Yes Bank Personal Loan

Yes Bank Personal Loan

A personal loan is an unsecured loan which means that collateral is not required to avail a loan, which is provided by most banks and Non-Banking Financial Companies (NBFCs) like Bank of Maharashtra. This is a high-risk loan on the part of the bank or NBFC, due to which interest rates on these loans would be higher than secured loans. But it is also important to note than an unsecured personal is a multipurpose loan and is ideal for immediate cash requirements such as medical emergencies, personal expenses, travel etc., from the reasons we can see that this is for immediate needs and it is important not to get rejected on a personal loan.

This is the reason why it is best to know the eligibility criteria and the factors that affect your loan application to make sure that your loan doesn’t get rejected as each time your loan is rejected it will adversely affect your credit score. If your credit score reduces a lot, it will become very difficult to get a loan or the loan will be of very high interest rate.

Most banks have strict eligibility criteria which depends on applicants age, location, salary, company of employment, marital status, credit score etc. The ideal customer for the banks is a person with a credit score of at least 750 whom they consider extremely “bankable”.

The lender will also fix your loan maximum and minimum based on your repayment capacity calculated based on your disposable income . It is best to know all these factors before applying for a loan so that your application is not rejected, and you get the best loan offer possible .

Yes Bank Personal Loan Eligibility Criteria

There are certain factors or criteria stipulated by banks which needs to be satisfied before loan applications are approved. They are

Factors Affecting Yes Bank Personal Loan Application

There are certain factors that affect your loan application mainly the minimum salary expectation and your loan amount eligibility. They are

• Location: the place where you stay play an important part in your loan application. This determines the minimum salary amount for you to be eligible for a personal loan. The minimum salary is higher in the cities and more so in the case of metropolitan cities like Mumbai.
• Income : The higher the income the better loan amount you will get. This also shows that your repayment capability is excellent.
• Housing situation: Whether you stay in your own house or in a rental property also play a part in determining your loan amount. This is because staying in a rental property reduces the disposable income, which means that your repayable capacity is reduced.
• Company of employment: Working for a reputed company close to a year could indicate to the lender you are in a stable job, the better the rating of the company the better the personal loan interest rate can be negotiated.
• Existing credit: If you already have another loan or credit card debt will play a major factor in determining your loan amount and interest rate.
• Credit history: Your credit history based on which your credit score is calculated is very important. It is a primary factor upon which the loan amount, interest rate and tenure depend upon. If there is any discrepancy in your credit history, there are chances of your loan being rejected outright.