Are you planning to pursue higher education but concerned about the costs? Did you know that you can fund your studies without stress with a Yes Bank education loan for your bright future.
Read on to find out how a Yes Bank education loan can help you achieve your academic goals
Yes Bank Education Loan Overview
Here is an overview of the Yes Bank education loan:
*Please Note: A moratorium period is a set time during which loan borrowers do not need to make repayments, usually given to help them manage their finances better.
You seem excited about Yes Bank education loan features, right? Well, this is just the beginning, there are different types of education loans that you must check out.
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Yes Bank Education Loan Interest Rate
When considering a Yes Bank education loan, you’ll find that they offer competitive interest rates designed to meet financial needs.
Here are the key details regarding the interest rates for Yes Bank education loans.
Yes Bank Education Loan: Processing Fees
When applying for a Yes Bank education loan, a processing fee is typically charged. This fee usually a one-time charge and varies based on the loan amount and type, with a small percentage of the loan amount as the fee.
Here’s a brief overview of what you can expect:
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Types of Yes Bank Education Loans
Yes Bank offers a variety of education loans tailored to meet the diverse needs of students pursuing higher education in India and abroad. Here are the main types of Yes Bank education loans available:
Below are the main types of education loans offered by Yes Bank:
Yes Bank Domestic Education Loan
A Domestic Education Loan supports students pursuing higher education in India by covering tuition fees, living expenses, books, travel, and essential equipment like a laptop.
Yes Bank offers loans up to ₹40 lakhs at interest rates of 10.99%–12.00%, with a repayment period of up to 15 years. Eligibility requires admission to a recognized Indian institution and a co-applicant, generally a parent or guardian.
Yes Bank Overseas Education Loan
Overseas Education Loans are designed for students planning to study abroad at recognized universities or institutions. These loans cover tuition fees, accommodation, living expenses, travel, insurance, and visa charges.
Since studying abroad involves higher costs, these loans are often larger in amount and come with flexible repayment options. The repayment schedule is usually customized based on the course duration and starts after the student finishes the course or secures employment.
Yes Bank Skill Development Loan
Skill Development Loans are ideal for students enrolling in short-term or vocational courses to improve specific job-related skills.
These can be taken for training programs in India or abroad. The loan covers course fees, travel costs (if the course is overseas), and other related expenses.
Since the courses are shorter in duration, the loan repayment period is also relatively short. Repayment usually begins soon after the completion of the course, making it a quick turnaround financing option.
Minimal Documentation. Higher Chances of Approval. Easy Online Processes. Check Your Eligibility.
Yes Bank Abroad Education Loan
If you're planning to study abroad, Yes Bank offers international education loans designed to cover all necessary costs associated with overseas education.
Key Features of Yes Bank Abroad Education Loan
Here are the key features of the Yes Bank Abroad Education Loan:
1. Loan Amount
Yes Bank offers loans up to INR 1.5 Crore for secured loans. For unsecured loans, the amount varies depending on the university category, with four categories as follows:
- Category A: Up to INR 50 Lakhs
- Category B: Up to INR 40 Lakhs
- Category C: Up to INR 30 Lakhs
- Category D: Up to INR 25 Lakhs
2. Rate of Interest
Interest rates for secured and unsecured loans range from 11.50% to 13%, depending on the category:
- Category A: 11.50%
- Category B: 11.50%
- Category C: 12%
- Category D: 12.50%
3. Funding
Yes Bank provides 100% funding for both secured and unsecured loans for studying abroad. For loans secured against fixed deposits (FD), 90% funding is offered.
4. Study Level & Courses
Secured loans are available for selected Bachelor's and Master’s degree programs. Unsecured loans are offered for STEM (Science, Technology, Engineering, and Mathematics) and Management courses at the Bachelor's and Master’s levels.
5. Income Criteria
The loan is offered based on the income of the sponsor (typically a parent or guardian). The sponsor’s income must be at least INR 5 Lakhs per annum.
6. Repayment Tenure
The repayment tenure varies by loan category:
- Category A: 15 years (excluding the moratorium period)
- Category B: 15 years (excluding the moratorium period)
- Category C: 15 years (excluding the moratorium period)
- Category D: 10 years for all courses, 7 years for Bachelor's courses (excluding the moratorium period)
Features of Yes Bank Education Loans
Yes Bank offers a range of features in its education loan schemes designed to support students pursuing higher education.
Here are the key features of Yes Bank education loans.
With competitive Yes Bank education loan interest rates and comprehensive coverage of educational expenses, you can focus on achieving your academic goals without financial stress.
These loans not only provide the financial support you need but also offer flexible repayment options to ease your journey through higher education.
Eligibility Criteria for Yes Bank Education Loans
The Yes Bank offers education to support students in their academic pursuits. Here are the eligibility criteria you need to fulfil that is essential to ensure a smooth application process.
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Documents Required for Yes Bank Education Loan
Applying for a Yes Bank education loan involves submitting several key documents required to ensure a smooth process. Here’s a comprehensive list of what you’ll need.
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How to Apply for a Yes Bank Education Loan?
Online Mode
- Visit the official website of YES BANK and go to the education loan section.
- Fill out the online application form with accurate personal, academic, and financial details.
- Upload scanned copies of the required documents as prompted.
- Submit the application form online.
- The bank will review your application and contact you for further steps such as verification and approval.
Offline Mode
- Visit the nearest YES BANK branch in your area.
- Meet a loan officer and request the education loan application form.
- Fill out the form manually with the necessary details.
- Submit the completed form at the branch.
- The bank will verify the details, assess creditworthiness, and process the application.
- Once approved, a sanction letter will be issued, and the loan amount will be disbursed as required.
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Can I Get a Yes Bank Education Loan Without Collateral?
YES, you can, but it depends on your loan amount, the course you’re applying for, and the institution you plan to attend.Yes Bank offers education loans without collateral, making it easier for Indian students to fund their higher education. You can get up to ₹40 lakhs for studies in India and up to ₹50 lakhs abroad, depending on your academic record and the university’s ranking. A co-applicant, usually a parent or guardian with a steady income, is required.
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Advantages of Yes Bank Education Loans
Yes Bank offers several benefits with its education loan schemes, making it a popular choice for students seeking financial support. Here are the key advantages, have a look.
1.Competitive Interest Rates
Attractive rates starting from 10.99% to 14.00%.
2. Flexible Repayment Options
Customisable plans with a tenure of up to 15 years and a moratorium period.
3. Coverage of Various Expenses
Covers tuition fees, accommodation, travel, and other educational costs.
4. Minimal Documentation
Streamlined application process with minimal paperwork.
5.Quick Approval Process
Swift loan approval for timely funding.
6. Tax Benefits
Tax deductions on interest paid under Section 80E of the Income Tax Act.
7. Doorstep Services
Convenient documentation and loan processing services at your doorstep.
8. Insurance Options
Loan insurance available for financial security.
9. Special Offers
Special interest rates for female students and working professionals pursuing management training.
10. Online Application Process
Easy and accessible online application.
11. Preferential Forex Rates
Beneficial exchange rates for students studying abroad.
Expenses Covered by Yes Bank Education Loans
Yes Bank education loans provide extensive financial support, covering a variety of expenses to help you focus on your academic pursuits. Here’s a detailed list of what is covered.
1. Tuition Fees
Covers the course cost at your educational institution.
2. Hostel Charges
Accommodation costs for on-campus or affiliated hostels.
3. Books and Study Materials
Expenses for textbooks and other educational materials.
4. Lab Equipment
Costs for practical class equipment, especially for science and engineering courses.
5. Travel Expenses
Includes travel to and from the institution, and airfare for studying abroad.
6. Other Educational Expenses
Examination fees, project expenses, and additional institutional fees.
7. Living Expenses
For students studying abroad, it covers food, transportation, and personal expenses.
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Yes Bank Education Loan College List
Yes Bank categorizes its overseas education loan offering into four tiers, Category A, B, C, and D, based on the ranking and reputation of the university. This classification directly influences the loan amount, interest rate, and repayment terms offered to the student. Since the QS World University Rankings are updated every year, a university’s category may change accordingly.
Download the Yes Bank Education Loan College List PDF using the link below:
Yes Bank Education Loan College List Category-wise
Yes Bank Education Loan Calculator
To further assist with your financial planning, Yes Bank provides an education loan EMI calculator. This tool helps you estimate your monthly EMI based on several variables: the interest rate, the total amount of the sanctioned loan, and the loan repayment tenure.
For example, if you take a loan of INR 50 lakhs with an interest rate of 10% to be repaid over 15 years, you can calculate the EMI using the formula. Here, the monthly EMI is going to be INR 53,730.
EMI = P x R x (1+R)^N / [(1+R)^N-1]
Where:
By entering the values of P, R, and N, you can quickly get an accurate EMI figure. This will help you better manage your Yes Bank education loan and understand your monthly payments.
Why Propelld?
You can easily fill out the application form online, upload necessary documents, and track your application status in real-time. That's not it, here are the details and benefits of a Propelld Education Loan just for you.
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