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.