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25/07/2019 05:45am

Smart Edge lending platform launched for MSMEs by Yes Bank

image Smart Edge lending platform launched for MSMEs by Yes Bank

New Delhi, July 25 (KNN) Private sector lender Yes Bank has announced  launch of the lending program, Smart Edge, for the Micro, Small and Medium Enterprises (MSMEs) to avail secured loans of upto Rs. 1 to 3 crore, based on their GST Returns and Bank Statements.

Under this program, a MSME can avail secured working capital with a limit to Rs. 1 to Rs 3 crore in forms of Letter of Credit (LC), Financial Bank Guarantees of Overdraft (OD) and Financial Bank Guarantees.

Commenting on the launch, Rajan Pental, Senior Group President and Head, Branch and Retail Banking, YES BANK, Rajan Pental, said, “MSMEs plays a crucial role in development and growth of the country. Thereby, Yes Bank is providing financial solutions to the MSME sector. We are committed in the usage of power of data and technology to create easy access for financing the MSMEs. Our initiative of Smart Edge program will enable the simple and faster processing of credit for our customers.”

Smart Edge, a GST initiative taken by the Yes Bank is the first way of a lending model where none of the financial statements are required. Credit appraisal will be done on basis of data-points pulled from GST returns and operative Bank accounts of the MSMEs.

Pental said, “Applicant can apply from any of the respective branches of bank and representative of YES BANK will get in touch with the applicant. For the essential documentation, as the security for the loan, collateral will be taken and MSMEs need not submit the GST returns. Also, the operative bank account statements for the last 12 months for assessment along with documents like, KYC in order to avail this facility”.

“To put the MSMEs on a sustainable growth path, the bank is responsible in its banking ethos and dedicated to support and give a push to the MSME sector. A five-month survey was conducted by the bank, early this year in January, taking more than 2,700 MSMEs across 20 industries in consideration across the country. The survey was conducted to analyze the impact of digitization on Indian MSMEs”, added Ranjan Pental.


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