YES BANK Education Loan
Last Updated : June 27, 2020, 2:01 p.m.
You can borrow funds from YES BANK to meet your higher studies requirement. Students are eligible for the YES BANK Education Loan if they secure admission to the college or other educational institute. Your parent could be your co-applicant in this loan and can pay the EMI if you don’t secure a job after course completion.
| Particulars | Details |
|---|---|
| Loan Amount | Need-Based |
| Interest Rate | 12.00% - 14.00% |
| Tenure | 15 years |
| Processing fee | 1% of the loan amount |
Loan Amount for YES BANK Education Loan
The loan is based on your needs and college fees. Your loan limit is decided as per your academic records. From YES BANK you can finance your abroad studies. But first, you need to be qualified to secure admission in one of the universities overseas. The education loan is dependent on the approval from the university, only then the bank can provide your funds. With the help of the loan, you can pay the semester examination fee and other essential fees such as building fund, lab fees, library fees, project expenses, etc. And, after the completion of course, you have a 1-year repayment holiday in which you need to find a job to pay for the loan. So, the repayment will start a year after completing the course. If you finalized a job after the course completion, the moratorium will be of 6-months or whichever period is earlier.
The moratorium is to provide you relief from the payment. And during this period YES BANK service interest to your loan amount.
YES BANK Education Loan Interest Rate
YES BANK Education loan interest rates start from 12.00% onwards and are based on the student’s job prospects after the course completion and co-borrower’s repayment capacity.
Eligibility for YES BANK Education Loan
To apply for the education loan, you need to meet the following criteria.
- Must have secured admission
- Have a co-applicant (Mother or Father)
- List of Expenses during the course including book purchases
- Passport & Visa for overseas studies
- Admission letter from the college or university
Insurance Cover on YES BANK Education Loan
YES BANK provides security with the education loan with which the student can secure them from any accident in the future. And can pay the insurance premium along with the loan EMI. YES BANK Limited is the insurance agent of Max Life Insurance Company Limited and Reliance General Insurance Company Limited under which it provides you security for the education loan. It is optional for the students and they can choose it as per their convenience.
Tax Benefits under 80E
Students can save the paid interest for a maximum of 8 years from the repayment period. And the amount is deducted from the annual taxable income of the student. If your income comes under the tax slab then it is beneficial for your YES BANK education loan payment.
To pay your EMI, you can use ECS, PDCs, or standing instruction service. This payment method ensures you don’t miss an EMI and pay the loan on time before the due date.
Documents
Students need to submit a list of documents to YES BANK to prove the identity and income details of the co-applicant. And if you mortgage your property or fixed deposit for the security of the loan, you are required to submit the deposit receipts or the property documents. Look at the list of KYC and income proof required for the documentation process for YES BANK education loan. Parents (co-borrowers) need to submit their income proof to show the repayment capacity for the borrowed loan.
- Aadhaar Card
- PAN Card
- Passport
- Driving Licence
- Educational Certificates
- Admission Letter
Income Proof Documents of Co-borrowers
- Salary Slip
- Salary certificate
- ITR report
- Form 16
Fee & Charges in YES BANK Education Loan
| Particulars | Details |
|---|---|
| Prepayment fee | 6% of the balance if foreclosed/part prepaid during the moratorium, otherwise NIL |
| Late Payment charge | 24% per annum |
| Swapping fee | INR 500+GST |
| Repayment schedule | INR 200+GST |
| Rescheduling fee | INR 1,00+GST |
| EMI return charges | INR 550+GST |
| No Objection Certificate (NOC) | NIL |
| Loan Cancellation | NIL |
| Documentation | INR 500+GST |
Apply for YES BANK Education Loan
To apply for the loan, visit your nearest bank branch and ask from the bank representative the education loan form. Fill up the form and submit it with the above-mentioned documents. Pay the processing fee and wait for its approval. Once your loan gets approved it will disburse to your bank account.
YES BANK Education Loan Payments
You can pay the education loan in equated monthly installments (EMIs) over a maximum of 15 years. The bank will activate an ECS on the account from which the loan EMI gets deducted automatically.