Yes Bank Education Loan without Collateral: Interest Rates, Eligibility

Yes Bank Education Loan without Collateral
Home » Education Loan » Yes Bank Education Loan without Collateral: Interest Rates, Eligibility

Yes Bank is a leading private-sector bank in India. The bank offers quick personal loans for education at affordable interest rates to students who want to study abroad or in India. One of the most important features of Yes Bank’s personal loan for education is that the loan will be provided without any collateral. This means that you don’t need to mortgage your property to get the loan. The application process for a Yes Bank education loan is completely online. Let’s explore all the features of Yes Bank Education Loan without collateral. 

Looking for a quick online education loan? Check this blog on YONO SBI Education Loan to Study Abroad

Major Features of Yes Bank Personal Loan for Education

Yes Bank has a dedicated scheme for education loans without collateral. Under the scheme, you can quickly get a collateral-free loan of a maximum of INR 40 lakhs subject to the terms and conditions. The bank offers flexible repayment options of up to 60 months. Check some of the major features of Yes Bank Education Loan:

CategoryDetails
Name of the loan product Yes Bank Personal Loan for Education
Interest Rate10.99% (as of Nov 28, 2023)
Maximum Loan AmountINR 40 lakhs
Repayment Period12 months to 60 months
Foreclosure TermsLoan can be foreclosed at any time after paying 12 EMIs.
Application ProcessOnline

Benefits of Yes Bank Collateral Free Education Loan

Yes Bank Personal Loans for Education can be availed quickly through online application mode. The loan is provided at an affordable interest rate without any kind of collateral. You can take as much as INR 40 lakhs from the bank and can repay the loan in 60 months. The bank also provides discounts on interest rates to female students. Check some of the major benefits of Yes Bank Collateral Free Education Loan:

  • You can claim tax deductions under section 80 (E) on the interest paid for the loan.
  • In the case of a study abroad loan, the bank will easily provide you with Forex services like wire transfer, traveller’s cheque, draft and banknotes. You can also take a Yes Bank Multi-Currency Forex Card.
  • If you are a working executive, the bank will provide you with an education loan for skill-based courses. 

Yes Bank Personal Loan for Education: Eligibility Criteria

Yes Bank operates on the directions and guidelines provided by the Reserve Bank of India. The eligibility criteria for Yes Bank’s unsecured education loan have also been prescribed by the bank in line with the RBI guidelines. Always check the eligibility criteria and make sure that you are fulfilling the eligibility. Rejection due to eligibility requirements at a later stage may create a negative impact on the credit score. Check some of the major eligibility criteria for Yes Bank personal loan for education:

  • You must have a Yes Bank savings account
  • The admission must have been secured to an institution in India or abroad
  • The parent shall be the sponsor for the loan in case the student is not earning
  • The student shall take admission to a course which has higher job prospects

In a rising rate environment, it’s better to get your loan refinanced. Check this blog and get complete information on How to Apply for Education Loan Refinance

Documents Required for Yes Bank Education Loan

At the time of filling out the application form for Yes Bank Unsecured Education Loan, you need to upload all the documents supporting your eligibility. Make sure that the documents you are uploading are clearly visible and not blurred. Check the list of documents below:

  • Any Government-issued ID proof like an Aadhaar Card, Driving Licence etc
  • Address proof
  • Income Proof 
  • Employment Verification (If the student is not earning, the verification will be done for the parent/sponsor)
  • Credit history details 
  • Passport-sized photographs as per requirement

Yes Bank Personal Loan for Education: Apply Online

The application process for Yes Bank Personal Loan for Education is completely online. You can apply for the loan within minutes on the official website of Yes Bank. After filling out the application form, you will have to upload all the documents listed on the website. If approved, the bank will disburse the amount within 4-5 days. Check all the steps involved in applying for education loan from Yes Bank:

  • Visit the official website of Yes Bank
  • Go to the personal banking section and click on ‘Yes Individual’
  • Select personal loan and click on ‘Apply Now’
  • Enter your phone number linked with the Yes Bank account and the customer ID
Yes Bank Personal Loan Apply Online
  • Enter the basic details like name, contact number and email address
  • Mention the information related to your Yes Bank account and submit
  • Enter the loan amount and other information as appears on the form
  • Upload the documents and submit
  • The bank will communicate with you for further steps if the loan is approved

FAQs

How can I get an unsecured education loan from Yes Bank?

Yes Bank has a dedicated scheme for personal loans for education. You can apply for a personal loan at an affordable interest rate online on their official website. Since it is a personal loan, you don’t have to pledge any collateral for the loan. 

What is the interest rate of Yes Bank Personal Loan for Education?

Yes Bank provides personal loans for education at a 10.99% interest rate (as of November 2023). The bank also offers discounts on interest rates to female students.

How to Apply for Yes Bank Education Loan?

The application process for Yes Bank’s personal loan is online. If you have a savings account with the bank, you can visit the official website and apply for the loan. 

How much education loan can I get from Yes Bank without collateral?

You can get any amount between INR 1 lakh to INR 40 lakh as a collateral-free personal loan for education. The repayment period is also flexible and negotiable. The maximum repayment period for the loan is 60 years. 

Can I take a Yes Bank Education Loan without collateral if I don’t have an account with Yes Bank?

No. You must have an active bank account with Yes Bank in order to get a personal loan for education.

This was all about Yes Bank’s Personal Loan for Education. The bank offers collateral-free loans to students who want to pursue higher education in India or abroad. Always check the terms and conditions of the loan before submitting the loan application form. 

To know more about collateral-free 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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About Shekhar Suman

Shekhar is a versatile writer with a passion for sharing knowledge and creativity. With expertise in crafting informative blogs on study abroad and finance, Shekhar helps readers navigate the complexities of education and financial planning. Most of his writings blend the practicality of finance and the beauty of language, making a meaningful impact in both spheres. Beyond his professional pursuits, he finds solace in the writing Shayari.

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