.5 crore
Processing FeeTypically ranges from 0.50% to 2% of the loan amount
Rate of Interest12 – 14%
Age Criteria18-35 years of age
Repayment tenure12 months to 120 months
Prepayment fee6% of the balance if foreclosed during the moratorium
Moratorium period6 months to 1 year
Late payment chargesLate 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 for. 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 9.5% 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 under Section 80E.

Document Checklist for Education Loan

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.NoChecklistDescription
1.Application Form with photographApplication forms can be downloaded from the official website of Yes Bank.
2.Adhaar CardMandatory for identification purposes.
3.Residence ProofUtility bills, rental agreements, or other address verification documents.
4.A valid Passporta self-attested copy of the passport along with a self-attested form issued by the institute for visa purposes.
5.Pan CardRequired for income verification.
6.Proof of IncomeLast 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 an education loan to study abroad is quite easy. You just need to follow several steps to submit your application successfully. Deciding the mode of application is the most important step. On choosing the online application process, you can complete the process at your own convenience while in offline mode, you need to visit the nearest branch of Yes Bank.

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

What is the mode to apply for a Yes Bank education loan?

You can apply online for a Yes Bank education loan.

Is there any tax benefit on a Yes Bank Education loan to study abroad?

Yes, you can avail tax benefits on the interest of a Yes Bank education loan to study abroad under Section 80E.

Is there any benefit for female borrowers?

Indeed, an education loan can be availed with certain interest rate benefits by females.

Is KYC compulsory to avail education loans from Yes Bank?

Yes, KYC is compulsory to avail education loans from Yes Bank.

What is the repayment term of a Yes Bank education loan?

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.

Additional Reads:
Government Education Loans To Study In The USA
Top Indian Banks Providing Education Loans To Study In The USA
A Comprehensive Guide To Apply For An Education Loan In Australia 
Ap Ambedkar Overseas Vidya Nidhi Scholarship: Features, Eligibility, Apply Online
Documents Required To Transfer Money Abroad For Education

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