CIBIL™ Score required for YES Bank Personal Loan

What is the minimum credit score required for YES Bank Personal loans?

YES Bank personal loans are sanctioned to eligible applicants provided they meet all the eligibility parameters set by the bank in this regard. Apart from the other eligibility parameters, the bank requires the applicant to have a minimum credit score of 750 to be eligible for personal loans. This means that an applicant having a credit score of 750 or above can get the personal loans of the bank without any hassles provided they meet other eligibility parameters.

The applicant having a credit score lower than 700 usually is not sanctioned the loan as the application is often rejected. This is on account of the applicant being considered at high risk for any default or delay in repayment of a loan taken from the bank.

Other Eligibility Criteria for Personal Loans at YES Bank

Personal loans are considered to be the easiest and the quickest forms of liquid loans that can be provided to the customers. Applicants can apply for these loans to meet their immediate financial needs.

Personal loans of YES Bank are available with easy and affordable repayment options. The purpose of such personal loans can be anything like a wedding in the family or a medical emergency or travel or any other even purchase of some household commodity/durable, etc.

The applicants are required to meet many eligibility parameters for being eligible for the personal loans of the bank. These parameters are,

• Age of the applicant
• Monthly Income of the applicant
• Recurring monthly expenses (including any current EMIs) of the applicant
• Employer of the applicant
• Employment history mentioning the number of years at current job
• The period of residence in current premises.

YES Bank is a very well known name in the banking world in India. The bank has a huge network of branches across the country that caters to its customers within India and abroad. The bank has many loan products that can be availed by the customers to meet their financial needs. The quantum of loan to be provided depends on the type of loan as well as the eligibility parameters of the applicant.

The personal loans of the bank are among the popular loan products in this segment with attractive rates of interest and comfortable repayment tenure.

What is a credit score?

A credit score is the credit rating issued by authorised credit rating agencies in India to any individual or businesses. Such credit score is used to determine their financial health. In India, there are four credit rating agencies that provide such credit scores. These agencies are,

• CIBIL™
• Equifax
• Experian
• CRIF Highmark

CIBIL™ scores are used by lenders while reviewing a loan application or a credit card application. YES Bank also refers to the credit score issued by CIBIL™ for considering its personal loan application. The credit score issued by CIBIL™ is a three-digit number that ranges from 300 to 900.

The credit score of an applicant is very significant to endure that they get immediate approval of loan or credit card applications. Hence, it has to be duly maintained to ensure access to immediate finance from banks without any hassles. Lenders look at the credit score as the first point of reference for the issue of credit cards or loans. Therefore, it is imperative to ensure that the credit score of the applicant is not damaged.

CIBIL™ Score required for YES Bank Personal Loan FAQs