UCO MSME SMART– Product Details

Salient Features Of End-To-End Digital MSME SMART FINANCE Loan

Sl no.	Parameter	Scheme covenants
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.
2	Nature of Facility	Fund based Term Loan and/or Working Capital.
3	Quantum of Loan	Maximum 25 Lakh
4	Tenure	Cash Credit: One year Term Loan: Maximum 84 Months Note-To be reviewed/renewed annually.
5	Moratorium Period	Nil
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)
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
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.