YES Bank Education Loan to Study Abroad: Check Interest Rate

Yes Bank Education Loan to Study Abroad
Home » Education Loan » YES Bank Education Loan to Study Abroad: Check Interest Rate

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. 

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. 

Check out the basic features of the education loan provided by YES Bank for overseas education.

BasisDetails
Amount of the LoanIndia – INR 1 lakh to  INR 40 lakhs
Abroad – Up to INR 1.5 crore
Processing Fee2% of the loan sanction amount
Rate of Interest12 – 14%
Age Criteria18-35 years of age
Repayment tenure15 years
Part Prepayment feeNot Applicable
Moratorium periodCourse duration 
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 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.NoChecklistDescription
1.Application Form with photographApplication forms can be downloaded from the official website of YES Bank.
2.Aadhaar 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 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

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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About Farina Khan

Farina Khan is a journalist by profession and a writer by passion. She carries over a decade of experience in Journalism and Mass Communication and worked with some renowned media organisations like Doordarshan and Zee Media. She performed numerous roles during her work tenure including reporting, anchoring, and heading output as well. Her passion for writing, combined with dedication in delivering high-quality content, drives her to excel in the dynamic field of content writing. From thought-provoking articles to SEO-friendly blog posts, or engaging website content, She is here to bring the ideas to life through words.

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