MSME Loans from YES Bank
Ranked one of the fastest-growing private sector banks in India, YES Bank offers a wide array of finance products to different segments of its customer base to meet their specific needs. As of now, the bank offers three loans in addition to non-funded services to its MSME customers.
The three business loans from YES Bank are:
- YES Suyog Loan
- YES Smart Overdraft
- YES GST Loan
We give you a brief intro to these business loans below.
YES Bank Suyog Loan
The YES Bank Suyog Loan helps businesses in the manufacturing, trading and services sector get funds for their everyday operations such as investment in current assets, inventory purchase and salary payments; and business expansion and activities related to asset acquisition.
Features of YES Bank Suyog Loan
Why this Loan?
- This MSME loan can be availed by businesses in trading, manufacturing and services sector the Micro, Small and Medium Enterprises (MSME) category for all business-related activities
- This fund-based assistance under this scheme can be provided in the form of Cash Credit, Overdraft, Export Credit, Working Capital Loan, Term Loan, etc.
YES Bank Smart Overdraft (OD)
This loan helps businesses get financial assistance to meet their needs for everyday operations. Self-employed professionals such as doctors, chartered accountants, engineers and architects can also avail this loan. The maximum loan amount sanctioned under this loan is Rs. 1 crore.
Features of YES Bank Smart Overdraft (OD)
Why this Loan?
- Businesses in the MSME sector can avail the YES Bank Smart Overdraft to meet their working capital needs
- This is a secured loan
YES Bank GST Loan
YES Bank extends this loan to help small businesses meet their working capital needs. The bank sanctions the loan solely on the basis of the turnover as per their GSTR I returns.
Features of YES Bank GST Loan
Why this Loan?
- YES Bank GST Loan is meant for business owners who want to avail a loan in order to meet their working capital needs
- The bank sanctions this loan after assessing the GSTR I returns of the borrower. The bank may not even ask for financial and bank statements
Important Note: Even though the bank’s website has information available for fewer MSME loan schemes at this time, there is a possibility that the bank may offer more corporate loan options which are not yet published on the website. We suggest that you get in touch with the nearest branch to check the loan schemes they offer. This will also help you get a custom quote since many loan schemes are need-based and certain charges such as application charges, service charges, etc. may be decided on a case-to-case basis.
Interest Rate for YES Bank Business Loans
- The applicable interest rate for each loan is not mentioned on the YES Bank website. The interest rate for the YES Bank loans depends on various factors such as quantum of loan, type of business, risk rating, nature of project, repayment period, the structure of debt, etc. Please get in touch with a bank representative for details
Eligibility for YES Bank Business Loans
- Individuals, Proprietors, Partnership Firms, Private Limited and Public Limited Companies can apply for these loans
Documents Needed for Individuals
- Loan Application Form duly filled and signed by the applicant and co-applicant, if any
- Two Passport Size Photographs of applicant and co-applicant
- Personal ID Proof: Aadhaar Card, PAN Card, Passport or Driving License. PAN Card/ PAN Card Issue Letter is must
- Signature Proof: PAN Card, Banker’s Verification, Driving License or Passport
- Residential Address Proof (Any One): Aadhaar Card, Electricity Bill, Post-paid Phone Bill, Valid Rent Agreement
- Income/Banking Proof: Last 6 months Bank Account Statement of applicant and co-applicant, Loan Statement of Running Loans, Latest Closed Loan NOC, Net Worth of the applicant and co-applicant
- Security (as applicable): Margin Money, Previous and Current Sales Deed, Plant and Machinery list, Plant and Machinery Current Valuation Report, Property Photographs, Previous Property Search and Valuation Report
- For term loans: Project report with details on product choice, market survey, projection of production and sales, infrastructural needs, etc.; projected cash and fund flow statement for the repayment period; and copies of all licenses and permits wherever applicable
- A4 size copies of the aforementioned documents must be self-attested with blue ink
Documents Needed for Proprietorship and Partnership Firms
- Loan Application Form duly filled and signed
- Partnership Deed and Partnership Registration Certificate
- ID Proof of the Firm: Firm PAN Card or PAN Issuing Letter
- Office Address Proof: Electricity Bill, Post-paid Phone Bill, Valid Rent Agreement
- Income Proof: CMA Data and Project Report, Debtors and Creditors Certificate, GST Return, Last 3 years ITR of applicant and co-applicant, Audited or CA Certified Computation of Income/Trading Account/Profit and Loss Account/Balance Sheet, Annual Audit Report and Tax Audit Report if audited, Form 16A if applicable, Net Worth of applicants, co-applicants and guarantors
- Banking Proof: Last 1-year Statement of Company’s Major Account, Current Account, Cash Credit Account, Overdraft Account, Loan Statement of Running Loans, Latest Closed Loan NOC and Last 6-months Bank Statement of Applicant and Co-applicant’s Savings Account
- Security (as applicable): Margin Money, Previous and Current Sales Deed, Plant and Machinery list, Plant and Machinery Current Valuation Report, Property Photographs, Previous Property Search and Valuation Report
- Other Relevant Documents: Partnership’s Business Profile, Promoter/Guarantor’s Profile, Corporate Brochure, Business Experience Supporting Documents, Business References
- For Term Loans Only: Project report with details on product choice, market survey, projection of production and sales, infrastructural needs, etc.; projected cash and fund flow statement for the repayment period; and copies of all licenses and permits wherever applicable
- All A4 size copies of the aforementioned documents must be self-attested with blue ink
Documents Needed for Private Limited and Public Limited Companies
- Application Form duly filled and signed
- Company ID Proof: Company’s PAN Card
- Office Address Proof: Electricity Bill, Post-paid Phone Bill, Valid Rent Agreement
- Business Proof: AOA and MOA, Company Incorporation Certificate, Business Commencement Certificate, Board Resolution, CA/CS verified Share Holding Pattern, ROC Annual Return, DIN Certificate, List of Directors on Company Letter Head, GST Number, Form 32 in case of Director Change
- Income Proof: CMA Data and Project Report, Last 3 Years ITR Acknowledgement copy of Company and all Directors, Last 3 Years Annual Credit Report or Tax Audit Report with Article 3CB, Article 2D, Article 3CD, TDS Certificate/Form 16A, Net Worth Certificate
- Banking Proof: Last 1-year Statement of Company’s Major Account, Current Account, Cash Credit Account, Overdraft Account, Loan Statement of Running Loans, Latest Closed Loan NOC and Last 6-months Bank Statement of Applicant and Co-applicant’s Savings Account
- Security: Margin Money, Previous and Current Sales Deed, Plant and Machinery list, Plant and Machinery Current Valuation Report, Property Photographs, Previous Property Search and Valuation Report
- Other Relevant Documents: Company’s Business Profile, Promoter/Guarantor’s Profile, Corporate Brochure, Business Experience Supporting Documents, Business References
- For term loans only: Project report with details on product choice, market survey, projection of production and sales, infrastructural needs, etc.; projected cash and fund flow statement for the repayment period; and copies of all licenses and permits wherever applicable
- All A4 size copies of the aforementioned documents must be self-attested with blue ink
Reference Facts:
- YES Bank Website: www.yesbank.in
- Headquarters: Mumbai, Maharashtra
- Call Centre Number: 1800 1200