Yes Bank Business Loan | Yes Bank offers multiple business loan products for both self-employed professionals and non-professionals. The loan can be availed for any purpose whether it is working capital funding or expansion of business. Generally, banks provide business loans to companies and customers when they need of funds at interest rates ranging from 17% to 30%. Yes Bank Business Loan offer is a renowned private sector bank that specializes in lending to small businesses and entrepreneurs.
In January 2021, Yes Bank introduced the Yes Bank MSME Loan Scheme through which startup business as a collateral-free loan amounts up to Rs. 5 crores. Yes Bank has some additional features include pre-approved commercial credit cards.
Yes Bank Business Loan Interest Rates Details
Listed below are the following points of Yes Bank Business Loan interest rates, loan amount, collateral, prepayment charges, and more.
- Interest Rate Range: 17% onwards
- Loan Amount: Max. up to Rs. 50 lakh
- Processing Fee: 2%-2.5% of the loan amount
- Repayment Tenure: From 12 months to 60 months
- Collateral: Not required
- Pre-payment Charges: Nil, Until 6 months
Eligibility Criteria of Yes Bank Business Loan
The certain eligibility check helps you to apply for a business loan from Yes Bank with the following list:
- The borrower should have a minimum of 25 years of age and not more than 68 years.
- The borrower should be any of the MSME Businesses in the fields of manufacturing, services, and trading sector, only.
Yes Bank Business Loan Schemes 2021
Yes Bank offers a variety of business schemes to the individuals for Micro, Small, and Medium Enterprises (MSMEs) who have their aim of developing their MSME Sector. Listed below are the different kinds of businesses offered by YES Bank. Some of the Yes Bank Business Loan Schemes are listed below:
1) Yes Samriddhi:
This scheme is offered to the customers who require funds for their businesses in the sector for trading services and manufacturing services. Apart from this, some limited businesses are eligible for the app:
- The loan amount was offered for a maximum of Rs. 4 crores.
- Credit can be availed in the form of cash credit, working capital, term loan, export credit, and an overdraft.
- The Yes Bank customers can avail of the loan against residential/industrial/commercial plots.
- Facilities offered such as CMS and forward cover are offered to the individual.
2) Yes Suyog:
For the applicant who is financing SME Businesses, this loan provides a complete solution in trading, services, and manufacturing. Some important key features of the Yes Suyog Scheme is mentioned below:
- Get a maximum loan amount of Rs. 2 crores for this scheme.
- The other features are similar to the Yes Samriddhi Scheme.
3) Smart Overdraft
This Yes Bank scheme aims to provide working capital apart from MSMEs and other professionals such as doctors, engineers, CAs, and architects. Some key features are mentioned below:
- He/she can obtain a minimum amount of Rs. 20 lakhs and a maximum of Rs. 1 crore at the time of loan sanction.
- The loan amount can be registered against residential or commercial plots.
- The loan amount is disbursed on the basis of parameterized templates for the instant approval process.
- The loan amount is sanctioned in the form of fund-based limits which are available to the applicant.
4) Cash Backed Lending Program
This scheme always focused on the development of manufacturing, trading, and service sectors to the individuals. This loan scheme is mainly based on providing non-fund loans to potential customers. The features of Yes Bank Business Loan are as follows:
- Non-Fund credits are provided to the applicants in the form of a Letter of Credit, Bank Guarantee, and Buyers Credit.
- The tenure offered of 180 days to 3 years is offered for the Letter of Credit.
- Bank gives a guarantee of 36 months which includes the claiming period.
- The user may get a letter of undertaking with a validity of 1 year up to 3 years depending on the arrangements for non-capital and capital goods.
5) Channel Finance:
In this program, one can focus on delivering finance to all the dealers who work in corporates. The borrower can easily get the working capital and additional liquidity for the purchase of supplies. Under this scheme, an overdraft is offered to the corporate dealer which is used for revolving the dealers as well as corporate and dealers.
6) Yes GST
Under this scheme, the main aim of the bank is to provide quick and simple access for MSMEs to the finance facilities. This loan scheme can be offered on the basis of your turnover, depends on GSTR 1 returns. Some key features are listed below:
- Balance sheets and bank statements are not required at the time of loan maturity.
- The maximum limit of Rs. 1 crore is in the form of Overdraft and Dropline overdraft.
Documents required to submit for availing Yes Bank Personal Loan
Yes Bank will require the following documents:
- Applicants must submit a completed application form together with passport-sized pictures.
- Documents proving the applicant’s, co- applicant’s, and partners’ identity
- PAN Card for a Company
- Evidence of a Company’s Incorporation
- Bank statements from the previous six months
- ITR from the previous two years
- If applicable, certificates, trace licenses, and permits
- Yes Bank may demand more documentation.
At the end of the article, you can find the best way to avail of the Yes Bank Business Loan at low-interest rates and flexible loan repayment tenure. One can easily get the simple ways to avail the same and check the Yes Bank Business Loan. You can also get the option to avail of the loan through Afinoz.com.