Yes Bank Education Loan

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

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.

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)

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. 

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.

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.

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.

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. 

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.

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.

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.

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.

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.

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.

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

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.