Utkarsh Small Finance Bank Business Loan, Utkarsh MSME Loan, Interest Rate, How to Apply, Eligibility Criteria
You may not be having enough funding with you when you start any business. or you may need extra funds to expand your business. whatever may be the expenses or requirement in business you need to money to sort it out.
To meet your business requirements, Utkarsh Small Finance Bank Business Loan is available for the customers. go through the article completely to know the process and other details about Utkarsh Small Finance Bank Business Loan.
| Loan Amount | Rs. 150001 to Rs. 1000000 |
| Loan Tenure | 12 months to 48 months |
| Interest Rate | 17% to 28% p.a |
| Processing Fee | Up to 25 of the Loan Amount +Taxes |
Purpose of Utkarsh Small Finance Bank Business Loan
- To grab every available opportunity to grow your business.
- You need not to invest your personal savings.
- To meet the staff salary requirements
- To upgrade technology or repair the existing equipment.
- Purchase/acquiring of property (shop/factory/godown /office) for self-use.
Documents Required For Utkarsh Small Finance Bank Business Loan
- KYC documents
- Application form
- Last one year’s bank statement
- Last Two year Financials and Income tax Return
- Documents as per product norms
Utkarsh Small Finance Bank Business Loan Types
Utkarsh bank provides various types of business loans depending on your profile. You can find below the offered loans.
Utkarsh Small Finance Bank Pragati Loan
| Loan Type | Features/Description |
|---|---|
| Utkarsh Small Finance Bank Pragati Loan | It is for small-scale businesses and for small group loans. Weekly/fortnightly/monthly repayment options are available. A mutual guarantee is available. |
| Loan Amount | Rs. 6000 to Rs. 30000 |
| Loan Tenure | 12 months to 24 months |
| Eligibility | Only married women are eligible. Applicant age must be from 21 to 55 years as of the date of the loan application. You must provide one guarantor aged between 18-59 years who are in kin-relation of the client. The client/guarantor must be in good health. Business shall have regular cash flow. You must stay for at least 3 years in the same house in the same place. Business should be within the Bank branch’s area of operation. No one should be in your house has an active loan with Utkarsh. one Loan per household at any point in time. |
| Group Eligibility Criteria | The business may be started with a minimum of 2 groups (10 women) and a maximum of 6 groups (30 women) with five members in each group. |
| Loan Repayment | The repayment will be done in the branch office. |
| Fees & Charges | 23% Interest per annum. The processing fee will be 1% of the loan amount + taxes for the loan amount more than Rs. 25000. |
Utkarsh Small Finance Bank Kiran Loan
| Loan Type | Features/Descriptions |
|---|---|
| Utkarsh Small Finance Bank Kiran Loan | This loan is mainly for the rural credit scheme. Credit Life Insurance is available for the client and Guarantor. Mutual Guarantee is available. |
| Loan Amount | Rs. 40000 to Rs. 75000 |
| Loan Tenure | 24 months |
| Eligibility | Only married women are eligible. Applicant age must be from 21 to 55 years as of the date of the loan application. You must provide one guarantor aged between 18-59 years who are in kin-relation of the client. The client/guarantor must be in good health. Business shall have regular cash flow. You must stay for at least 3 years in the same house in the same place. Business should be within the Bank branch’s area of operation. No one should be in your house has an active loan with Utkarsh. one Loan per household at any point in time. |
| Group Eligibility Criteria | Min. 10 women and max. 30 women with 5 members in each group. |
| Interest Rate | 23% p.a. |
| Processing Fees | 1% of the loan amount + Tax |
| Repayment Option | Weekly, fortnightly and monthly. |
Utkarsh Small Finance Bank Asha Loan
| Loan Type | Features/Descriptions |
|---|---|
| Utkarsh Small Finance Bank Asha Loan | If you want to start a small business, this short-term loan can be taken. this also covers rural loan schemes. Credit Life Insurance is available for the client and Guarantor. Mutual Guarantee is available. |
| Loan Amount | Rs. 100000 |
| Loan Tenure | 24 months |
| Eligibility | Only married women are eligible. Applicant age must be from 21 to 55 years as of the date of the loan application. You must provide one guarantor aged between 18-59 years who are in kin-relation of the client. The client/guarantor must be in good health. Business shall have regular cash flow. You must stay for at least 3 years in the same house in the same place. Business should be within the Bank branch’s area of operation. No one should have an active loan before with Utkarsh. one Loan per household at any point in time. |
| Group Eligibility Criteria | Min. 10 women and max. 30 women with 5 members in each group |
| Interest Rate | 23% p.a. |
| Processing Fee | 1% of the loan amount +Tax |
| Repayment Option | Weekly, fortnightly, and monthly |
Utkarsh Small Finance Bank Swachhata Loan
| Loan Type | Features/Descriptions |
|---|---|
| Utkarsh Small Finance Bank Swachhata Loan | This loan is in coordination with Clean India Mission. It can be applied for construction/repair/renovation of toilets. This loan product is only for existing members. A mutual guarantee is available. |
| Eligibility | The client must have completed 8 months or above from the date of loan disbursal or the second cycle. |
| Loan Amount | Rs 25000 to Rs. 27500 |
| Interest Rate | 23% p.a. |
| Processing Fee | 1% of the loan amount + Tax |
| Repayment Options | Weekly, fortnightly, and monthly |
Utkarsh Small Finance Bank Small Business Loan
| Loan Type | Features/Descriptions |
|---|---|
| Utkarsh Small Finance Bank Small Business Loan | This loan can be availed when you have no collateral but the loan is required to grow your business or start a new business. |
| Documents Required | KYC, Application Form, Documents as per product |
| Loan Amount | Rs.150001 to Rs.1000000 |
| Loan Tenure | 12 months to 48 months |
| Interest Rate | 17% to 28% p.a. |
| Processing Fee | Up to 2% of the loan amount + tax |
| Foreclosure | This facility is available during the tenure of the loan. |
| Loan Repayment | NACH, SI is allowed for loan repayment. you can pay the loan in Equated Monthly Installment (EMI). |
Utkarsh Small Finance Bank Business Loan Secured Plus
| Loan Type | Features/Description |
|---|---|
| Utkarsh Small Finance Bank Business Loan Secured Plus | This loan is provided to meet your business working capital requirement. It is a secured loan against the property (residential, industrial, and/ or commercial) offered as collateral. |
| Documents Required | KYC Application form Last one-year bank statement Last Two-year Financials and Income tax Return Documents as per required product |
| Loan Amount | Rs. 1000001 to Rs. 10000000 |
| Loan Tenure | 36 months to 120 months |
| Interest Rate | 11% to 14% p.a. |
| Processing Fee | Up to 2% of the loan amount + Tax |
| Loan Repayment | NACH, SI is allowed for loan repayment. you can pay the loan in Equated Monthly Installment (EMI). |
| Foreclosure | Available during the tenure of the loan |
Utkarsh Small Finance Bank Enterprise Loan
| Loan Type | Features/Descriptions |
|---|---|
| Utkarsh Small Finance Bank Enterprise Loan | If you do not need a loan of a higher amount or you do not have collateral to provide, this loan can be availed. |
| Documents Required | KYC Application form Documents required as per the product |
| Loan Amount | Rs. 1000001 to Rs. 1500000 |
| Loan Tenure | 12 months to 48 months |
| Interest Rate | 17% to 22% p.a. |
| Processing Fee | Up to 2% of the loan amount + Tax |
| Loan Repayment | NACH, SI is allowed for loan repayment. you can pay the loan in Equated Monthly Installment (EMI). |
| Foreclosure | Available during the tenure of the loan. |
How to Apply for Utkarsh Small Finance Bank Business Loan?
You can apply for a business loan by mainly 2 methods.
By Visiting Bank Branch
You can visit the Utkarsh Small Finance Bank branch to inquire about the loan. if you are satisfied, you can fill out the loan application and submit the required documents later.
By Sending an Email
You can send an email to communications@utkarsh.bank with your requirements and the bank will get back to you with details.
Utkarsh Small Finance Bank Interest Rate, Fees & Charges
| Interest Rate | 17% to 28% p.a. |
| Processing Fees | Up to 2% of the loan amount + Tax. No Processing Fee for loans Up to 5 Lakh |
| Account Maintenance Fee | Up to 2% of the loan amount + Tax. |
| Pre closure Charges | Between 7 to 24 months = 4% of the outstanding principal loan amount +Tax Between 25 to 36 months = 3% of the outstanding principal loan amount +Tax More than 36 months = 2% of the outstanding principal loan amount +Tax |
| Part Prepayment Charges | 4% of the Pre-Payment amount towards principal + tax. |
| Cheque /NACH/ SI Bouncing Charges | Rs. 300 + Tax |
| Overdue EMI Penalty | 2% month on the Overdue EMI for the Overdue Period |
| Legal/Valuation Charges | At Actuals |
| Duplicate Interest and Principal Certificate | Rs. 250 + Tax |
| Duplicate No dues Certificate / NOC | Rs. 250 + Tax |
| Swap Charges (Cheque/Instrument) | Rs. 500 +Tax |
| Duplicate statement issuance Charges | Rs. 250 per instance per set + tax |
Utkarsh Bank Small Finance Bank Customer Care Details
Utkarsh Bank Customer care number for banking related queries =
1800 123 9878 | 1800 180 6878
Utkarsh Bank Customer care number for Micro Banking & Advances =
1800 208 1788
Utkarsh Bank Email address = customercare@utkarsh.bank
Utkarsh Bank Registered Address =
Address: S-24/1-2
First Floor, Mahavir Nagar
Orderly Bazaar, Near Mahavir Mandir
Varanasi -221002(U.P.) India
Conclusion
In this article, we have learned Utkarsh Small Finance Bank Business Loan: Interest Rates, Eligibility. I hope the detailed information about the Utkarsh business loan will be helpful.
A business loan is very much needed in case one needs to start a business or expand their business. Utkarsh has different types of business loans as per the individual profile.
You have to make sure about the interest rate offered, fees, and other charges while applying for a business loan. if you are not satisfied you can switch to another bank business loan.
Read Also
- Nainital Bank Business Loan | Nainital Bank MSME Loan
- StashFin Instant Personal Loan Review | Get Instant Loan Up to Rs. 5 Lakh
- Karnataka Bank Business Loan | How to Apply for Business Loan at Karnataka Bank?
FAQs
You can either visit your nearest Utkarsh Small Finance Bank branch or send an email at communications@utkarsh.bank, with your requirement and the bank will get in touch with you.
1800 208 1788
Utkarsh Bank business loan interest rate ranges from 17% to 28% p.a.
The maximum loan tenure for a business loan is 120 months.
