Yes Bank Education Loan Without Collateral

Many students aspire to pursue their higher education abroad, it opens doors for various opportunities. However, studying abroad comes with various challenges, one such challenge is the availability of funds. To the the rescue, comes an education loan in the picture. Yes Bank Education loans help students arrange the funds required to pursue higher education without the stress of finances. This blog will guide you about Yes Bank's unsecured education loan, loan eligibility, benefits, and interest rates along with the application process.

What is an Education Loan Without Collateral?

Education loan without collateral is a type of loan that allows students to achieve their academic goals without pledging assets as a security. The major requirement of this type of education loan is the co-applicant’s profile and academic scores.

For Yes Bank education loan without collateral, the education loan amount is approved based on the student's profile which includes academic record, university and course of admission, and future earning potential.

Yes bank education loan interest rates without collateral are charged based on their pre-approved list. The list is segregated based on the course and university you have been accepted to.

Yes Bank Education Loan With Collateral Vs Without Collateral

The bank offers both secured and unsecured loan amounts. However, Yes Bank education loan interest rate without collateral is high as compared to education loans with collateral. Thus, making the secured options better. Still, you can make a decision based on your financial needs.

Planning to study abroad but worried about collateral? Watch our video to explore how Yes Bank education loans offer up to INR 1.25 Cr with or without collateral. 

Features of Yes Bank Education Loan Without Collateral 

Yes Bank education loan without collateral offers students the opportunity to pursue quality education without the hindrance of funds. Below are some of the major features of Yes Bank collateral free education loan.

Eligibility Criteria: Yes Bank Education Loan Without Collateral

To apply for a Yes Bank education loan without collateral for abroad, students must meet the following eligibility criteria:

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  You should be an Indian citizen.
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  You should have good academic scores.
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  You require an admission letter from a recognized institution in India or abroad. 
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  Your parent, sibling, and uncle/aunt can only become the co-applicant in your loan application.
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  The co-applicant should have a minimum income of 35k monthly without any obligations.
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  Co-applicant should have a credible CIBIL score which should be above 690.
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  You must have scored above average in the English proficiency tests and other standardized tests like IELTS, TOEFL, GRE, SAT, etc.

Documents Required for Yes Bank Education Loan Without Collateral

Below is the list of documents required to secure a collateral-free education loan from Yes Bank.

Applicant’s Documents for Yes Bank Collateral Free Education Loan:

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  Loan application form
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  Identity proof such as a PAN Card, Passport, or Voter ID card.
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  Address proof which includes a recent copy of the telephone bill, electricity bill, or water bill.
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  Past academic record of your 10th, and 12th, undergraduate degree, test scores of English Proficiency, and other standardized tests like GRE, TOEFL, and IELTS which are mandatory to secure an education loan.
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  Letter of Acceptance which mentions your tuition fee. 
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  An additional expense form that includes all the expenses a student can expect during their stay.
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  Passport-size photographs with clear backgrounds and clicked within six months. 
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  Loan account statement of one year, if there are any previous loans taken from any lender.

Co-Applicant’s Documents for Yes Bank Collateral Free Education Loan:

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  Identity proof 
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  Address proof 
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  Salary slips of last 3 months (if the co-applicant is Salaried)
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  Bank account statement for the last 6 months
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  Assets and Liabilities statement
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  Business address proof (if the co-applicant is Self-employed)
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  Last 2 years IT returns

Expenses Covered in the Yes Bank Education Loan

Education loan without collateral Yes Bank covers a wide range of expenses. All the expenses that are usually provided in the education loan are as follows:

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  It covers the cost of tuition fees for the selected universities and courses.
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  Another major cost covered is living expenses.
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  You can also get the travel expenses covered under the Yes Bank education loan without collateral. 
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  Health insurance is also covered for abroad studies which is often a mandatory requirement for the visa application.
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  You can also get the stationary expenses in your education loan that covers the cost of books, study materials, and other academic tools.

What is the Application process for Yes Bank education loan without collateral for abroad? 

The application process for the Yes Bank Education loan without collateral includes only three steps. But, only when you apply for it through the GyanDhan. Follow the steps mentioned below to apply for an education loan without collateral.

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  Visit GyanDhan’s official website and check your eligibility. This tool will help you evaluate the available options including Yes Bank.
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  After submission, you will receive a call from our Education Loan Counselor (ELC) and he/she will guide you through the loan process. 
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  They will inform you about all the available options and will ask you some more questions to help you get better loan options.
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  Upload the documents that are requested by the ELC, they will verify the documents once before submission. 
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  Once your loan application is submitted, wait for the response from the lender. You will receive an update from the lender about the loan amount and approval status.
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  You will be asked to provide consent and if you agree the sanction letter is provided and funds are released to the university account. 

Benefits of Getting Yes Bank Education Loan Via GyanDhan

If you aspire to pursue higher education but struggle with the arrangement of funds. The GyanDhan is the answer where you get 15+ lenders under one roof. You can take advantage of the following features:

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  We screen profiles and provide the best lenders like Yes Bank, and IDFC based on the provided information. You are provided with a checklist of documents that can be customized based on your profile and lender. 
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  If any document requires your signature or verification our ELC will visit your house to get the job done.
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  You get the status update of your loan application regularly. 
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  Upon approval, we even negotiate the loan terms and interest rates from the lenders and get you the best repayment plan. 
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  After you provide the green signal on the loan amount, the funds are disbursed directly to your university account.

Frequently Asked Questions