Micro Banking Business Loan ( Open Market )
The Micro Banking Business Loan is designed for small business owners and micro entrepreneurs operating in an individual capacity, to support the expansion and development of existing businesses.
This loan caters to enterprises with healthy and stable cash flows that may face challenges in accessing credit from mainstream financial institutions due to limited documentation, yet demonstrate strong repayment capability.
The Bank has been providing business loans exclusively to its captive customers and has gained valuable experience in the micro enterprise segment. Building on this experience, an Unsecured Small Business Loan (USBL) is now proposed for open market customers. Loan amounts range from ₹1,00,000 to ₹3,00,000, with a repayment tenure of 24 to 36 months.
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Rate of Interest: 26% per annum on reducing balance basis
Processing fee 2% of Loan Amount plus applicable taxes/ GST
No Prepayment Charges
In case of delayed payments, the Bank shall charge interest at the rate applicable to the facility on overdue principal.
In case of SI bounce, the Bank shall charge SI bounce charge ₹250 + GST
Ticket size- First Cycle: 1,00,000 to 3,00,000 (in the multiple of 10,000)
Tenure - The Borrower and/or Co-borrower can repay the loan in 24, 30, 36 Equated Monthly Instalments
Mode of Repayment – SI of Utkarsh SFB
Mode of Disbursement – IFT to Utkarsh CASA
Collateral free loan
Loan Purpose: Business Requirements, Assets Acquisition, Business Expansion, Business Structure Renovation and Business Account Payable
Business Vintage: Minimum 3 years experience and 2 years in the same Business.
One Co-Applicant is mandatorily required and must be Spouse/Son/Parents; co-applicant must live in same house.
Residing in the same house for at least three (03) years.
Age Limitation: For Applicant & Co-Applicant
Minimum Age- 25 Years (at the time of entry)
Maximum Age- 60 Years (at the time of closure of loan)
Client should have a Savings Account & 6 Months Bank statement.
Client must have a Savings Account with Utkarsh Small Finance Bank.
Customer should either own the Business Premise or House (residence) Premises
Customer’s business or residence should fall within the catchment area of the nearest Utkarsh SFB branch, within a radius of 20 km from the branch.
Apply to Micro Banking Business Loan
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