Consolidation Loans from YES Bank

A wide range of loan schemes for debt consolidation.

YES Bank, a private-sector bank in India, offers multiple financial products to different segments of its customer base. RBI took control of the bank in March 2020 and revived it by reconstructing the board and taking other measures. YES Bank offers a wide range of retail banking and asset management services. The bank gives its retail customers the option to choose from a range of loans that are specifically suited for your different needs.

YES Bank Consolidation Loans

A YES Bank consolidation loan helps customers pay off all their debts and consolidate them into one by choosing terms as per their preference and repay easily. These can be unsecured loans like personal loans or secured loans like loans against property, gold, time deposits, or securities. Balance of transfer loans and top-up loans can also be considered to be consolidation loans if they are used to repay/consolidate relatively high-interest debts.

Consolidation loans help customers make their lives easier since they only have to “worry” about making one repayment per month instead of stressing over multiple repayments going during different times per month. The overall debt burden may also reduce since consolidation loans are usually chosen by comparing interest rates and repayment periods.

Please note here that YES Bank does not label a specific loan as a consolidation loan. Instead, a few schemes can be used for the purpose of consolidating debts even if they are not directly labelled so. Here are some of the loan schemes offered by YES Bank that you can avail as a consolidation loan:

  1. YES Bank Personal Loan
  2. YES Bank Gold Loan
  3. YES Bank Loan Against Securities
  4. YES Bank Loan Against Property
  5. YES Bank Home Loan Top-up

We give you a brief introduction to each of these consolidation loans below. In addition, you have the option to click further and read in detail about each loan (the link takes you to another page on our website). This specific page has been specifically designed so that you can get all the information you need on that loan in an uncluttered and easy-to-read format.


YES Bank Personal Loan Scheme

This loan is specifically designed for salaried employees of government organisations and reputed private organisations to help them get funds to meet their urgent financial needs. This personal loan can also be repurposed into a consolidation loan to pay off their high-interest credit card debts and loans.

Features of YES Bank Personal Loan

Why this Loan?

  • The YES Bank Personal Loan is meant for salaried employees of government units/institutions or reputed private organisations who need funds to meet their personal needs
  • This loan can also be used to pay off high-interest debts, thereby consolidating debt
  • This is a collateral-free loan

YES Bank Gold Loan

This scheme helps borrowers access needed funds by pledging their gold jewellery or specially-minted gold coins sold by banks. This loan can be used to meet any financial needs such as a wedding, overseas travel, higher education, etc. as well as to consolidate high-interest debts. The maximum loan amount sanctioned by the bank under this loan scheme is Rs. 50 lakh.


Features of Gold Loan from YES Bank

Why this Loan?

  • The YES Bank Gold Loan is meant for borrowers who want to get funds by pledging gold jewellery/ornaments or specially minted gold coins sold by banks to meet their financial needs
  • Borrowers can also avail this scheme as a consolidation loan to pay off their high-interest credit card debts and loans

YES Bank Loan Against Securities

This loan helps borrowers get access to funds by pledging their securities such as shares, mutual funds, life insurance policies, bonds, debentures, etc. to the bank. While this secured loan can be used to meet any financial needs such as a wedding, overseas travel, higher education and so on, it can also be used to consolidate high-interest debts.

Features of Loan Against Securities from YES Bank

Why this Loan?

  • The YES Bank Loan Against Securities is meant for borrowers who want to avail financial assistance by pledging shares, bonds, debentures, mutual funds, life insurance policies or Kisan Vikas Patras to meet their financial needs
  • Borrowers can also avail this scheme as a consolidation loan and pay off their debts
  • There are no prepayment charges for this loan

YES Bank Loan Against Property

This loan helps borrowers get access to funds by mortgaging their property to the bank to meet their urgent financial needs. Many people use loans against property to purchase a new property, pay for renovation or repair of their home. However, these loans can also be availed to meet the expenses such as those for a child’s wedding, dream vacation, medical exigencies, debt consolidation and so on.

Features of YES Bank Loan Against Property

Why this Loan?

  • The YES Bank Loan Against Property is meant for borrowers who want to avail financial assistance by mortgaging their property to the bank to meet their urgent financial needs other than for capital market, business, trading or speculative purposes. This loan can also be repurposed into a consolidation loan to pay off high-interest debts
  • There are no prepayment charges for this loan

YES Bank Home Loan Top-up

This top-up loan helps YES Bank home loan borrowers to get financial assistance for meeting their personal needs. In addition to being used to meet financial expenses directly related to the house such as home repair, home renovation or extensions, this loan can also be used as a consolidation loan to pay off debts. Many borrowers also use this loan to pay for other personal expenses such as medical bills, dream vacation, child’s education, etc.

Features of YES Bank Home Top-up Loan

Why this Loan?

  • The YES Bank Home Top-up Loan is meant for YES Bank home loan borrowers who need assistance to meet financial needs for personal needs such as child’s wedding expenses, education expenses, travel expenses, debt consolidation, etc.
  • The bank offers flexible loan tenures and competitive interest rates on this scheme
  • The bank also offers a balance of transfer from other banks to YES Bank under its home loan variants including this scheme

Important Note: YES Bank may offer more consolidation loan options that are not yet published on the website. If you prefer we suggest that you get in touch with the nearest branch to check the loan schemes they offer. This will also help you get a custom quote since many loan schemes are need-based and certain charges such as application charges, service charges, strategic premium, etc. may be decided on a case-to-case basis.

Interest Rate for YES Bank Consolidation Loans

  • The applicable interest rate on these loans is defined as the sum of two factors namely, one-year Marginal Cost of Funds Based Lending Rate (MCLR)/External Benchmark based Rate (EBR) and (Strategic) Spread. As of October 2020, the MCLR of YES Bank is 8.80% and EBR is 9.75%. The Spread factor is decided by the bank based on the loan type, quantum of loan and credit score of the borrower

Documents Needed for Individuals (Salaried and Self-employed)

  • Loan Application Form duly filled and signed by the applicant and co-applicant, if any
  • Two Passport Size Photographs of applicant and co-applicant
  • Personal ID Proof: Aadhaar Card, PAN Card, Passport or Driving License. PAN Card / PAN Card Issuing Letter is must
  • Signature Proof: PAN Card, Banker’s Verification, Driving License or Passport
  • Residential Address Proof (Any One): Aadhaar Card, Electricity Bill, Post-paid Phone Bill, Valid Rent Agreement
  • Income/Banking Proof for Salaried Professionals: Last 3 months’ salary slip, Form 16 or income tax returns
  • Income/Banking Proof for Self-employed Professionals/Self-employed Non Professionals: Computation of income of last 2 years, Balance Sheet, Profit and Loss Account, Registration Certificate, GST Return, Income Tax Challan/ Form 26AS/TDS Certificate, IT Assessment, etc.

Documents Needed for Proprietorship and Partnership Firms

  • Loan Application Form duly filled and signed
  • Partnership Deed and Partnership Registration Certificate
  • ID Proof of the Firm: Firm PAN Card or PAN Issuing Letter
  • Office Address Proof: Electricity Bill, Post-paid Phone Bill, Valid Rent Agreement
  • Income Proof: CMA Data and Project Report, Debtors and Creditors Certificate, GST Return, Last 3 years ITR of applicant and co-applicant, Audited or CA Certified Computation of Income/Trading Account/Profit and Loss Account/Balance Sheet, Annual Audit Report and Tax Audit Report if audited, Form 16A if applicable, Net Worth of applicants, co-applicants and guarantors
  • Banking Proof: Last 1-year Statement of Company’s Major Account, Current Account, Cash Credit Account, Overdraft Account, Loan Statement of Running Loans, Latest Closed Loan NOC and Last 6-months Bank Statement of Applicant and Co-applicant’s Savings Account

Reference Facts

  • YES Bank Website: www.yesbank.in
  • Headquarters: Mumbai, Maharashtra
  • Call Centre Toll-Free Number: 1800 1200