| 1 |
Who are eligible? |
- Individual/Proprietorship Firm/Partnership Firm (Including LLP), Private and Public Limited Company classified as micro enterprises as defined under MSMED Act, 2006 and as amended from time to time.
- Available for Existing as well new to bank customer
- Customer should have operative account with Bank as primary account holder and minimum available balance of Rs 2,000/- should be maintained for upfront charge collection.
- Age of the customer must be between 21-65 years
- Existing credit facility, if any should not be under SMA-1/SMA-2/NPA category during last 12 months.
- Unit must be in business for minimum 2 (Two) years and should be profit making.
- Customer should possess Aadhaar and any one of the Officially Valid Documents (OVDs).
- Mobile number provided on STP Platform for availing loan must be linked to Aadhaar.
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| 2 |
Nature of Facility |
- Fund based Term Loan and/or Working Capital.
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| 3 |
Quantum of Loan |
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| 4 |
Tenure |
- Cash Credit: One year
- Term Loan: Maximum 84 Months
- Note-To be reviewed/renewed annually.
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| 5 |
Moratorium Period |
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| 6 |
Rate of Interest |
- UCO Float Rate +1.60% i.e. 8.30% + 2.10% = 10.40%
- (Interest Rate is subject to change from time to time as per extant Bank guidelines)
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| 7 |
Charges |
- Unified fee - 0.50% of sanction limit plus GST as applicable
- Digital Conveyance Fee-₹2,000 plus applicable GST.
- CGTMSE Fee – As applicable
- Legal and Valuation Charges(If collateral security provided) – As applicable
- Inspection charge- Nil
- Review/ renewal charge- As applicable
- Insurance Premium- As applicable
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| 8 |
Personal Guarantee |
- Personal guarantee, of Proprietor/Partner(s)/Promoter(s)/Director(s)(in case of Firm/Company).
- Third Party guarantee should be obtained only if collateral offered is in the name of third party.
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