Yes Bank Personal Loan For Medical Emergency

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Amrita Sinha

Amrita Sinha comes with a background in journalism and mass communication, drawing from her roots in journalism, she has found her voice in the world of finance. As an accomplished writer, she specialises in Financial Services, Mutual Funds, Loan Assessments, Banking & Loan Products. She has established herself as a reliable expert in the field, offering valuable advice to those looking to navigate the various aspects of personal finance.

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Piyush Bothra

Chief Financial Officer, Square Yards

Piyush Bothra is the Chief Financial Officer at Square Yards, bringing over two decades of rich experience in finance and leadership. He is an MBA graduate from the prestigious IIM Lucknow and holds a BE in Information Technology from Sardar Vallabhbhai Patel Institute of Technology. He has played pivotal roles in scaling businesses and driving financial strategies. At Square Yards since 2015, Piyush is known for his strategic vision, strong financial knowledge, and valuable financial insights, significantly contributing to the company's growth and success.

Personal loans are versatile and can be used for various purposes such as weddings, medical emergencies, travel, and purchasing gadgets. They are unsecured loans, meaning no collateral is required, but they have higher interest rates compared to secured loans. Yes Bank offers a personal loan specifically designed for medical emergencies, providing easy, fast, and convenient access to funds.

Features & Benefits of Yes Bank Medical Loan

The specific features and benefits of the Yes Bank Medical Loan are:

No Collateral Required
Flexible Options for Repayments
1-minute in-principle Approval
Quick Disbursal of Loans
Best Interest Rates
Quick Approval for Personal Loans
Doorstep Banking

What are the Interest Rates for Medical Loans?

Yes Bank determines the interest rates for medical loans based on various factors such as the amount borrowed, the duration of the loan, and the borrower’s credit score. It is also important to note that additional charges such as stamp duty and documentation fees may apply. In India, the current personal loan interest rates offered by Yes Bank range from 10.99% to 20% per annum, with the lowest rates available.

Why Choose Yes Bank for Medical Loans?

Customers have the option to compute the EMI for different loan tenures.
In just under a minute, customers can determine their eligibility for a Yes Bank personal loan with the help of the personal loan eligibility calculator.
The customer receives the loan approval judgment within five days of the date of application receipt.
Yes Bank offers Net and Mobile financial services to assist you.
Customers have the option to choose to part pre-pay your Yes Bank Personal Loan post 12 EMIs.

Personal Loan for Medical Interest Rates & Charges

Rate of Interest	10.99% to 20%
Processing Charges	Up to 2%
Stamp Duty and Other Charges	As per applicable state laws

*Interest Rates are subject to change as per the Bank’s discretion from time to time*

Tips for Getting a Yes Bank Medical Loan

If you follow these guidelines, securing a medical loan from Yes Bank may be a simple procedure:

Check Eligibility Criteria
Maintain a Good Credit Score
Gather Necessary Documentation
Understand the Terms and Conditions
Explore Interest Rates
Consider a Co-applicant
Check for Special Offers
Evaluate Repayment Flexibility
Read Customer Reviews

Eligibility Criteria for Yes Bank Medical Loan

The eligibility criteria for a personal loan from Yes Bank, which can be used for medical purposes include:

Age of the Applicant
Monthly Income
Other Recurring Monthly Expenses
Employment Status and History

Documents Required for Medical Loan Application

Proof of Identity (Aadhar Card/ Passport/ Drivers’ License)
Proof of Address (Rental Agreements or other documents)
Income Proof (Salary slips/ ITR/ Bank Statements)
Employment Verification (Employment letter of proof)
Credit History (Credit Report)
Passport Sized Photographs

What are the things to consider while taking a Medical loan?

When considering a medical loan, it’s important to keep the following factors in mind:

Interest Rate
Loan Amount
Repayment Tenure
Processing Fees and Other Charges
Eligibility Criteria
Terms and Conditions
Credit Score

How to Apply for a Medical Loan?

Applying for a Personal Loan for medical purposes is easy and can be done at a bank branch or online.

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Bank Wise Home Loan Eligibility Calculator

Frequently Asked Questions (FAQs)

How much can I borrow with a personal loan for a medical emergency?

An amount of up to Rs 40 lakhs can be borrowed as a personal loan from the bank for any medical emergency.

How long does it take to get a Yes Bank personal loan for a medical emergency?

Once all the documentation has been completed, the customer gets the appraisal decision within five days of the date of receipt of the application.

Do I need a bank account to get a personal loan for a medical?

Getting a loan without a bank account can be challenging, as it may result in higher costs, require collateral, and have a lower chance of approval.

What is the credit score requirement for Yes Bank's personal loan for medical usage?

The bank requires the applicant to have a minimum credit score of 750 to be eligible for personal loans.

What are the penalties for late payments on a Yes Bank personal loan for a medical?

A 24% per annum late payment fee is charged on the amount outstanding from the date of default. Other charges may apply as specified by the Bank.