Yes Bank Gold Loan

YES Bank is one of the youngest private-sector banks in India, with only 25 years in service. It was founded in 2004 by Ashok Kapoor and Rana Kapoor and is headquartered in Mumbai. It has already reached the position of the fourth-largest private sector bank in India. It has a vast network of over 1000 branches and 1800 ATMs. YES Bank offers a wide range of debit cards with dazzling features such as exclusive value-added services and enhanced purchase limits  and withdrawal limits. 

YES Bank gold loans are easy to avail, easy to afford, and available to a large pool of customers. YES Bank gold loans provide a hassle-free documentation process, affordable rates of interest, reasonable repayment options, and instant loan approvals.

Mymoneykarma gives you all the information you need on the gold loans offered by YES Bank.

YES Bank Gold Loan Features and Benefits

Here are a few advantages and features of YES Bank gold loans.

1. Any YES Bank customer with a steady source of income can avail the loan.

2. The eligible age range is extensive, covering   a large number of customers.

3. Customers can rest easy regarding the security of their gold, which is kept safe in secure bank vaults.

4. It is a multipurpose loan that can cover several types of expenses.

5. A maximum loan amount of Rs 50 lakhs and a minimum loan amount of Rs 25,000 can be availed

6. A co-guarantor or co-borrower is not required.

7. A fast and efficient loan disbursal process.

8. Minimal documentation is required for the loan approval process.

9. All types of gold ornaments, gold coins, and jewelry are accepted as collateral for the loan.

10. Competitive rates of interest are offered to fit all types of customer budgets.

11. Long loan tenure, of a minimum of 3 months, and 36 months for overdraft.

12. The facility of choosing a loan tenure that is suitable for the customer.

YES Bank Gold Loan Amounts

YES Bank maintains a margin of 25% - 35% of the total current market value of the gold articles pledged by the customer to the bank as security. The customer gets 65% - 75% of the total current market value of the gold articles pledged, with a limit set between Rs 25,000 and Rs 50 lakhs.

YES Bank Gold Loan Interest Rates

YES Bank provides attractive interest rates to its customers. The interest rate is set between 12% and 14% per annum. 

Here is a summary of all the information regarding YES Bank gold loans.

Interest Rate	12% -14%
Minimum Loan Amount	Rs 25,000
Maximum Loan Amount	Rs 50 lakhs
Gold Loan Margin	25% - 35%
Maximum Repayment Tenure	36 months

Eligibility Criteria for YES Bank Gold Loans

Customers need to fulfill the eligibility criteria set by YES Bank for its gold loans.

1. A minimum age of 18 years and a maximum age of 65 years.

2. A minimum stipulated income per year.

3. A steady source of income.

Documentation Required for YES Bank Gold Loans

Loan processing requires the following documents.

1. Three passport size photographs.

2. A copy of proof of identity.

3. A copy of proof of address.

4. A filled-in application form.

Fees and Charges Associated with YES Bank Gold Loan

Here is a list of fees associated with YES Bank gold loans.

Loan Processing Charges	0.5% of the loan amount + GST
Foreclosure Charges	nil
Valuation Fees	Rs 500
Prepayment or Part-payment Charges	nil
Renewal Processing Fees	nil
Charges for Late Payment of Loan Amount	Not applicable
Stamp Duty & other Statutory Charges	As applicable by state laws
Legal Charges	As actuals

YES Bank Gold Loan EMI Calculator

Applicants can check the tentative amounts that they need to pay as YES Bank loan EMIs using the gold loan EMI calculator. The EMI calculator depends on the following factors.

1. Gold loan amount

2. Gold loan tenure

3. Gold loan interest rate

4. Loan to Value ratio

5. Current price of the gold

6. Purity and net weight of the pledged gold

7. Relationship with the bank

EMI Calculator Example

Mounika wants a grand wedding for herself, for which she needs around Rs 2.5 lakhs. She decides to take a YES Bank gold loan using the jewelry that her mother gifted her. The net cost of the jewelry is Rs 3.5 lakhs. SHe chooses a loan tenure of 12 months with an interest rate of 12.5%. Using the EMI calculator, the YES Bank officials set her EMI amount as Rs 15,270 per month, which is within her monthly budget.

How to Apply for YES Bank Gold Loan

The application process of YES Bank gold loans is quite straightforward. Customers can walk in to any YES Bank branch with the necessary documentation and their gold articles. Alternatively, they can fill in a gold loan application form on the YES Bank website. The bank officials contact the applicants and fix a date and time for the applicants to submit their gold. Upon submission, the bank evaluates the worth of the gold articles and verifies the submitted records. The customer can then receive the sanctioned loan amount. The entire process takes less than one working day.

Frequently Asked Questions

Question 1: How long does the processing of a YES Bank gold loan take?

Answer: YES Bank gold loans are disbursed within the same working day provided that the applicant has the correct documentation and authentic gold articles.

Question 2: What is the maximum gold loan amount that I can receive from YES Bank?

Answer: The maximum loan amount applicants can receive is Rs 50 lakhs.

Question 3: What is the minimum gold loan amount that I can receive from YES Bank?

Answer: The minimum gold loan amount from YES Bank is Rs 25,000.

Question 4: What is the maximum loan tenure for YES Bank gold loans?

Answer: The maximum tenure for YES Bank gold loans is 36 months.

Question 5: What kinds of gold articles does YES Bank accept as security?

Answer: YES Bank accepts gold coins and gold ornaments of purity 18K-24K, weighing more than 50 grams.