Utkarsh Small Finance Bank Business Loan

Last Updated : Oct. 11, 2019, 4:40 p.m.

Now, business loans have become a necessity for many businesses to meet financial needs. They provide great help to the business for expanding their resources. It really difficult for a 3 to 6 years old business to survive in the market without a business loan. Therefore, if you are willing to apply for a business loan then you can take Utkarsh Small Finance Bank Business Loan. It is really easy to apply but before applying view all the features of this business loan.

Types of Business Loan offered by Utkarsh Small Finance Bank

Utkarsh Small Finance Bank mainly have Six types of business loan that can help you in business expansion. You can apply for the same according to your requirements.

Business Loan

• Grants loans between ₹1 Lac to ₹2 Lacs.
• Charges 23% Rate of Interest per annum.
• Repayment Period is between 2 years to 5 years.
• One Co-applicant is mandatory to be there.
• There are no charges for repayment.
• The applicant must have an account with Utkarsh Bank.

Fee and Charges

• Processing Fee is 1% plus GST on the loan amount.
• Insurance fee is on an actual basis.
• Bouncing charges are ₹100 if the payment is not done within 3 working days.

Eligibility

• The applicant must have taken JLG loans from Utkarsh and should be at least 2 years old.
• He must have also completed at least 2 cycles of the JLG income-generating group.
• The minimum age limit for entry is 25 years and the maximum age for repayment is 55 years.
• House must be owned by the applicant.
• The business vintage period must be 3 years old.

Business Loan Secured Plus

• Get Business Loans up to ₹1 Crore in this scheme.
• Commercial properties are kept as a mortgage with the bank.
• The best interest rate for regular customers.
• Repayments in easy EMI’s
• The facility of foreclosure of the loan.
• NACH/SI is allowed for loan repayment.
• The repayment period lies between 36 months to 120 months.

Documents Required

• All the documents related to KYC.
• Application form of the Utkarsh Small Finance Bank.
• Financial Return and Income Tax Return of 2 years.
• Other documents as per the requirement of the bank.

Fee and Charges

• Processing fee of 2% plus GST on the loan amount when it is less than ₹ 5 Lacs.
• 2% plus GST on the loan amount as Account maintenance fee.
• 4% Preclosure charges when the loan is repaid within 7 moths to 24 months.
• 3% Preclosure charges when the loan is repaid within 25 months to 36 months.
• 2% Preclosure charges when the loan is repaid after 36 months.
• Penal charges of 2% on EMI due amount.

Utkarsh Pragati Business Loan

• Charges 23% rate of interest.
• You can take the loan from ₹6000 to ₹20,000.
• No Processing fee is charged for taking the loan.
• Provides credit life insurance to the applicant and the guarantors.
• Repayment options are available on a weekly, monthly and fortnightly basis.

Eligibility

• Only married women are allowed to take a loan.
• The age must be from 21 years to 55 years.
• There must be regular cash flow in the business.
• The applicant must be staying in the same location for at least 3 years.
• Business must be in the same area where the branch is located.

Utkarsh Kiran Business Loan

• The rate of interest under this scheme is 23%.
• The processing fee is 1% plus GST on the loan amount.
• You can get the loan starting from ₹25000 to ₹60000.
• Weekly, fortnightly and monthly repayment methods are available.
• Mutual Guarantee.

Eligibility

• This loan is only for married women.
• The minimum age should be 21 years up to a maximum limit of 55 years.
• 3 years of staying period is mandatory without any gap.
• The client must have the willingness to pay the loan.

Utkarsh Asha Business Loan

• Get loan up to ₹1,00,000 under this scheme.
• The rate of interest is 23% per annum.
• 1% processing fee on the loan amount plus GST.
• Weekly, Monthly and fortnightly options are available.
• The applicant will get credit life insurance.

Eligibility

• This loan is only available for married women.
• The age limit falls between 21 years to 55 years.
• A minimum of 3 years is needed for the applicant to stay in the same place.
• The applicant must not have a household member as a borrower in Utkarsh Small Finance Bank.