Yes Bank MUDRA Loans
3–4 minutes
A financial product of the Pradhan Mantri MUDRA Yojana (PMMY), the YES Bank MUDRA Loan is intended to give small businesses in India access to reasonably priced, collateral-free loans. This loan helps finance a range of business requirements, including working capital, expansion, and machinery, with the goal of encouraging entrepreneurship and aiding in the development of small enterprises.
YES Bank MUDRA Loan provides the following
Maximum Loan Amount
SHISHU loans are those up to ₹50,000.
KISHORE loans fall into the range of ₹50,001 to ₹5,00,000.
TARUN loans fall into the range of ₹5,00,001 to ₹10,000,000.
Benefits and Features of Yes Bank MUDRA Loan
Under the PMMY program, YES Bank provides its customers with a number of perks and advantages, such as:
- Processing fees may be minimal or nonexistent, based on the type of loan.
- No collateral is needed.
- The repayment time for the “Shishu” category can last up to five years, while the lengths for other categories vary.
- The applicant shouldn’t be in arrears with any bank or financial institution.
- Gives the account holder a MUDRA Card.
- Ensures that people who require financing receive it.
Read Also: Top Banks and NBFCs Offering Personal Loans
Yes Bank e-MUDRA Loan Eligibility Criteria
The following requirements must be fulfilled by the applicant in order to be qualified for an e-MUDRA Loan:
- A citizen of India is required.
- You have to be at least 18 years.
- Ought to be involved in activities that generate revenue.
Eligible applicants include:
- Individuals
- Proprietorships
- Partnership firms
- Small manufacturing units and food service units
- Small industries
- Service sector enterprises
- Agricultural sector enterprises (including allied activities)
Documents Required For YES Bank e-MUDRA Loan
The following is a list of the documents needed to apply for an e-MUDRA Loan:
- Completed MSME application
- 3 years’ worth of financial statements, including the most recent 2 years’ worth of audited statements with all schedules
- Financial forecasts over the upcoming 2 years
- Income tax returns that show the applicant, co-applicant, or guarantor’s income for the previous 2 years or more
- Returns of GST for the current fiscal year
- Statements of accounts for all current, CC, and OD accounts over the previous 6 months
- Repayment history from the beginning to the present, or the most recent sanction letter and the repayment history for the previous six months
- Evidence of vintages, such as a storefront or a pollution permit
- The applicant, co-applicant, promoters, and guarantor’s KYC papers
- Property records provided as collateral
- Statements of net worth for the applicant, co-applicant, promoters, and guarantors that are self-certified or certified by the CA
- Sanction letters for all of the company’s significant current working capital facilities
- Key group firms’ most recent audited financial statements, including information about any bank borrowings
- The current order and any significant contracts (if any)
*All documents must be self-attested.
Read Also: From Policy to People – The Beneficiaries of NHA
Steps to Apply for e-MUDRA Loan Online
In accordance with RBI norms, applicants can apply for e-MUDRA Loans online by completing these procedures on the official website of any bank or NBFC that is eligible to issue MUDRA loans:
- Download the Application Form: Download the application for a MUDRA Loan from the bank’s official website.
- Complete the form: Fill out the application with the required information, then attach the pertinent files.
- Submit the form online: To obtain a reference ID or number, complete and submit the application form on the bank’s website.
- Bank Contact: A bank representative will get in touch with you to help you with the following stages. Don’t forget your reference ID.
- Verification and Disbursement: The loan amount will be authorised and deposited straight into your bank account after verifying the application and supporting documentation.
