Yes Bank stands out to be a leading lending institution in providing the best Business Loan in India for business purposes such as capital funding, machinery purchase, or business expansion.
If you are an aspiring business person or an existing entrepreneur seeking to fuel up your existing business, this post will help you know how Yes Bank Business Loan can be handy for you. To know more, we urge you to undergo the post below.
Yes Bank Business Loan Highlights
Following are the highlights of Yes Bank Business Loan . Take a look at them to get a brief idea of the bank’s loan product:
Yes Bank Business Loan interest rate starts from 17% p.a.
The lender’s Business Loan amount ranges up to Rs. 50 lakhs.
Yes Bank Business Loan processing fee ranges from 2% to 2.5% of the loan amount.
You can choose the repayment tenure from 12 months to 60 months.
You will not need to give any collateral against the Business Loan funds.
If you wish to prepay the Business Loan availed from the Yes Bank, you will not be required to give any pre-payment charges but only after 6 months.
The lender offers Business Loans to private limited entities, self-employed, sole proprietorship, partnerships, professionals, etc.
Yes Bank Business Loan Eligibility Criteria
In order to get the best Business Loan in India from Yes Ban, the following are the fundamental eligibility requirements that you got to fulfill. Take a look:
You must be aged a minimum of 25 years and not over 68 years old.
You must be linked with any of the small or medium-sized businesses within the trading, manufacturing, or service sector.
Types of Yes Bank Business Loans
YES Bank extends its Business Loan schemes to Micro, Small, and Medium Enterprises (MSMEs) to help them develop their business and the industry too.
Some of the core Business Loan schemes offered by the Yes Bank are stated below:
Yes Samriddhi
This Business Loan scheme is given to customers who are in need of funds and linked with the trading, services, or manufacturing sector. Nevertheless, not every business is eligible to apply for this scheme. This excludes those businesses, under the negative list and seasonal business. Following are the core features of this scheme:
You can avail of a maximum loan amount of up to Rs. 4 Crores.
The amount can be taken out in the sort of cash credit, credit, capital loan, overdraft, and term loan.
Non-fund credits also can be given if needed and demanded. It can be provided in the form of a letter of credit or bank guarantee.
You can avail of the loan amount under this scheme against your residential, industrial, or commercial plots.
You can also avail of some exclusive facilities such as CMS and forward cover.
Yes Suyog
Under this scheme, to fund SME businesses, the bank provides 360 solutions. Some of the core features of the scheme are given below:
You can avail of a maximum loan amount of Rs. 2 Crores.
The other features are almost similar as stated above in the ‘YES SAMRIDDHI’ scheme.
Yes Smart Overdraft
This Business Loan scheme of Yes Bank aims at providing capital not just to the micro, small, and medium entities but also to the professionals such as doctors, engineers, CAs, etc. The core features of the scheme are provided as follows:
You can avail of a minimum of Rs. 20 lakhs and a maximum of Rs. 1 Crore.
The loan can be availed against residential or commercial plots.
Options for approval of the loan in the sort of fund-based limits are accessible, which are the Personal Overdraft and Dropline Overdraft.
Yes Cash Backed Lending Program
This scheme aims at the producing, trading, and repairing industry. It mainly supports non-fund loans to potential customers. The features of this particular Business Loan scheme are as follows:
Non-fund credits are given in form of the Letter of Credit, Bank Guarantee, and Buyers Credit.
The repayment term of 6 months to 3 years is extended for the Letter of Credit.
Bank Guarantee of 3 years which incorporates the claiming period, as well.
Letter of Undertaking with a validity of 1 year to three years counting on arrangements for non-capital and capital goods.
Yes Channel Finance
This Business Loan scheme of Yes Bank aims at extending fund facilitation to all or any dealers of corporates.
You can avail of the capital and additional liquidity for the acquisition of supplies.
In this, an overdraft facility is rendered to the dealer of corporates which is employed in form of a revolving line of credit.
The utilization of the capital is restricted to the entity only.
Personalized details reports are given to both viz. the corporates and the dealers.
Yes GST
Under this Business Loan scheme of Yes Bank, the focus lies in supplying instant access for MSMEs to the finance facilities.
The funds under this scheme get extended based on the turnover, in accordance with the GSTR-1 returns. The core features of Yes Bank GST Business Loan scheme are as follows:
The bank does not demand balance sheets and bank statements from you for sanctioning the loan.
You can avail of a maximum of Rs. 1 Crore as Personal Overdraft or Dropline overdraft.
The approval of the loan stands out to be quick because of the less documentation.
Note: As of January 20, 2021, the Yes Bank MSME Loan scheme was introduced by means of which Startups and MSMEs can take out a Collateral-Free Business Loan of up to Rs. 5 Crores.
Conclusion
To conclude, Yes Bank has an ample number of Business Loan solutions to help aspiring businesses and existing businesses achieve their respective goals. Consequently, they hold the name among the top lenders that provide the best Business Loan in India with the best Business Loan interest rate.
To know more or compare multiple Business Loans at your ease, you can download the Afinoz instant loan app from the Google Play Store where you can compare offers of over 33 lenders.