What is the Yes Bank Education Loan Transfer Process?

When students secure an education loan with terms that do not go well with their financial needs, they look for better options. If you are also stuck with the bad terms and looking to transfer your existing education loan, then Yes Bank can become a feasible option. They provide better rates and more flexible repayment options. Explore the Yes Bank education loan transfer process and know their eligibility criteria, documents required, and key benefits to make an informed decision. 

What is an Education Loan Transfer?

Before we learn about the Yes Bank education loan transfer, let’s understand, the Education loan balance transfer. The loan transfer is also known as education loan refinance. It involves shifting your existing education loan from the current lender to a new lender offering better terms. Education loan refinancing is a way that supports the student to make their education loan comparatively cheaper in terms of rising interest rates. This trick helps students become eligible for reduced interest rates, extended repayment periods, and related benefits.

Why Yes Bank Education Loan Transfer?

Yes Bank is a leading private-sector bank known for its banking solutions. The bank has a product that offers the balance transfer or refinancing of education loans. You can apply for the refinancing either online or by visiting the nearest branch. All the details related to the Yes Bank Education Loan transfer are explained below.

Key Features of Yes Bank Education Loan Transfer

Education loan balance transfer of Yes Bank allows you to avail the opportunity of releasing the co-applicant after you start earning. Below are some of the major features of Yes Bank Education loan transfer. 

Yes Bank Education Loan Transfer Eligibility Criteria

When you are looking for a Yes Bank education loan transfer you are required to meet certain eligibility criteria.

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  You must hold an Indian citizenship.
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  Your loan amount should be fully disbursed by the current lender.
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  You must have started repayment of your loan amount. 
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  You must hold a good repayment history without any default in EMIs.
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  Your CIBL score must be above 700.

Documents Required for the Yes Bank Education Loan Transfer

You are required to provide some documents for the Yes Bank education loan transfer. You can refer to the list of the documents required for the education loan balance transfer.

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  Aadhar card, PAN card, and passport.

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  Foreclosure letter from the current lender (The applicant must email the lender and should only mention that they wish to foreclose the loan)

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  Loan account statement of the current loan.
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  Sanction letter of the current loan.
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  Repayment schedule/ amortization schedule of current loan.
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  Applicant 3 months salary slip.
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  Applicant 3 months salary account bank statement.
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  Graduation certificate and transcripts of the latest course.
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  You must have an active account with Yes Bank.

How to Apply for Yes Bank Education Loan Transfer?

The application process to apply for a Yes Bank education loan transfer is completely online. Follow the below-mentioned steps to apply for an education loan balance transfer.

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  Start by visiting the official website of Yes Bank.
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  Go to the home page and search for education loan. 
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  You will be directed to the next page wherein you must click on the “Apply Now” button.
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  Fill out the application form for the loan transfer by entering all the necessary details of the existing loan. 
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  Upload all the documents requested in the application form and apply. 
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  Ensure that all the submitted documents are updated and not expired.
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  The bank will evaluate your profile and move forward with the transfer process.
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  Once approved, Yes Bank will pay off your existing loan to the current lender and transfer the loan to their account.

Factors to Consider Before Education Loan Transfer

When you plan to transfer your education loan to get financial relief and better interest rates, you must consider the following factors. These factors are important to get the best deal. 

Transfer Costs:

There could be a range of costs that are charged during the education loan transfer. It might involve processing fees, prepayment penalties from the current bank, and other charges associated with transferring the loan. You must consider these costs against the potential savings from reduced interest rates.

Loan Tenure:

You must transfer your education loan in the early phase of your loan since it will help you maximize savings on interest payments. Transferring your education loan in the last phases might not be that beneficial as most of the interest payments had already been made. 

Terms and Conditions:

Every bank has the terms and conditions related to the loan. Therefore, check them thoroughly and ensure that they are offering better terms than the existing lender.

Benefits of Transferring Your Education Loan to Yes Bank

You can avail of several benefits if you get better terms for transferring your education loan to Yes Bank. Below are the benefits of the loan transfer to the Yes Bank.

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  Your education loan transfer reduces interest rates. Even a 1% reduction in interest rates can save a significant amount.
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  You can take advantage of flexible repayment options that align best with your financial needs.
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  You can take benefit of better terms, and better services such as more accessible customer support, online account management, and flexible disbursement options. 
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  You require only the essential documents to apply for the education loan transfer otherwise, the process is straightforward.
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  Your loan transfer also helps you release the co-applicant from the financial obligation of loan repayment and makes you fully responsible for the loan repayment. 

Conclusion

Yes Bank education loan transfer can be a strategic financial decision if you are seeking better terms and flexible repayment options. The key to successful transfer includes thorough research and comparison of available options in the market providing the best terms. The applicant is required to weigh the costs of loan transfer against various factors such as interest rates, loan tenure, and other terms and conditions.

If you’re planning to refinance your education loan, try exploring GyanDhan as they offer expert guidance on refinancing. Just check your loan eligibility now for free and get personalized help from experienced educational counselors.

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