Yes Bank MSME: Login, registration, benefits, loans, interest rate

Yes Bank is one of the leading banks in India that is instrumental in offering various kinds of services to MSMEs. Yes Bank has several loan schemes tailored for Indian MSMEs. However, to serve MSMEs better, the bank has launched an online platform – Yes MSME Online or popularly known as Yes Bank MSME.

This article elaborates on what Yes MSME Online portal is, the various services it offers, how to register on the platform and so on.

What is Yes MSME Online?

As mentioned above, Yes MSME Online is Yes Bank’s platform for MSMEs. This platform enables MSME owners to conduct various banking activities including transferring funds, checking the status of applications, applying for loans, checking forex rates and so on. The Yes Bank MSME portal stands on five key elements: borrow, save, simplify, partner and protect.

You can access Yes Bank MSME on:

• On mobile: You can download the YES MSME Mobile application from the Google Play Store or Apple App Store
• On desktop: Use the following url for accessing YES Bank MSME portal: https://yesmsmeonline.yesbank.in/homepage.
• You can also access YES MSME Online under the Login tab on www.yesbank.in

Yes Bank MSME: How to register as a new user?

Step 1: Visit the home page of Yes Bank MSME portal

Step 2: Click on ‘New User’ that appears on the left side of the screen

Step 3: Click the Check box ‘Terms & Conditions’ and then click on ‘Accept’

Step 4: Enter your login ID. (Retail users can enter their Retail NetBanking Username while other MSME users can enter the Customer ID of the authorised signatory)

Step 5: Select the Retail NetBanking/ Debit Card/ Authorised Signatory details associated with the entered Customer ID

Step 6: You will receive a one time password (OTP) on the registered mobile number and another OTP on the registered email address.

Step 7: Enter OTPs received on the mobile number and email ID.

Step 8: You will be asked to set the Yes MSME online password (Set a password with alphanumeric characters)

Note: In case you are facing any challenges while using Yes Bank MSME, you can get in touch with the Yes Bank’s toll-free number 1800 1031 212/1800

Yes MSME online portal: How to use?

Here is a list of activities you can carry out on the Yes Bank MSME platform:

Fund transfer

You can easily make payments in three steps to your suppliers with the Yes Bank MSME portal. Here is how you transfer the funds:

• Select the beneficiary from the list of registered beneficiaries
• Select the preferred mode of payment and specify the amount to be transferred
• Submit the transaction and confirm it with your Transaction PIN

Bulk payments

Here is how you can do bulk payments through the YES MSME Mobile app

• Once you sign in, select Bulk Transactions from the Main Menu
• Select Transfer to a registered group
• A group can be easily added by clicking on the ‘Manage Beneficiaries’ tab, Name the group and add amounts against each beneficiary in the group click on Save.
• While making payment you can either pay as per saved details or in case there is a change in amount, click ‘Modify Amount’. Change the amount payable to members
• Alternatively, if you do not wish to make any payment to a particular member in the list, modify the amount to “0”
• Select your Debit Account
• Enter the ‘Transaction Pin’ and the bulk payment id done.

Alternatively, you can also make multiple payments to a single beneficiary. Here is how to do it.

• Once you sign in, select Bulk Transactions from the Main Menu
• Select Multiple Payments to a Single Beneficiary
• Select the mode of payment
• Use the ‘Add a payment’ tab for adding each payment
• Once it is done, enter your Transaction PIN. Payment is done.

Salary management

As a business owner, you can manage the salaries of the employees through Yes Bank MSME portal/app.

• Once you sign in, select the ‘Salary Management’ option from the Main Menu
• Here you can add/edit employees and their salary amounts
• At a time, you can transfer salaries for up to 30 employees at a time
• Click on the ‘Salary Process’ tab
• Select employees to be paid together
• Alternatively, you can also upload a salary file with details can be uploaded for paying salaries. (Please verify the format of the file. It is available on the App & portal under the tab “File Format”)

Other activities that can be managed through Yes MSME Online

• Maker-checker capability
• Unified view: business account, trade and loan
• Submit stock statements and insurance documents

Yes Bank MSME: Benefits

Here are the key benefits of the Yes MSME Online portal:

• Unified View: Business accounts, trade and loan can be viewed at one place
• Bulk payments: Payments can made in bulk that saves time
• Maker-checker capability offers better control
• Dedicated Salary Management modules offers ease of salary payment

Yes Bank MSME loans

Apart from the services mentioned above, Yes Bank provides various kinds of MSME loans. Here are some of the loan schemes that the bank offers:

Name of the loan scheme	Purpose	Interest rate
Score based working capital lending	It is a type of a working capital loan	10-12%
GST + Banking based Working Capital Lending (SmartEdge)	It is a type of GST business loan	15% onwards
Banking based Working Capital Lending (Smart Overdraft)	This is an overdraft facility	–
Cash Backed Lending Programme	A lending programme by Yes Bank that provides quick approval and disbursement of loan	–
Supply chain banking	This initiative is designed to offer liquidity support	10% – 22.50%
Commercial vehicle loan	It is a loan to purchase commercial vehicle loans	10% -24% p.a.
Construction equipment loan	A loan scheme for MSMEs to purchase construction equipment	12% – 17%

Note: Above information is for reference only. It is best to get in touch with the bank for updated information.

Alternatively, you can apply for Business Loans at Tata nexarc. You can enter your details, get approvals from different multiple lenders, compare loans, and select the best offer.

Concluding remarks: Yes Bank MSME platform

Yes Banks has various initiatives and loan schemes for MSMEs. Initiatives such as the Yes MSME portal are designed to bring ease to the MSMEs’ banking and other financial activities. Business owners can easily avail of these services to help their businesses grow.