Yes Bank has got so much love and support from its customers for its friendly and beneficiary services. From investment options to finances, you may get the best deal from Yes Bank. In order to support budding entrepreneurs, the bank offers business loans (SME).
If you are also planning to set up your business or want to invest some in your running business. In this article, we will talk about the schemes offered by Yes Bank and the documentation you need to provide to the bank.
What are the names of all business loan schemes?
Look at all the features of all the schemes:
- Yes Sambhav Business Loan
- Loan available for the minimum amount of Rs. 20,00,000 up to the maximum amount of Rs. 1,00,00,000
- Loan available against residential/ commercial/ NA plot/ SLBC/ BG/ FD/ Surrender Value of LIC
- Yes Samriddhi Business Loan
- Loan sanctioned up to Rs. 4,00,00,000
- Flexible collaterals are required
- The amount of loan sanctioned depends on the annual turnover
- Yes Suyog Business Loan
- Maximum loan amount credited is Rs. 2,00,00,000
- Preferential pricing for candidates with good CIBIL score
- Loan available to firms having the annual turnover of Rs. 25 crores or less.
Who can apply for the loan?
Just like any other loan, Yes bank business loans are also available for only those who match the set criterion as mentioned here:
All SME units engaged in manufacturing, trading and services are eligible to apply for a loan. The following business units are not covered under any of the loan schemes :
- i) Units funding real estate project or investing in real estate
- ii) Capital market businesses or any business of speculative nature
iii) Seasonal business/ liquor trade/ tobacco trade
- iv) Business under negative list as per Yes Bank credit policy
What are the details you have to mention in the loan application form?
The form comprises of the following categories that are to be filled necessarily :
- Name of the entity
- Registered address of the entity
- Constitution (Sole proprietorship, private ltd., Ltd company., partnership firm)
- Date of establishment
- Name of proprietors/ partners
- Nature of Business
- Credit Facilities both existing and requested)
- Details of collateral and security
What are the documents you have to submit to Yes Bank?
The following documents are required at the time of application
- Completely Filled MSME Application Form
- Last 3 year Financial Statement including latest 2 years Audited Statements along with all schedules
- Financial Projection for 2 years
- ITR Returns along with computation of Income at least for last 2 years of the Applicant/Co-Applicant/Guarantor
- Sales Tax/ VAT Returns for Current Financial Year
- Statement of Accounts for Last 6 months-for all CC/OD/Current Account
- Repayment Track Statement from Starting to Till Date OR First and Latest Sanction Letter with last 6 months Repayment Track Statement
- Proof of Vintage eg. Shop establishment , Pollution license, etc
- KYC documents of Applicant/Co-Applicant/Promoters/Guarantor
- Property Documents offered as Security
- Self Certified/CA certified Net worth statement of the Applicant/Co-Applicant/Promoters/Guarantor
- Sanction letter of the all Major existing working capital facilities availed by the firm
- Key group company’s latest Audited Financials, along with details of Bank borrowings if any
- Order in Hand and Important Agreement if any
How can you calculate your loan EMI?
With the help of a loan EMI calculator, you can calculate your business loan EMI within a few seconds. By knowing the payments in advance, you can manage your other financial liabilities accordingly so that nothing is affected by the bank. For such purposes, Yes Bank gives you the option to choose the tenure as per your comfort. The maximum tenure you can get 3 years.
The details you have to mention in the calculator are as follows:
- Loan Amount
- Rate of Interest
For eg., if you take a business loan for ₹20 lakhs and has chosen the repayment period of 3 years, at the interest rate of 12% per annum. Now, the below is the payment you will have to give to the bank in the form of EMI and the total interest outgo for the loan amount you have taken.
Total Interest Outgo-₹3,91,430
Total Amount (Interest + Principal)-₹23,91,430