Business Loan Rates 2024
Ujjivan Small Finance Bank Business Loan
Last Updated : Feb. 6, 2023, 5:35 p.m.
Business loans give leverage in managing the financial activities of the business. But finding the best loan at a manageable rate of interest is quite a difficult task. Therefore, you can go through the Ujjivan Small Finance Bank Business Loan Schemes and choose the best of them. Ujjivan Bank grants different types of business loans having different repayment periods.
Ujjivan Small Finance Bank Business Loan Interest Rates
| Business Loan Type | Rate of Interest | Range of Loan Amount | Repayment Period |
|---|---|---|---|
| Loan Against Property | 17%-19% p.a Reducing | ₹3 Lacs to ₹10 Lacs | 36 Months to 84 Months |
| Secure Business Loan | 17%-19% p.a Reducing | ₹10.01 Lacs to ₹25 Lacs | 36 Months to 120 Months |
| Secure Enterprise Loan | 14%-17% p.a Reducing | ₹10.01 Lacs to ₹50 Lacs | 36 Months to 120 Months |
| Overdraft Against Property | 14%-17% p.a Reducing | ₹11 Lacs to ₹50 Lacs | 12 Months only |
| Business Edge Term Loan | 13%-15% p.a Reducing | ₹25 Lacs to ₹2 Crores | 36 Months to 120 Months |
| Business Edge Overdraft | 12%-14% p.a | ₹25 Lacs to ₹2 Crores | 12 Months only |
Rates and Charges
The Ujjivan Small Finance Bank also has come other charges than the Business Loan Rate of Interest . Before applying for the loan, see the other charges as well.
- Documentation charges up to ₹10,000 plus GST.
- Processing Fee up to 2.5% plus GST.
- CERSAI charges 50+GST up to ₹5 Lacs of Loan.
- CERSAI charges 100+GST when the loan is greater than 5 Lacs.
Eligibility Criteria for Business Loan
- Minimum ₹18,00,000 of turnover is necessary for a Manufacturing business.
- A trading business must have a turnover of ₹20,00,000 and above.
- Service Provider’s business must generate ₹15,00,000 and above turnover every year.
How does a Business Loan helps in Business Expansion
There are various reasons for taking a business loan. You can see the list of task which can be completed by taking the business loan.
Managing Working Capital
- Purchasing Raw Materials and Finished Goods.
- Settling the Creditor’s Payment.
- Giving Short Term funds to the Trusted Debtors.
- Maintaining a Cash Equilibrium to meet out the daily Expenditure.
- Paying out the Short Term Debts.
Meeting Capital Expenditure
- Purchasing Machinery, Assets, Land and Building for the business.
- Renovating offices, Workplace and Business Premises.
- Purchasing Cars and Commercial Vehicles for the business.
Features of Ujjivan Small Finance Bank Business Loan
- Fast approval of the loan amount.
- Get business loans up to ₹2 Crores.
- Priority-based service at all the Ujjivan Small Finance Bank branches.
- All the documents are kept transparent to the user.
- Grants a minimum business loan of ₹3,00,000
- The rate of interest slab falls between 12% to 19%.
- The minimum time period for repayment is 12 months for an overdraft.
- The maximum repayment period is 5 years for secure business, enterprise and term loan.
Ujjivan Small Finance Bank Business Loan Documents Required
- Pan card of the individual or Partnership firm or company.
- Voter I.D Card, Driving License, Passport or Aadhaar Card for identity Proof. (Any one)
- Telephone Bill, Electricity Bill, Registered Lease Deed, Sale Agreement, Bank Statement for Address Proof. (Any one)
- Ownership proof of the residence.
- Business Continuity proof 3 years old bank statement.
- Passport size photographs of the applicant and co-applicants.