Yes Bank Education Loan

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Table of content

Yes Bank Education Loan Schemes for Abroad Studies
Yes Bank Education Loan Schemes for Studies in India
Yes Bank Education Loan Processing Fee
Documents Required for Yes Bank Education Loan
Yes Bank Education Loan Insurance
Yes Bank Loan Margin Calculation
Subsidies offered for Education Loans
How to apply for an education loan from Yes Bank?
Why and how to transfer your education loan to Yes bank?
EMI Calculation as per Yes bank loan rate of interest
Yes Bank loan repayment process
FAQ's
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Yes Bank offers personal loans of up to 40 Lakhs for students wanting to pursue higher education with interest rates starting from around 10.99% p.a and a repayment tenure lasting up to 60 months (5 Years). Read further to know more about the Yes Bank education loan details.

Yes Bank Education Loan Schemes for Abroad studies
Yes Bank Education Loan Schemes for studies in India

Yes Bank Education Loan Schemes for Abroad Studies

The Yes Bank abroad education loan product offers to finance education under their loan while offering up to 40 Lakhs for various academic expenses. The education loan scheme offers ample funds to students who are aspiring to join foreign universities. This will include school fees and other charges like transport and equipment making it all around your educational needs. Below are the loan scheme details before you check your eligibility for this scheme You can go through it to have a general idea.

Parameters	Details
Loan Limit	Up to 40 Lakhs
Expenses covered	Academic expenses such as Examination, Library, and Laboratory fees Course fee Travel expenses Health insurance (If applicable) Caution fee asked by the educational institution Expenses required for books/equipment/ instruments/ uniforms Equipment expenses Miscellaneous expenses Eligibility for scholarships will be at the time of loan amount calculation
Accepted co-applicant	Parents, Parents-in-law, Spouse, Siblings
Interest Rate	Starting from 10.99%
Moratorium Period	Course duration + 1 year
Repayment Duration	Up to 60 months
Repayment policies	The interest accumulated during the moratorium period/ Grace period will be added to the principal amount and the EMI. The repayment period is generally guided to be 15 years for all categories. Even though EMI-based is generally the most widely accepted method of repayment, for certain working professionals such as doctors and CAs telescoping repayments can be implemented
Eligibility Criteria	The applicant must be an Indian citizen Should have admission to higher education in accepted institutions Abroad through merit-based examinations or entrance exams. Should have completed 10 +2 or a course equivalent to it.
Collateral requirement	Liquid property: LIC policy, Fixed deposit, Government bonds Immovable property: Non- Non-agricultural land, House, Flat
Value of collateral(In case of a collateralized loan)	The value of the immovable property must be 1.25x times the requested education loan amount When liquid security is required, The minimum amount should be 1.1 times the requested student loan.

Courses recognized for higher education abroad

Professional and technical courses for career improvement provided by reputable institutions
Post-graduate programs including MCA, MS, and MBA
Professional courses offered by CIMA-London and CPA-USA.
Diploma and degree programs in pilot training, shipping, and aeronautics that have been approved for employment by regulatory organizations in India and overseas.

In case your preferred course is not mentioned in the above list, our course articles can help you find a loan for the course you desire.

Pro tip: In circumstances where the student has already paid the tuition cost, the financial officer can ask the banking authorities for reimbursement of the tuition fee (if the payment was made within 6 months)

Ready to take the first step towards funding your education? Check your eligibility today

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Yes Bank Education Loan Schemes for Studies in India

For education in India, you can get up to 40 Lakhs at an interest rate of 10.99%. This education loan scheme provides funding to those intending to study at Indian Universities. It will comprise the fees for tuition, books, and other related items such as transport and equipment. The conditions concerning the loan and the interest rates that are placed on the loan are moderate. Before you can understand if this scheme is perfect for you, you can read the below-given loan scheme details for your reference.

Loan parameters	Details
Loan Limit	40 Lakhs
Expenses covered	Course fee Academic expenses such as Examination, Library, and Laboratory fees Travel expenses Health insurance (If applicable) Caution fee asked by the university Expenses required for books/equipment/ instruments/ uniforms Miscellaneous expenses Eligibility for scholarships will be at the time of loan amount calculation Equipment expenses
Accepted co-applicant	Parents, Parents-in-law, Spouse, Siblings
Interest Rate	Starting from 10.99%
Moratorium Period	Course duration + 1 year
Repayment Duration	Up to 60 months
Repayment policies	The interest accumulated during the moratorium period/ Grace period will be added to the principal amount and the EMI. The repayment period is generally guided to be 15 years for all categories. Even though EMI-based is generally the most widely accepted method of repayment, for certain working professionals such as doctors and CAs telescoping repayments can be implemented
Eligibility Criteria	The applicant must be an Indian citizen Should have secured admission to higher education in accepted institutions in India through merit-based examinations or entrance exams. Should have completed 10 +2 or a course equivalent to it.
Collateral requirement	Immovable property: House, non-agricultural land, Flat Liquid property: LIC policy, Government bonds, Fixed deposit
Value of the collateral (In case of a collateralized loan)	The minimum amount should be 1.1 times the requested student loan. The value of the immovable property must be 1.25 times the requested education loan amount When liquid security is required.

Courses recognized for higher education in India

Graduate, post-graduate, and PG diploma courses by Educational institutions and universities approved by AIBMS/ UGC/ ICMR/Government/AICTE
Professional courses such as CA, ICWA, CFA, etc
Courses conducted by XLRI, NID, NIFT, IITs, IIMs, IISC, etc.
Degree and diploma courses in courses like aeronautical, shipping, pilot training, nursing, etc. (Must be approved by the director general of civil aviation/
Indian nursing council/ shipping or any other regulatory body if the course is pursued in India.
Approved courses by foreign universities in India.

Yes Bank Education Loan Processing Fee

The processing fee is around 1-2%, which you won’t have to pay upfront to the bank.

You can talk to your financial officer from WeMakeScholars to provide more details on the charges levied by the bank.

At WeMakeScholars, the services we provide come at no cost to you, as we do not charge any processing fees. Our organization is funded and supported by the Ministry of IT, Government of India as part of the Digital India campaign. This allows us to offer our services free of charge to students seeking scholarships and other forms of financial aid.

Documents Required for Yes Bank Education Loan

This section gives a clear list of documents required for the process of the loan. This part of the guide lists all the documents that the applicant and the co-applicant should submit to overcome all the difficulties in the application process. Therefore, by explaining every document that is needed when applying for a loan, we would like to guide you on how to apply for a loan. Read on to know how the process is done and all the documents you need to prepare so that the process becomes easier.

Parameters	Details
Basic documents for Applicant (student) and co-applicant and/or Guarantor	Application form provided by the financial officer of WeMakeScholars, duly completed with two pictures and a signature. A passport/ voter ID card/ electricity bill/ telephone bill/ ration card/ bank account statement and Aadhar card are all acceptable forms of identification as proof of residency. If the applicant's permanent and current addresses are different, two different proofs are needed. Identity proof: PAN card and passport Personal Asset and Liability Statement in this format, as determined by the branch professional The most recent six-month bank statement (personal/salary). The co-applicant credits must be presented, and if the co-applicant is self-employed, one year's worth of company transactions must be documented. The documents must be self-attested.
Applicant Academic Records	Proof of secured admission/enrollment in the program (should be evidencing total duration of the course) The course fee structure (If available, i20 for USA) Scorecard of GRE/IELTS/GMAT Educational institution Ranking printout form Academic Records and certificates- 10th, 12th, Degree
Financial Co-applicant Income documents	If Salaried: most recent pay slips (for the last 3 months) Form 16 of the previous 2 years. ID Card of the employer last two years ITR If Self-employed: past three years ITR 3 years ago Profit and loss account and the balance sheet (only if self-employed businessman) Proof of company address/ Business address
Other Documents	A cheque for Rs. 11,800 is required as a processing fee. A letter saying that the co-applicant would be responsible for any remaining costs not covered by the loan. Additional cheques for attorney and evaluator fees (if your legal and valuation process is done by the bank itself) Affidavit of the property collateral owner (on Rs. 20 or 100 stamp paper). If there are many owners of the property, each of them must provide in this format.
Additional docs	Any pending loan statements from the previous year. Receipt for any payments in advance. Proforma invoice for the trip, laptop, or another item if you're requesting a loan for it. If appropriate, a letter stating the reason for missing ITRs of the co-applicant. A letter outlining the discrepancy, An example is this stamp paper for Rs. 100.

We can provide you with a customized list of documents based on your unique circumstances and requirements. This can save you time and help you avoid any potential delays or issues in the enrollment process.

Don't waste any more time gathering documents - let us do the work for you!

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Yes Bank Education Loan Insurance

It is mandatory to take loan insurance in Yes Bank. It typically represents 1% to 2% of the loan amount.

In the event of unlucky occurrences like disability, or even the applicant's demise, loan insurance proves to be of great help to the co-applicant. With loan insurance, the applicant may ensure that their parents or co-applicants aren't solely responsible for loan repayment.

Yes Bank Loan Margin Calculation

For example, if a student has applied for a loan of 60 Lakhs and if the loan margin is 15%, Then the loan margin would be 15% of the loan amount which would be equal to 9 Lakhs.

We understand that loan margins can have a significant impact on the cost of borrowing, and we are committed to helping students secure the best possible loan terms and interest rates.

You can watch our video on Education Loan Margin, where our co-founder explains all about loan margin and where we take a look an interesting case handled by our team.

Subsidies offered for Education Loans

Through these programs/initiatives, the government pays out the total amount of cumulative interest accrued during the moratorium period. (The time of a moratorium is six months after obtaining employment, or the course length plus one year/ 6 months).

Padho Pardesh

The applicant is a member of a religious minority, such as a Muslim, Christian, Sikh, Buddhist, Jain, or Zoroastrian and their family income is less than 6 Lakhs.

Central scheme for interest subsidy for economically backward classes

The household income of the applicant is less than 4.5 lakhs.

Dr. Ambedkar's central sector scheme

This subsidy is available to students who fall under the Economically Backward Class (EBC) and whose family income are less than 8 Lakhs per year.
This subsidy is available to students from OBC populations who have a household income of less than 8 Lakh rupees.

How to apply for an education loan from Yes Bank?

Yes bank education loan process (Offline)

Step 1: Visit the closest operating branch to you

Step 2: Submit all the required documents at that branch

Step 3: Your documents will be verified manually

Step 4: The loan amount will be sanctioned and disbursed after verification.

Online application process through WeMakeScholars

Step 1: Fill out the Common application form available for student loans

Step 2: A financial officer from WeMakeScholars will get in touch with you to check your eligibility.

Step 3: Our team members will provide you with a clear comparison between all the lenders from who you can avail of your loan on the basis of your eligibility for the loan. Choose a lender.

Step 4: Directly submit the documents to the bank or upload your documents on the WeMakeScholars secured portal according to the document checklist sent to you by your financial officer.

Step 5: From the time, you submit the documents you will be logged in by our team. You will find out the result of your application within 2-6 days in private banks and 15-20 days in government banks.

Step 6: After which you will sign the loan agreement and receive the sanction letter.

Problems that students have when contacting a lender directly

Very lengthy processing time
Unclear instructions on how to submit a loan application
There is no list of prerequisite documents.
Post-disbursement assistance is not provided.
The loan procedure is not well explained.
Unsatisfactory customer service

By Applying for Yes Bank Education Loan through WeMakeScholars

You don’t need to pay a processing fee in WeMakeScholars for the services we provide. It's completely free of cost. We are an organization funded and supported by the Ministry of IT, the government of India.

Negotiation on your behalf: To make sure you get the best interest rates (0.5% to 2% less than the bank’s average) from the banks our team of financial officers at WeMakeScholars negotiates with the bank on your behalf.
Best customer service/support: You can reach out to us at any stage during your loan process. We even provide post-disbursement assistance till you pay your last EMI
The cashback offered: You will be rewarded with a cashback on disbursement of your education loan to a maximum of INR 3000, as you are supporting the Digital India campaign by applying for your study abroad education loan via WeMakeScholars.
Loan profile credentials: You can use your loan profile credentials to access your loan profile and check on the status of your application for an education loan.

Get personalized support from our team - apply through us and experience the best customer service.

Get started now

Why and how to transfer your education loan to Yes bank?

Why Transfer?

By transferring a loan from one bank to another you can get lower rates of interest on the existing loan and also on the new education loan you’re applying for. This can help you save a ton of money over a long period of time!
Yes bank also offers top-up to add on to the loan during the same repayment tenure
As WeMakeScholars is connected to most of the public banks, private banks, and NBFCs the whole process becomes so much easier and faster.
The negotiation for a lower interest rate is done by our team of financial officers on your behalf, making the whole process a walk in the park for you.

How do I transfer?

Get access to the details of your outstanding loan amount.
Request a call back from us. You will get contacted shortly.
Inform your financial officer about your wish to get your loan transferred
Submit the documents suggested to you by your financial officer to your nearest branch of Yes Bank.

EMI Calculation as per Yes bank loan rate of interest

Generally, the education loan EMI in Yes Bank is calculated on the basis of these variables.

The simple and compound interest charged on the loan
The total loan amount sanctioned
The fee structure broke down semester-wise
Total loan amount
The Grace period

Calculate your EMI using the WMS education loan EMI calculator to get the most accurate prediction of EMI on your education loan. The calculator is user-friendly and easy to navigate, allowing you to input your loan details and receive an accurate EMI calculation in a matter of seconds. This information can help you plan your finances more effectively and make informed decisions about your loan repayment strategy.

Get the best possible rates for your education loan - apply through us and let us negotiate on your behalf.

Request a callback now

Yes Bank loan repayment process

Let’s assume you apply for a yes bank education loan of 28 Lakhs with an interest rate of 10% and a tenure of repayment equal to 12 years. The amortization schedule would look as follows.

Payable monthly EMI: 39,527
Total amount payable: 56,91,919
Total interest payable: 28,91,919

Timeline	EMI	Interest portion	Principal portion	Loan Outstanding
End of 1st year	39527	26419	13108	3157157
End of 2nd year	39527	25046	14481	2991070
End of 3rd year	39527	23530	15997	2807592
End of 4th year	39527	21855	17672	2604902
End of 5th year	39527	20004	19523	2380988
End of 6th year	39527	17960	21567	2133626
End of 7th year	39527	15702	23826	1860363
End of 8th year	39527	13207	26320	1558485
End of 9th year	39527	10451	29077	1224997
End of 10th year	39527	7406	32121	856589
End of 11th year	39527	4042	35485	449603
End of 12th year	39527	327	39201	0

They let applicants choose an option of prepayment past 12 EMI payments.

If you want to have a clearer understanding of how EMIs are calculated and the factors considered in calculating the repayment schedule, you can watch our video on how to accurately calculate EMI for an Education loan.

Our team is here to provide you with guidance and support every step of the way, from ensuring that all the necessary paperwork is completed accurately and on time, to helping you coordinate with the bank or financial institution to ensure timely disbursal of the loan amount.

Let us help you complete your education loan process with ease through our post-sanction assistance.

Fill in the CAF now

FAQs:

What is an overdue amount?

The loan balance that a client fails to return on time is referred to as being "loan overdue." In such circumstances, the lender may assess a late payment fee or an overdue interest rate on the amount past due.
Can I transfer my education loan to YES Bank?

Yes, you can transfer your existing education loan to another bank.
Can I apply for an education loan in YES bank if I haven’t got admission yet?

Yes, you can always try applying for an education loan before getting admission to get an estimation of how much amount you can get from the loan. Reach out to us to know more about the loan application process by requesting a callback.
Can I reduce my education loan interest rate?

Yes, the interest rates can be negotiated with the banks depending on the applicant’s profile for an education loan. To know more about it, request a call back from us.
Which is better: Reducing the EMI or reducing the repayment tenure of my education loan?

Reducing your repayment tenure is better than reducing your EMI. A reduced EMI might be a better option for people with a lot of other debts to pay as it reduces the load for each month. But a smaller EMI each month results in a longer repayment tenure because of which you end up paying a lot more in the form of interest.

NEWS

Yes Bank's Loan Portfolio Expands by 7.5% to Reach Rs 2 Trillion in Q2 June

Yes Bank, a private sector lender in India, has witnessed a 7.5% YoY growth in its loan book, reaching Rs 2 trillion by the end of June 2023. This growth is reflected in the bank's loans and advances, with gross retail disbursements amounting to Rs 11,357 crore in Q1FY24, slightly lower than the previous year's Rs 11,863 crore in the same quarter.

Furthermore, Yes Bank experienced a 13.5% year-on-year increase in its deposits, reaching Rs 2.19 trillion by the end of June 2023. However, the share of low-cost money, represented by Current Account and Savings Account or CASA deposits, decreased from 31.6% in June 2022 to 29.4% in June 2023. The credit-deposit ratio for the bank stood at 91.3% in June 2023, compared to 96.4% in the same period the previous year.

Last updated on - 07/08/2023

Our Education Loan team will help you with any questions

Ajay Kumar
WeMakeScholars- supported by IT Ministry, Govt. of India.

Published: 14 Nov, 2022 | Updated: 26 Nov, 2024