Two-Wheeler Loan

The key features of the product “Micro Banking Two-Wheeler Loan” are as follows-

1. A Term Loan available from 30,000/- to 1,00,000/-
2. The rate of interest is 23% per annum.
3. Tenure: Repayment in 24 or 36 EMIs.
4. This product is to purchase a new Two-wheeler only.

All existing JLG Loan Clients are eligible subject to-

1. The Applicant must have a current running JLG Loan from Utkarsh Small Finance Bank and should be at least 24 months old JLG Client.
2. Payment of 6 EMIs with respect to Business Loan, if availed.
3. 1 Co-borrower (close relative) is mandatorily required.
4. The Applicant must be residing in their own house for the last three years.
5. Running business/income generating activities for more than 3 years with one or more year in the current line of business.
6. Either the borrower or the Co-borrower need to possess a valid Driving License/ a supporting government document to qualify for the program.
7. Satisfactory repayment track record and can be considered without meeting the existing JLG loans/business loan requirements provided cash flow assessment supports incremental obligations.
8. Age Limitation:

   For Applicant/Co-Applicant-
   Minimum Age- 23 Years (at the time of entry)
   Maximum Age- 60 Years (at the time of closure of loan)

9. Client should have Savings Account with the Utkarsh Small Finance Bank.
10. There is no need to close the existing JLG loan before disbursement of Two-Wheeler Loan.

1. Processing fee 2% of Loan Amount plus applicable taxes
2. 100 plus applicable taxes per instances subject to non-collection of EMI within the 3 working days from the date of bouncing.
3. No Penal Interest and Foreclosure Charges.