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Utkarsh Small Finance Bank Business Loan

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Updated: 06-04-2023 09:24:04 AM

Please Note: Utkarsh Small Finance Bank is not a Paisabazaar partner. Offers would be from partner banks/NBFCs only.

Utkarsh Small Finance Bank (USFB) is a registered Non-Banking Finance Company-Micro Finance Institution (NBFC-MFI) that has received an in-principle license from the Reserve Bank of India to perform banking operations. The company offers MSME loans to meet the requirements of individuals, start-ups, and micro small and medium enterprises. Being a small finance bank, USFB specializes in providing types of business loans to its customers. Below mentioned are the details of the types of business loans offered by the bank.

Utkarsh Small Finance Bank Business Loan Details

Category/Loan Type Micro Enterprise Loan Business Loan Secured Plus Small Business Loan
Interest Rate As per applicant’s profile As per applicant’s profile As per applicant’s profile
Loan Amount Up to Rs. 1.5 lakh Up to Rs. 1 crore Up to Rs. 10 lakh
Re-payment Tenure 12-24 months 36-120 months 12-48 months
Foreclosure Available Available Available
NACH/SI Allowed Allowed Allowed

Note: The mentioned interest rates, fees and charges are subject to change and depend on the sole discretion of the bank and RBI. GST and service tax shall be levied extra on the mentioned charges.

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Documents Required for Loan Application

  • Duly filled application form
  • Passport sized photographs
  • KYC documents
  • Documents as per product’s norms

Also Know: What are the most common documents required for a startup business loan

Fees & Charges

                                             Fees and Charges
Processing Fee on loans less than Rs. 5 lakh 2% of the loan amount + GST
Account Maintenance Fee 2% of the loan amount + GST
Pre-closure Charges From 7-24 months – 4% of outstanding + taxes
From 25-36 months – 3% of outstanding + taxes
More than 36 months – 3% of outstanding + taxes
Part-payment Charges 4% of the Pre-Payment amount towards principal + taxes
Legal/Valuation Charges At actuals
Credit Report Charges Rs. 50
Swap Charges – Cheque/instrument Rs. 500 per instance
Stamp Duty Charges At actuals
Penal charges 2% month on the overdue EMI + taxes
Duplicate Interest and Principal Certificate Rs. 250
Duplicate No dues Certificate / NOC Rs. 250

Note: GST will be applicable extra on the mentioned fees and charges.

Loans for Start-ups and Small Businesses

Category/Loan Type Utkarsh Pragati Utkarsh Kiran Utkarsh Asha Swachhata Loan
Interest Rate 23% onwards (p.a.)
Loan Amount From Rs. 6000 – Rs. 20,000 From Rs. 25,000 – Rs. 60,000 Up to Rs. 1 lakh Up to Rs. 25,000
Processing Fees Nil 1% of loan amount + GST 1% of loan amount + GST Nil
Age Criteria Min. 21 years & Max. 55 years Min. 10 women and max. 30 women with 5 members in each group Min. 10 women and max. 30 women with 5 members in each group Member should be in the 2nd cycle or subsequent cycle
Credit Life Insurance For Client and guarantors For Client and guarantors For Client and guarantors NA
Mutual Guarantee Yes Yes Yes Yes
Repayment Option Weekly, Fortnightly & Monthly Weekly, Fortnightly & Monthly Weekly, Fortnightly & Monthly Weekly, Fortnightly & Monthly

Note: The mentioned interest rates, fees and charges are subject to change and depend on the sole discretion of the bank and RBI. GST and service tax shall be levied extra on the mentioned charges

Toll Free No.

  • 1800 123 9878 (Banking)
  • 1800 208 1788 (Micro Banking and Advances)

Contact Us

Utkarsh Small Finance Bank Limited

S-24/1-2, First Floor, Mahavir Nagar,

Orderly Bazar, Near Mahavir Mandir,

Varanasi -221002(U.P.) India

Email: communications@utkarsh.bank

Also Read: How to Register a Startup in India

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FAQs

Q. What is the interest rate offered by Utkarsh Small Finance Bank under Loans for Start-ups and small businesses?

Ans. The interest rate offered for start-ups and small business is 23% p.a. onwards.

Q. What is the maximum loan amount offered by Utkarsh Small Finance Bank?

Ans. The maximum loan amount offered by Utkarsh Small Finance Bank is up to Rs. 1 crore.

Q. What is the maximum repayment tenure offered by the bank?

Ans. The maximum loan repayment tenure is 120 months.

Q. What is the processing fee charged by the bank on its business loans?

Ans. The processing fee charged by the bank is up to 2% of the loan amount plus applicable taxes.

 

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