The key features of the product “Micro Banking Two-Wheeler Loan” are as follows-
- A Term Loan available from Rs. 30,000/- to Rs.1,00,000/-
- The rate of interest is 23% (Diminishing).
- Tenure: 24 Months / 36 Months with monthly repayment frequency.
- This product is to purchase a new Two-wheeler only.
All existing JLG Loan Clients are eligible subject to-
- The Applicant must have a current running JLG Loan from Utkarsh Small Finance Bank and should be at least 24 months old JLG Client or should have completed at least 2 cycles of JLG income generating loans from the bank.
- Payment of 6 EMIs with respect to Business Loan, if availed.
- 1 Co-borrower (close relative) is mandatorily required.
- The Applicant must be residing in the same house from last 3 years.
- Running business/income generating activities for more than 3 years with one or more year in the current line of business.
- Either the borrower or the Co-borrower need to possess a valid Driving License/ a supporting government document to qualify for the program.
- Age Limitation:
Minimum Age- 23 Years (at the time of entry)
Maximum Age- 60 Years (at the time of closure of loan)
- Client should have Savings Account with the Utkarsh Small Finance Bank.
- There is no need to close the existing JLG loan before disbursement of Two-Wheeler Loan.
Can a new Joint Liability Group avail this scheme?
No. This scheme is only for those existing Loan Clients who have completed 24 Months or at least 2 cycles of JLG income generating loans availed from the Utkarsh Small Finance Bank.
Is it required by the client to attend the Centre Meetings, in case Two-Wheeler Loan is availed?
Yes, The Client will have to attend the Centre Meetings for the repayment of her existing JLG loans.
What is the Loan amount limit under this scheme?
Loan is available from ? . 30,000/- to Rs.1,00,000/-.
What is the tenure of Loan?
This loan is to be repaid within maximum duration of 24 Months/36 Months (as applicable) from the date of disbursement.
What is the rate of interest to avail this loan?
The rate of interest applicable is 23% p.a. (Diminishing).
Can a client avail this loan to buy a used Two-wheeler?
No, this loan can be availed to buy a new Two-wheeler only.
When can the loan be disbursed?
The loan can be disbursed subject to positive credit checks and after fulfilment of all pre-disbursement documentation.
What will be the repayment mode?
Loan is to be repaid through Standing Instruction (SI) Mode in Monthly instalments.