5 Loan Schemes Offered by YES Bank
YES Bank has been in the news for a large part of 2020 but not always for the right reasons. However, RBI has now reconstructed the board to revive the bank from its previous state. And you may not know that as of August 2020, SBI owns a 30% stake in YES Bank.
The bank offers retail and asset management services to its retail and corporate customers. YES Bank United Payment Interface (UPI) services are also quite popular since the bank has tie-ups with major companies such as Airtel, PhonePe, DishTV and Cleartrip. The bank has also been aggressively paring down its NPAs. So, it seems the bank may be on its way back to where it was 1-2 years back.
Also, the bank continues to offer its products and services to all of us.
As such, in this post, we are going to discuss the consolidation schemes offered by YES Bank in India.
If you are looking for a fuss-free loan to quickly pay off credit card bills or other high-interest debts then a personal loan is the best choice for you. This is the only collateral-free loan option offered by banks that you can use as a consolidation loan. The best part is that you do not even have to tell them why you are availing the loan. The only limitation is that YES Bank extends this loan to salaried employees of government organisations, public sector undertakings and reputed private corporations.
But don’t worry, self-employed professionals and business owners have four other options to choose from.
A mortgage loan allows you to get access to a relatively large outlay of funds as compared to other loans. Therefore, it is the perfect loan scheme if you want to get a larger amount of funds to consolidate your debt. You can use it to reduce or completely pay off your credit card bills and other high-interest loans. The loan amount you can get depends on the value of the property (assessed by the bank), your repayment capacity and credit score in addition to other factors.
This loan scheme enables borrowers to get funds against their gold jewellery or gold coins (sold by banks). The maximum loan amount offered by the bank under this loan scheme is Rs. 50 lakh which the borrowers can use to pay for overseas travel, a wedding or even for debt consolidation.
You can consolidate your debts by pledging your securities such as mutual funds, shares, life insurance policies, bonds and debentures by availing the YES Bank Loan Against Securities. The loan amount to be sanctioned depends on different factors such as the type of security, the Net Asset Value (NAV) of the security and repayment capacity of the borrower. The best part is that you do not have to pay any prepayment charges for this loan if you decide to repay it before the maturity date.
Home loans usually come at a lower interest rate than other loans. Top-ups on home loans are also considered to be low-interest loans as compared to other loans such as personal loans. This is probably why, if you are an existing YES Bank home loan borrower, you must consider applying for a top-up loan on your home loan to pay off your debts or meet other needs. If you availed a home loan from another bank, you can opt for the balance transfer facility offered under this scheme and avail a top-up loan for debt consolidation.
A Final Word
Now you know about loan schemes offered by YES Bank for debt consolidation. If you are interested in learning more, you can check out our consolidation loans page. We cover the loan schemes offered by major Indian banks that you can avail to get out of debt as well as share tips to help you start your journey towards a debt-free life.