Utkarsh Kiran

Is arranging business capital the key hurdle in your dream? At Utkarsh Small Finance Bank we strive to help our customers meet all their capital needs, so that they can walk their path towards their goal, with more confidence. If you’re looking for rural credit schemes, UtkarshKiran JLG is the perfect fit for you. With minimum processing fees and credit insurance in place, UtkarshKiran is the loan scheme you need to take your business to new heights.

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Key Features
Eligibility
Group Eligibility Criteria
Fees and Charges
FAQs

24% interest per annum

Only 1% (+GST) processing fees

Loan amount up to Rs. 60,000

Credit life insurance for the client and guarantors

Weekly/fortnightly/monthly repayment options available

Mutual guarantee

Only married women

Age of the client:

First cycle loan: Age should be from 21 to 55 years at the date of application of first cycle loan.
Subsequent cycle loan: Age of the client should not be more than 59 years for the subsequent cycle loan.

Business shall have regular cash flow (Daily, Weekly, Fortnightly)

At least 3 years stay in the same location.

Family of the potential client has sound knowledge and understanding of business for which loan is required.

Business (for which loan is required) should be in control of family members staying in the same household

Business should be within the branch area.

Client must be in good health

Willingness and ability to pay.

Not have a household member who is an active Utkarsh borrower.

The key principle is one Loan per household at a particular point of time.

The centre should start with a minimum of 10 women and maximum of 30 women with 5 members in each group.

Every member of the centre must be residing with her immediate family (husband/children/parents)

The members’ business should not only be in the branch’s area of operation, but also within a close proximity of each other.

All members of the centre should be agreeable and willing to give guarantee of repayment of other members’ loans.

No blood/kin relatives shall be in the same group.

Maximum of 1 pair of blood/kin relative will be allowed for every 10 members in a centre. However in the beginning two pairs of kin relatives are allowed in a centre of 15 clients and in no circumstances more than one pair of “Saas - bahu” are allowed in a centre.

Sr. No.	Centre Size	No. of kin relatives in a centre
1	10	1
2	15	2
3	20	2
4	25	2
5	30	3

Maximum of 10% of members in a centre could be rental. Not more than 1 rental in any group.

The minimum loan size for the first loan is a way of testing the applicants and the market, while limiting the institution’s exposure to unknown clients.

Loan Amount	Loan Term
	Weekly	Fortnightly	Monthly
Rs.25,000	104 weeks	59 fortnights	27 months
Rs.30,000	104 weeks	59 fortnights	27 months
Rs.35,000	104 weeks	59 fortnights	27 months
Rs.40,000	104 weeks	59 fortnights	27 months
Rs.50,000	104 weeks	59 fortnights	26 months
Rs.60,000	104 weeks	59 fortnights	26 months

What is the procedure for loan disbursement?
The loans should be disbursed in branch office only and the client, the guarantor, the credit officer, the cashier and branch manager need to be present during the payment.

In what form will I receive the loan amount?
The loan amount will be credited in Bank A/C of the customer. The repayments will also be done in cash at the branch office.

What’s the pre-payment and advance repayment plan?
Please find the details of the same below:

Prepayment (No. of Installment) under weekly scheme	Prepayment (No. of Installment) under fortnightly scheme	Prepayment (No. of Installment) under monthly scheme	Next Loan Eligibility	Amount Entitled
Before 30th Installment or on the date of 30th Installment	Before 15th Installment or on the date of 15th Installment	Before 8th Installment or on the date of 8th Installment	Not Eligible	NA
From 30th and before 50th Installment or on the date of 50th Installment	From 15th and before 25th Installment or on the date of 25th Installment	From 8th and before 15th Installment or on the date of 15th Installment	Eligible	Lower/equivalent amount in the same cycle
After 50th Installment	After 25th Installment	After 15th Installment	Eligible	Higher amount in the next cycle

Is the credit life insurance free?
No, the credit life insurance is not free. However, the fee is only 1.5% of the loan amount + GST (18%).

Benefits

Free Unlimited ATM transactions across all Bank ATMs within India

Classic Rupay Debit Card with Personal Accidental Insurance cover of Rs.1 Lakh*

Quarterly/half yearly balance requirement instead of monthly
Eligibility

Anyone residing in India or a Hindu undivided family can apply for an Utkarsh Standard Savings Account.

Documents

Any resident of India or a Hindu Undivided Family can apply to open a Standard Savings Account.

Latest passport size photograph
Aadhaar Card
Address and identity proof documents

For a full list of address and identity proof documents, click here.

Documents required to open a Standard Savings Account - Hindu Undivided Family

PAN Card copy/Form 60 of HUF
Declaration from the Karta
Proof of identification and address of Karta as per documentation for individual
Prescribed Joint Hindu Family Letter signed by all the adult holders

Documents Acceptable as Proof of Identity & Address (For Domestic Individual Savings Accounts)*- Opening of Accounts /Address Change/Periodic Updation of KYC (Re-KYC)

SI No	Type of Document	ID Proof	Address Proof
1	Passport	Yes	Yes
2	Driving Licence	Yes	Yes
3	Permanent Account Number(PAN)	Yes	No
4	Voters ID Card(Issued by Election Commission of India)	Yes	Yes
5	Job Card by NREGA duly signed by an officer of the State Government	Yes	Yes
6	Aadhaar Card	Yes	Yes

***A customer shall not be required to furnish separate proof of current address, if it is different from the address recorded in OVD. In such cases, the customer is required to submit a declaration indicating the address to which all correspondence will be made by the bank/branch subject to positive field verification by the branch official which needs to be recoded
*Kindly contact the nearest branch in case you don’t have any of the above mentioned documents.

Fees & Charges

Schedule of Charges: Standard Savings Account
AQB Requirements	AQB Non-Maintenance Charges
Metro/Urban : Rs.10,000/ -AQB	Metro/Urban: Rs.25 per Rs.500 of shortfall, Max Rs.350 for quarter;
Semi Urban/Rural : Rs.5,000	Semi Urban/Rural: Rs.25 per Rs.5,00 of shortfall, Max Rs.250 for half year

Debit Card	Rupay Card - Classic
Card Fees	Issuance Fee (Primary Holder): Rs.50 Annual Fee (Primary Holder): Free for first year, Rs.50 from subsequent year
Withdrawal Limit	ATM 5,000 per day
Per Transaction Limits	Rs.20,000 (own Bank ATM) Rs.10,000 (other Bank ATM)
Shopping Limit	POS Rs.1,00,000 per day
Per Transaction Limits	POS Rs.25,000
ATM Transactions	Unlimited Free transactions
Other ATM Card Charges	PIN Regeneration Charges – NIL (Green Pin) Card Replacement Charges - 100 Add on Charges – Rs.100

Service Type	Free limit	Charges Beyond Free Limit
Cash Deposit Transactions	Rs.5 Lakhs/10 transactions	Rs.2.50 per Rs.1,000 (Min. Rs.20 )
Chequebook	One Free Chequebook per quarter (20 leaves)	Rs.2 leaf

DD/PO transactions

Demand Drafts Payable on own Bank locations:
Upto Rs.2,000 Rs.20
Above Rs.2,001 upto Rs.10,000 Rs.50
Above Rs.10,000 Rs.2 Rs.1,000
(Min Rs.60 & Max Rs.1,500 )
Payable at corresponding bank locations: Rs.1 per thousand, min Rs.25 DD + Correspondent Bank charges
Revalidation / Duplicate DD: Rs.100
Cancellation: Rs.100

For complete details on Fees and Charges, please click here

Eligibility

What is the interest rate applicable?
The rate of interest depends on the average quarterly balance maintained in the account. Your Account has the potential to earn up to 6%* interest rate. Please visit the nearest Utkarsh Small Finance Bank Branch for more details.

What is the minimum Average Monthly Balance (AMB) required for a Standard Savings Account?
The biggest advantage our customers have is that we request them to maintain an Average Quarterly Balance (AQB) instead of a monthly balance. Metro/urban customers can enjoy classic banking services with an Average Quarterly Balance (AQB) of just Rs.10,000 and semi-urban/rural customers can enjoy the same at Rs.5,000 of half yearly average balance.

What is the daily transaction limit?
The daily ATM withdrawal limit for our customers is Rs.40,000 and the shopping limit is Rs.1,00,000 (POS).

Who is eligible to open a Standard Savings Account?
Any resident of India or a Hindu Undivided Family can apply to open a Standard Savings Account.