Utkarsh Small Finance Bank Personal Loan Highlights | |
| Interest rate | As per applicant profile |
| Loan Amount | Up to Rs. 10 lakh |
| Loan Tenure | Up to 48 months |
| Eligible Applicant Categories | Salaried Individuals |
| Processing Fees | Up to 2% of loan sanctioned |
Utkarsh Small Finance Bank offers personal loans up to Rs. 10 lakh to salaried individuals. The loan can be availed with minimal documentation at an attractive interest rate. Moreover, it comes with end use flexibility i.e., you can use the loan amount for a variety of purposes. Read on to know key details of Utkarsh Small Finance Bank personal loan, including interest rate, eligibility, method to apply for the loan and more.
Table of Contents
Features of Utkarsh Small Finance Bank Personal Loan
- Loan Quantum: You can get a personal loan for an amount as low as Rs. 1.5 lakh to as high as Rs. 10 lakh.
- Repayment Tenure: Utkarsh Small Finance Bank personal loan features a flexible tenure, which allows you to pay off the loan amount in a period varying from 12 months (1 year) to 48 months (4 years) as per your convenience.
- End-use Flexibility: You can use the loan amount to meet a variety of expenses, such as those associated with home renovation, travel, marriage and even medical emergencies.
- Part Prepayment and Foreclosure: The bank allows you to pay the loan before the designated due date both in part and full, which helps ensure savings in terms of interest payout. This is however subjects to certain conditions and charges mentioned in subsequent sections.
Utkarsh Small Finance Bank Personal Loan Interest Rate
The interest rate for Utkarsh Small Finance Bank Personal Loan is not fixed and varies from applicant to applicant based primarily on the applicant profile. Key applicant-specific factors that impact personal loan interest rate include credit score, income, outstanding debt, employment type, etc.
Eligibility Criteria for Utkarsh Small Finance Bank Personal Loan
Utkarsh Small Finance Bank personal loans are currently offered only to salaried individuals with a regular source of income. Self-employed applicants may instead opt for a business loan from the bank subject to applicable criteria and policies.
Documents Required for Personal Loan Application
Following is the list of the documents required to apply for a personal loan with Utkarsh Small Finance Bank:
- Completely filled out personal loan application form
- Bank Account Statement
- KYC Documents: This may include your Aadhaar Card, Voter ID card, PAN Card, Driving License or Passport.
- Proof of Income: This includes your previous 3 months’ salary slips.
Processing Fees and Other Charges
The following are the key fees and charges excluding interest that are applicable to a Utkarsh Small Finance Bank Business Loan:
| Particulars | Charges* |
| Processing Fee on loans of less than Rs. 5 lakh | 2% of the loan amount |
| Foreclosure Charges | l 4% of the outstanding loan amount, if the loan is foreclosed between 7th and 24th month of the loan tenure. l 3% of the outstanding loan amount, if the loan is foreclosed between 25th and 36th month of the loan tenure. l 2% of the outstanding loan amount, if the loan is foreclosed after 36th month of the loan tenure. |
| Part Prepayment Charges | 4% of the outstanding principal prepaid. |
| Cheque/ NACH/ SI Bounce Charges | Rs. 300 |
| Penal Charges on Overdue EMI | 2% per month on the overdue EMI |
| Duplicate Interest and Principal Certificate | Rs. 250 |
| Credit Bureau report charges | Rs. 50 |
| Duplicate No dues Certificate / NOC | Rs. 250 |
| Swap Charges (Cheque/Instrument) | Rs. 500 per occasion of swapping of the PDCs/ ECS mandate/NACH/ Standing Instruction (SI) mandate. |
| Duplicate statement issuance Charges | Rs. 250 per instance |
| Charges for subsequent set of Photocopy of loan agreement/ documents where requested by Borrower | Rs. 250 per instance |
*Additional taxes such as GST at approved rates may apply.
EMI Calculation
Monthly EMI ₹ 15,622
Total Amount Payble ₹ 5,62,395(Principal + interest)
Principal Amount ₹ 5,00,000
Total Interest Payble ₹ 62,395
Utkarsh Small Finance Bank Customer Care
- Toll free number for Utkarsh Small Finance Bank personal loan related queries is 1800-208-1788.
- E-mail ID: customercare@utkarsh.bank
- Via Post/Courier: You can write to S-24/1-2, First Floor, Mahavir Nagar, Orderly Bazar, Near Mahavir Mandir, Varanasi -221002(U.P.) India.
Frequently Asked Questions (FAQs)
Q1. What are the maximum and minimum personal loan amounts offered by Utkarsh Small Finance Bank?
Ans. Following are the upper and lower loan limits for Utkarsh Small Finance Bank personal loan:
- Maximum: Rs. 10 lakh
- Minimum: Rs. 1.5 lakh
Q2. What is the repayment tenure for Utkarsh Small Finance Bank personal loan?
Ans. The repayment tenure for Utkarsh Small Finance Bank personal loan is from 12 months to 48 months.
Q3. What is the processing fee for the personal loan offered by Utkarsh Small Finance Bank?
Ans. Utkarsh Small Finance Bank charges up to 2% of the loan amount as processing fee at the time of loan disbursal..
Q4. Who can apply for a personal loan at Utkarsh Small Finance Bank?
Ans. Only salaried individuals can apply for a personal loan at Utkarsh Small Finance Bank.
Q5. What is the customer care number for personal loan queries at Utkarsh Small Finance Bank?
Ans. The customer care number for personal loan related queries at Utkarsh Small Finance Bank is 1800-208-1788 (toll-free).