YES BANK WILL PROVIDE LOAN OF RS.10,000.00 CRORE

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YES BANK WILL PROVIDE LOAN OF RS.10,000.00

CRORE

YES BANK WILL PROVIDE LOAN OF RS.10,000.00 CRORE
YES BANK WILL PROVIDE LOAN OF RS.10,000.00 CRORE

Yes Bank will provide a loan of Rs.10,000.00 crore to MSME (Micro, Small, and Medium Enterprises) as this sector is very important for the economy. If the sector needed funding during the Corona era, the government introduced the Emergency Credit Guarantee Loan Scheme (ECLGS). Now YES BANK will provide a

loan of Rs 10,000 crore to MSME and the retail sector in December. Yes Bank of the private sector, plans to give loans of Rs 10,000 crore to MSME enterprises and the retail sector in the third quarter of this financial year (with only December month left). The bank’s target is to double its assets and liabilities in these segments by 2023.

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Recorded by the MSME sector the YES BANK WILL PROVIDE LOAN OF

RS.10,000.00 CRORE

Yes Bank gave the highest ever loan to MSME in October. In this case, November was also good for Yes Bank. In the second quarter (July-September), the bank allocated a loan of around Rs 6800 crore to the MSME sector. According to The Hindu’s report, it now intends to allocate a loan of Rs 10,000 crore in the current quarter. By 2023, the bank wants to increase its retail and MSME’s share in its total loan allocation from the current 45% to 60%.

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The bank has opened 1.82 lakh accounts as YES BANK WILL PROVIDE LOAN OF RS.10,000.00 CRORE

YES BANK WILL PROVIDE LOAN OF RS.10,000.00 CRORE
YES BANK WILL PROVIDE LOAN OF RS.10,000.00 CRORE

For this purpose, the said bank has opened 32,000 accounts and 1.5 lakh accounts in the first quarter and the second quarter respectively. It achieved a lifetime record of opening 70,000 accounts in October and the bank’s target is expected to take these figures to 1 lakh in the coming quarters. By 30 September 2020, Yes Bank had a deposit of Rs 1.35 lakh crore and by March 2021, the target is to increase it to Rs 2 lakh crore. Expansion of ECLGS: The Central Government has recently expanded the ECLGS to the health sector including 26 other areas suggested by the Kamat Committee. The Finance Ministry had said in a statement that the National Credit Guarantee Trustee Company Limited has issued guidelines to implement the ECLGS 2.0 scheme.

On the Other Hand, Paytm will give the instant loan up to Rs. 5.00 lakhs without guarantee to the MSME sector

YES BANK WILL PROVIDE LOAN OF RS.10,000.00 CRORE
YES BANK WILL PROVIDE LOAN OF RS.10,000.00 CRORE

Financial services platform Paytm has made a major announcement for the MSME (micro, small and medium industries) sector. Paytm has announced an instant loan of up to Rs 5 lakh to MSAE firms. These loans will be given without collateral-free. Paytm had given a loan of Rs 550 crore to the SME sector in the last financial year i.e. 2019-20. More than 1 lakh small firms had benefited from this. Now Paytm wants to expand further in the MSME sector. Paytm will provide guarantee free loan up to 5 lakhs in the financial year 2020-21of targeted total amount of Rs. 1000 crore.

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Merchant Lending Program

YES BANK WILL PROVIDE LOAN OF RS.10,000.00 CRORE
YES BANK WILL PROVIDE LOAN OF RS.10,000.00 CRORE

Paytm continues to provide collateral-free loans under the Merchant Lending Program. It is worth noting that Paytm’s competitor companies like Google Pay and PhonePe have also started merchant lending. Paytm is adopting an aggressive approach to overtake these companies. That is why the company has announced to give more loans to the MSME sector in 2020-21. Explain that small businessmen will get loans without collateral in the collateral-free loan. These loans will be available through Paytm Business App.

On what basis the loan will be granted

YES BANK WILL PROVIDE LOAN OF RS.10,000.00 CRORE
YES BANK WILL PROVIDE LOAN OF RS.10,000.00 CRORE

On what basis the loan will be as far as the loan amount is concerned, then Paytm has its own system which fixes a fixed loan amount based on the daily transaction of a businessman, which the borrower can get. Paytm has digitalized all the processes starting from the loan application, including loan application, sanction, and allotment. It does not require any additional documents in partnership with NBFCs (non-banking finance companies) and banks. Repayment of the loan amount will be mainly based on the collection from merchants and on the daily settlement without any extra charges on these loans.

PAYTM has over 1.7 million partners

YES BANK WILL PROVIDE LOAN OF RS.10,000.00 CRORE
YES BANK WILL PROVIDE LOAN OF RS.10,000.00 CRORE

Paytm have over 1.7 million merchant partners across the country. Paytm All-in-One QR allows these small businesses to accept payments directly into their bank accounts through Paytm Wallet, bank accounts (both proprietary or third party), UPI, and RuPay cards. They are not charged for this. According to Bhavesh Gupta (CEO – Paytm Lending), through collateral-free loans, we are trying to help the grocery stores and other small business owners who are lagging behind the traditional banking sector. Going forward, we will focus exclusively on EDC traders and provide more loan amounts based on their EDC transactions.

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