Education loan refinance is a financial tool that helps you to make your loan cheaper in a rising interest rate environment. Most of the education loan comes with a floating rate of interest which is subject to revision every quarter. It may increase as per the directions set by RBI. In such a situation, you can transfer your existing loan to another bank if you are getting a lower interest rate.
Yes Bank is one of the leading private sector banks in India that offers competitive rates of interest in education loans. It offers the facility of education loan refinance or transfer and you can apply for the same through online mode. Let’s check all the major details of the Yes Bank Education Loan Transfer facility.
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Yes Bank Education Loan Transfer: Major Features
Yes Bank Loan Transfer service is available for different loans like personal loans, education loans, home loans etc. You can easily transfer your existing student loan or personal loan for education to Yes Bank. The interest rate for Yes Bank education loan transfer ranges between 9.5% to 12%. This may change depending on the regulations of the Reserve Bank of India. Check some of the major features of Yes Bank Education Loan Transfer:
- You can apply online for an education loan transfer on the official website of the bank.
- If approved, the bank will complete the entire process of loan transfer within 5-6 days.
- In the case of a personal loan takeover, no collateral is required.
- The bank can also offer you a fixed rate of interest which will not change for the entire period of the loan.
Also Read: Always analyse the factors affecting the loan transfer. Check this blog and know the Best Time to Apply for Education Loan Refinance
How to Apply for Yes Bank Loan Transfer?
Yes Bank Loan transfer application process is completely online. You can apply for a takeover loan within minutes, However, it is necessary to have an active account with Yes Bank in order to apply for a loan. At the time of registration, you will be required to enter your customer ID and phone number registered with the bank. Check the steps involved in applying for a loan takeover by Yes Bank:
- Visit the official website of Yes Bank
- Go to the personal banking page and click on education loan
- On the next page, click on the ‘Apply Now’ button
- Enter all the details for the existing loan and mention your requirements in the form
- Upload the relevant documents and submit the application form
- The bank will verify the profile and communicate further process to you.
Also Read: Planning to get a balance transfer for your education loan? Check this blog and know how to refinance your education loan and when should you consider it
Eligibility Criteria for Yes Bank Loan Transfer
There are certain eligibility criteria laid by the bank for providing education loan takeover services. Before applying for the loan, check all the eligibility criteria properly so that the loan can be approved quickly. Check the eligibility criteria below:
- The applicant must be an Indian citizen
- The loan repayment shall have been started
- There shall not be any pending loan disbursement amount from the bank. The entire loan must have been disbursed
- The payment of EMI shall be regular in the books of the bank and there shall be no missed payments
- The application must be a first-time application for a loan takeover from the bank.
- The CIBIL score and credit history of the applicant shall be good i.e. above 700
FAQs
Yes Bank charges an interest rate ranging from 9.5% up to 12%. The interest rate is subject to change as per the guidelines provided by the RBI. While taking an education loan or refinancing it, try to get a fixed interest rate scheme.
You can apply for Yes Bank Education Loan Refinance through online mode. Visit the official website and go to the personal banking section to apply for the loan transfer.
If your interest rate has increased or if you want to get your collateral freed from the existing lender or bank, you can apply for an education loan transfer. It’s a very good option for converting your ongoing secured education loan into a collateral-free education loan.
Balance transfer in education loans is just another name for education loan refinancing. When you apply for a balance transfer, the new lender or bank pays you the amount as a loan from which you close the existing loan and start paying the EMIs to the new lender.
Yes Bank offers education loans up to INR 1.5 crore for study abroad. However, the bank will approve the maximum loan amount based on your repayment capacity and income.
Yes Bank offers education loan transfer services to students at an attractive rate of interest. However, always compare all the terms and conditions of both loans and calculate the final repayment amount after refinancing. If it is helping to pay lower interest then only apply for loan refinance.
To know more about the loan transfer application process, 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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