Utkarsh Smart Business
Meet your day to day business related requirements with Utkarsh Small Finance Bank's Utkarsh Smart Business. The loan offers working capital facilities in the form of Overdraft and Dropline Overdraft (DLOD) limits. The credit facility ranges between ₹ 10,00,000 and ₹ 1,00,00,000. secured against collateral. The limit is renewable every year for overdraft limits. The tenure is for a minimum of 3 years and up to 10 years.
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Loans range between 10,00,000 to 1,00,00,000
Loan tenure: Overdraft: 1 year, renewed annually. DLOD: Min 36 Months – Max 120 Months
Pay interest as per utilization of funds
Foreclosure Allowed during the tenure of the facility
No monthly principal repayment obligation in case of overdraft facility
| Sl No. | Document |
|---|---|
| 1 | ID Proof of Borrower & Promoters as per OVD list of Documents |
| 2 | Address Proof of Borrower & Promoters as per OVD list of Documents |
| 3 | PAN Card of Borrower and Promoters |
| 4 | Constitution Document like Partnership Deed in case of Partnership firm along with list of Current Partners on Letter head of the firm. MOA & AOA, list of Current Directors on the Letter head of the firm, Shareholding Patterns in case of Pvt/Public Ltd Co. *Certificate of registration of Partnership firm (Mandatory in case firm is also the Owner of the Collateral ****Business Registration Proof like Shop & Establishment License |
| 5 | Bank statements of last 6 months.(Bank statements of last 12 Months is required incase of Proposal being assessed through Banking surrogate Credit program) |
| 6 | Track record of all existing Term loan in the name of Applicant & Co-Applicant in case same is not getting verified through CB report or Bank Statement |
| 7 | ESG Declaration |
| 8 | Udyam Registration Certificate (URC)/Document required for MSME Classification |
| 9 | Beneficiary Owner Declaration, if required (Applicable incase condition for the same is stipulated by Credit in CAM) |
| 10 | Income Documents (For Self Employed Professionals/Businessman) |
| Latest 2 years ITRs/As per applicable Product Program. (Computation of Income is mandatory in case of CPM/GPM) | |
| Last 2 yrs Audited/Unaudited/CA Certified Financial Statements (of the firm/ company in which the applicant / co-applicant is the partner / owner / director- as the case might be) | |
| Tax audit report, if Applicable | |
| Last 2 years ITR form, if filed under u/s 44AD or 44ADA or 44AE | |
| Copy of Provisional Financials (CA certified /Self-attested as applicable under the Product Program/Credit Program) for the period subject to completion of FY and requirement as per the Applicable Credit Program. | |
| 11 | Other Income Proofs |
| Proof of Ownership of Property(Property Tax, Property Document) & Rent Agreement/Receipt of Rental Income in Bank SOA during last 6 months | |
| Proof of Pension (Copy of Pension Order/Form 16/ Passbook reflecting pension credits) | |
| Proof of ownership of Agricultural Land for Agri Income (Ownership documents) | |
| 12 | Collateral Documents |
| Title deed (copy) for minimum last 13 years | |
| Chain documents of title of property ownership if available (copy) | |
| Latest Property Tax receipt copy (if available) | |
| Copy of sanctioned building plan (if applicable) | |
| 13 | GST Returns for Period for which neither Audited not CA certified financials are available |
| Utkarsh Smart Business | ||
| Charge Name | Charges | |
|---|---|---|
| Processing Fee | Upto 1% of Sanctioned Limit / Loan Amount + Applicable taxes | |
| Pre Closure Charges [Applicable to DLOD & Term Loan] | Pre-Closed by | Pre Closure Charges |
| Upto 6 Months | 6% of outstanding Principal portion of the loan and applicable taxes | |
| During 07 to 24 months | 4% of outstanding loan/Facility Amount and applicable taxes | |
| During 25 months to 36 months | 3% of outstanding loan/Facility Amount and applicable taxes | |
| More than 36 months | 2% of outstanding loan and applicable taxes | |
| Pre Closure Charges [Applicable to Overdraft] | 2% of the facility amount and applicable taxes | |
| Cheque Deposited and Returned [outward] charges | 200 Per Cheque | |
| Cheque Return [Inward] charges | 300 Per Cheque | |
| Penal Charges for each instance of interest amount not being served on due date till time interest is being served. | 2% per month + applicable taxes on the overdue amount for the overdue period | |
| Penal Charges for delay in Renewal of the Credit facility till time facility is being renewed. | 2% per month + applicable taxes on the total utilized amount . | |
| Penal Charges for any Non-Compliance to the Agreed Terms and conditions of the sanctioned facility. | 2% per annum + applicable taxes on the total utilized amount. | |
| Legal/Valuation Charges | As per actuals | |
Apply to Utkarsh Smart Business
Loan calculator
|
Interest Rate 8.00% |
Interest Earned 3,50,452 |
|
Maturity Value 13,50,452 |
Maturity Date 20 Apr 2023 |
|
(Indicative interest rates for calculation only. click here for latest rates.) |
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FAQs
You can apply for a loan starting from 10 Lakhs to 1 Crore
The Overdraft facility is sanctioned for 1 year, which can be renewed annually, subject to submission of required documents and satisfactory account conduct. The Minimum and Maximum tenure for DLOD is 36 Months & 120 Months respectively.
Working capital funding in the form of Overdraft and Dropline Overdraft is offered under Utkarsh Smart Business.
Proprietorship, Partnership Firms including LLPs, Limited companies [Pvt. Ltd/Public Ltd.], Self Employed Professional & Trust [Hospitals & Educational Trusts].
You can either visit your nearest Utkarsh Small Finance Bank's branch or write to us at communications@utkarsh.bank, let us know about your requirement and we will get in touch with you.
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