YES Bank Education Loan

To apply for a YES Bank education loan, follow the steps mentioned below: 

Online Process 

• Visit the official website of YES Bank and navigate to the education loan area 

• Complete the online application form with accurate personal, academic, and financial information 

• Upload scanned copies of the required papers as directed 

• Submit the application form online 

• The bank will assess your application and notify you of the next steps, such as verification and approval. 

Offline Process 

• Go to the YES Bank location that is closest to you 

• Request the education loan application form from a loan officer 

• Manually complete the form with the required information 

• Turn in the filled-out application at the branch 

• The bank will process the application, check the information, and determine the applicant's creditworthiness 

• After approval, the loan amount will be disbursed as needed, and a sanction letter will be given. 
  You can also begin your YES Bank education loan application through a branch visit or phone banking, and the bank shares the necessary details and paperwork without you having to leave your home or office. 

Eligibility Criteria for YES Bank Education Loan

To be eligible for YES Bank education loan, you must have the following criteria: 

• Secure admittance to a recognised educational institution with an admission letter 

• A co-applicant, usually a parent or guardian, is required for the loan 

• Must have finished the 10+2 or equivalent test 

• Provide age proof with documents such as a birth certificate or passport 

• Proof of income and bank statements for yourself and your co-applicant 

• Create a complete list of estimated expenses, including tuition, living expenses, and other educational costs 

• A valid passport, visa, and the necessary papers from the foreign university are required 

• Colletral may be necessary for greater loan amounts.

Study Levels and Courses

Secured loans are available for some Bachelor’s and Master’s degree programs. Unsecured loans are available for Bachelor’s and Master’s degree programs in STEM (Science, Technology, Engineering, and Mathematics) and Management. 

YES Bank Education Loan Schedule of Charges

Pre-Disbursement

1. Login & Admin Fee – Rs.5,000 (up to Rs.7.5L) / NIL (above Rs.7.5L)
2. Processing Fee – NIL (up to Rs.7.5L) / Up to 2% (above Rs.7.5L)
3. Stamp Duty – At actuals + Rs.125 per stamp paper

Post-Disbursement

1. Repayment Mode Swap – Rs.750 / NIL (if switching to SI)
2. Loan Cancellation – Rs.1,000 (within 15 days)
3. Amortization Schedule – Rs.500 (branch) / NIL (email)
4. No Due / NOC Certificate – Rs.250
5. Account Statement – Rs.750 (branch) / NIL (email)
6. Duplicate Title Documents – Rs.500
7. Legal/Collection Charges – At actuals
8. Conversion/Switch Charges – 0.25% to 1% based on residual tenor
9. NMMP Charges – Rs.750
10. Part Pre-payment – Not applicable
11. NeSL Charges – Rs.25 (first year) / NIL renewal

On Foreclosure

• Foreclosure & Statement Charges – Not applicable

Delayed Payments

1. Overdue Interest – At contractual rate
2. Cheque Bounce – Rs.750 per presentation

GST and other government charges, taxes and levies are charged over and above these charges at the prevailing rate, and the processing or login fee is non-refundable if the loan is not sanctioned or disbursed.

Documents Required for YES Bank Education Loan

The following documents are required to apply for an education loan with YES Bank: 

• Identity proof such as PAN, Aadhaar card, passport, and driving licence 

• Address proof, such as an Aadhaar card, passport, or electricity bill 

• Income proof such as salary stubs, Income Tax Returns (ITR) and bank statements

• Academic documents 

• Age documentation, such as a birth certificate or passport 

• Detailed list that includes tuition, living expenditures, and so on. 

Advantages of YES Bank Education Loan

Here are the advantages of YES Bank education loan as follows: 

• Flexible repayment choices include customisable programmes with a moratorium period

• Coverage of a range of charges, including tuition, lodging, travel, and other educational expenditures 

• Minimal Paperwork: a simplified application procedure with little paperwork 

• Rapid loan approval for timely finance 

• Tax advantages include tax deductions for interest paid under Income Tax Act section 80E 

• Doorstep Services: easy loan processing and documentation at your door 

• Financial security can be ensured via loan insurance 

• Special Offers: discounted interest rates for working people and female students seeking management training 

• Online Application Procedure: simple and accessible 

• Preferential Exchange Rates: advantageous exchange rates for international students 

• Interest rates that are competitive
• The Section 80E deduction on the interest paid is available for up to eight years or until the interest is fully repaid, whichever is earlier. 

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Summary

The YES Bank education loan helps students fund higher studies in India and abroad, and it needs proof of admission and a co-applicant. Check the interest rate, processing fee and schedule of charges above before you apply, and remember that the interest paid qualifies for a tax deduction under Section 80E. You can apply online or offline by following the steps given on this page. 

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