YES Bank Mudra Loan

Last Updated : Nov. 22, 2024, 1:01 p.m.

The YES Bank Mudra Loan is a financial offering under the Pradhan Mantri Mudra Yojana (PMMY), designed to provide affordable and collateral-free loans to small enterprises across India. Aimed at fostering entrepreneurship and supporting the growth of small businesses, this loan helps fund various business needs, including working capital, machinery, and expansion.

YES BANK Mudra Loan Interest Rate

The interest rates for Mudra Loans at Yes Bank start at approximately 8.05% per annum. These loans are offered without collateral, focusing on micro and small enterprises, including traders, shopkeepers, and small manufacturing units. The rates can vary based on factors such as the applicant's business profile, loan amount, and tenure.​

Here is what YES Bank Mudra Loan offers :

Benefits and Features of Yes Bank Mudra Loan

YES Bank offers several features and benefits to customers under the PMMY scheme, including:

• Minimal or no processing fees, depending on the loan category
• No collateral required
• For the ‘Shishu’ category, the repayment period is up to 5 years, with varying terms for other categories.
• No bank or financial institution should have the applicant in default.
• Provides a Mudra Card to the account holder
• Ensures financial assistance to those in need of funding.

Yes Bank Mudra Loan Eligibility Criteria

To be eligible for a Mudra Loan, the applicant must meet the following criteria:

• Must be an Indian citizen
• Must be 18 years or older
• Should be engaged in income-generating activities
• 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 Mudra Loan

Here is the list of documents that are required while applying for the Mudra Loan -

• Filled MSME application form
• Financial statements for the last 3 years, including the latest 2 years of audited statements with all schedules
• Financial projections for the next 2 years
• Income Tax Returns with computation of income for at least the last 2 years for the Applicant/Co-Applicant/Guarantor
• GST returns for the current financial year
• Statement of accounts for the last 6 months for all CC/OD/Current accounts
• Repayment track statement from the start to present, or first and latest sanction letter along with the last 6 months’ repayment track statement
• Proof of vintage, such as shop establishment or pollution license
• KYC documents of the 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 letters for all major existing working capital facilities availed by the firm
• Latest audited financials of key group companies, along with details of any bank borrowings
• Order in hand and any important agreements (if applicable)

All documents must be self-attested.

Note : The previous list is not all-inclusive; it is merely illustrative.

Apply For Yes Bank Mudra Loan

Applicants can apply for this business loan through both online and offline methods. Below are the simple steps to apply for a Mudra Loan with leading Banks and NBFCs.

Steps to Apply for Mudra Loan Online

Applicants can apply for Mudra Loans online by following these steps through the official website of any eligible bank/NBFC offering Mudra loans as per RBI guidelines:

• Download the Application Form: Visit the bank’s official website and download the Mudra Loan application form.
• Fill Out the Form: Complete the application form with the necessary details and attach the relevant documents.
• Submit the Form Online: Submit the filled application form on the bank's website to receive a reference ID or number.
• Bank Contact: A bank representative will reach out to guide you through the next steps. Keep your reference ID handy.
• Verification and Disbursement: Once the application and documents are verified, the loan amount will be approved and disbursed directly to your bank account.

Steps to Apply for Mudra Loan Offline

You can follow these steps to apply for the Mudra Loan offline :

• Visit a Bank Branch : Go to the nearest eligible bank branch authorized by the RBI to offer Mudra loans under PMMY.
• Submit the Application : Fill out the loan application form and submit it along with all the required documents at the bank counter.
• Complete Loan Formalities : Follow the bank’s procedures to complete the necessary formalities.
• Verification and Approval : The bank will verify the submitted documents. Once verified, the loan application will be approved.
• Loan Disbursement : After approval, the loan amount will be disbursed to your bank account within the specified working days.

Alternatively, borrowers can also apply online for Mudra loans through the Udyami Mitra portal at www.udyamimitra.in .

YES BANK Mudra Loan Application Form

• Here is the YES Bank Mudra Loan Application form . Read the terms and conditions and fill out the acknowledgment form too.

YES Bank Mudra Loan Security

• Only primary security in the name of the borrower is required.
• No collateral security is needed.
• Competitive pricing linked to EBLR (External Benchmark Lending Rate).

YES Bank Mudra Loan Customer Care

Here is the YES Bank Mudra Loan Customer Care Number for the customers of YES Bank.

• Toll Free: 1800 1200

Summary!

The YES Bank Mudra Loan under the Pradhan Mantri Mudra Yojana (PMMY) is a great option for upcoming and growing small and micro companies to start their businesses. By offering features such as the Mudra Card and financial assistance customized to business needs, YES Bank aims to empower small business owners and contribute to the growth of the MSME sector in India.