YES Bank Education Loan 2023 –Education is the cornerstone of personal and societal development, and YES Bank recognizes the importance of providing financial assistance to those seeking higher education. YES, Bank’s education loans are designed to help students pursue their academic goals without worrying about the financial burden. With flexible repayment options and competitive interest rates, YES Bank education loans are a popular choice for students looking to fund their studies. This article will provide an overview of YES Bank education loans and the benefits they offer to students.
YES Bank offers education loans for various courses including engineering, medicine, management, and other professional and vocational courses. YES Bank provides education loans at competitive interest rates, making it affordable for students to repay their loans. These education loans come with flexible repayment options, allowing students to choose a repayment tenure that suits their financial situation. They offer high loan amounts, making it possible for students to fund their entire education without any financial constraints. These loans are processed quickly, ensuring that students receive the necessary funds promptly. It does not require any collateral for loans up to a certain amount, making it accessible to a wider range of students.
|Interest Rate||12 – 14%|
The loan amount for YES Bank education loans may vary depending on various factors such as the course, institution, and the borrower’s profile. However, in general, YES Bank offers education loans starting from a minimum of Rs. 1 lakh and going up to a maximum of Rs. 1.5 crore. The loan amount is typically determined based on the total cost of education, which includes tuition fees, accommodation expenses, exam fees, and other related expenses. The loan amount can cover up to 100% of the total cost of education for certain courses and institutions.
The eligibility criteria for YES Bank education loans may vary depending on the loan amount and other factors. However, some general eligibility conditions that applicants need to fulfill to be eligible for a YES Bank education loan are:
- Nationality: The applicant must be an Indian citizen.
- Age: The applicant must be between 18 and 35 years of age.
- Course: The applicant must have secured admission to a recognized course or institution in India or abroad.
- Academic performance: The applicant must have a good academic record.
- Co-applicant: YES Bank may require a co-applicant for the loan, such as a parent, spouse, or guardian.
- Income: The co-applicant must have a regular source of income to support the loan repayment.
- Credit score: The applicant and co-applicant must have a good credit score.
The interest rate for YES Bank education loans may vary depending on the loan amount, repayment tenure, and other factors. However, in general, YES Bank offers education loans at competitive interest rates starting from 9.5% per annum. The interest rate for education loans is typically calculated based on the Marginal Cost of Funds-based Lending Rate (MCLR), which is reviewed periodically. The actual interest rate applicable to your education loan will be communicated to you at the time of loan application and may vary based on your profile and other factors.
The repayment of YES Bank education loans is designed to be flexible and convenient for students. Here are some important points to note about loan repayment:
- Repayment tenure: YES Bank offers flexible repayment tenures ranging from 12 months to 120 months, depending on the loan amount and the borrower’s profile.
- Moratorium period: YES Bank allows a moratorium period of 6 months to 1 year, which is the period during which the borrower is not required to make any loan repayment. The moratorium period typically starts after the completion of the course or when the borrower gets a job, whichever is earlier.
- Repayment options: YES Bank offers various repayment options, including post-dated cheques, Electronic Clearing Service (ECS), and Standing Instruction (SI) facility.
- Prepayment: YES Bank allows prepayment of the education loan without any penalty or additional charges.
- Late payment charges: YES Bank may charge a late payment fee of up to 2% of the overdue amount in case of delayed loan repayments.
YES Bank offers insurance cover for education loans to provide financial security to the borrower and the co-borrower in case of unforeseen events such as accidental death or permanent disability of the borrower or co-borrower. Here are some important points to note about the insurance coverage for YES Bank education loans:
- Insurance provider: YES Bank partners with leading insurance companies to offer insurance coverage for education loans.
- Insurance coverage: The insurance cover protects the borrower and the co-borrower against accidental death, permanent disability, and critical illnesses.
- Insurance premium: The insurance premium for the education loan insurance coverage is typically a nominal amount and is added to the loan amount.
- Insurance claim process: In case of an unfortunate event, the borrower or the co-borrower, or the nominee can file a claim with the insurance company, and the insurance company will pay the claim amount to YES Bank to settle the outstanding loan amount.
YES Bank requires applicants to provide certain documents to process an education loan application. The list of required documents may vary depending on the loan amount, course and institution, and the applicant’s financial standing. Generally, the following documents are required:
- Aadhaar Card
- PAN Card
- Driving License
- Educational Certificates
- Admission Letter
- Salary Slip
- ITR report
- Salary certificate
- Form 16
|Pre-payment fee||6% of the balance if foreclosed during the moratorium, otherwise none|
|Late Payment charge||24% per year|
|Swapping fee||INR 500+GST|
|Repayment schedule||INR 200+GST|
|Rescheduling fee||INR 1,00+GST|
|EMI return charges||INR 550+GST|
How to Apply?
You can apply for a YES Bank education loan by following these simple steps:
- Visit the YES Bank website or visit a nearby YES Bank branch to obtain the loan application form.
- Fill in the loan application form with accurate and complete details, including personal, academic, and financial information.
- Attach the necessary documents, including the admission letter, fee structure, identity proof, address proof, income proof, and academic records, along with the loan application form.
- Submit the loan application form along with the supporting documents to the nearest YES Bank branch.
- After the verification of the application and documents, the loan officer will communicate with you to discuss the loan amount, interest rate, repayment tenure, and other terms and conditions.
- If you agree to the loan terms and conditions, you will be required to sign the loan agreement and provide any additional documents or collateral as required.
- Once the loan is sanctioned, the loan amount will be disbursed directly to the educational institution or the borrower’s account, as per the borrower’s request.
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|Toll-free Number||1800 1200 (24×7)|
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