Micro, Small and Medium Enterprises(MSMEs) are the backbone of any economy, driving growth, innovation and employment.UCO Bank is offering Digital MSME Loan upto Rs 25 lakh to access hassle free financing to grow your business under MSMEs.It offers quick approval, flexible loan amount, competitive interest rate, easy application process, fast disbursal and flexible terms for repayment. Under this scheme composite loan (Term loan & Cash credit) is also available as per requirement and option available to choose CGTMSE coverage/Collateral Security to backup the loan.
Customer can apply for Digital MSME Loan with their Mobile no/Account no by clicking on Start Application or can resume application by clicking on Resume Application
KEY FACT STATEMENT (Illustration)
Particulars
Details
Purpose
To meet working capital requirement for MSME entrepreneurs under Shishu, Tarun, Kishore and MSME Smart Finance.
Age
Shishu/Tarun/Kishore: Min-18 years, Max-65 years MSME Smart: Min-21 years, Max-65 years [For Individual/Proprietor/Managing Partner(s)/Promoter Director(s)]
Eligibility
Shishu/Tarun/Kishore: Individual/Proprietorship Firm/Partnership Firm (Including LLP), Private and Public Limited Company who are Existing or New to Bank customers. Existing to Bank: Customers maintaining Savings Bank/Current account with our Bank for at least 1 year as on the application date but have not availed credit facility (excluding Retail Loan) for business purposes. New to Bank: Customers maintaining Savings Bank/Current account with our Bank for less than 1 year or with another bank for at least 1 year and have not availed credit facility (excluding Retail Loan) for business purposes. Existing credit facilities, if any, should not be under SMA-1/SMA-2/NPA category during the last 12 months. Customers should possess Aadhaar and one Officially Valid Document (OVD). Mobile number provided on the STP Platform must be linked to Aadhaar. MSME Smart: All above criteria apply, except new-to-bank customers are not eligible. Unit must be in business for at least 2 years and be profit-making. Customers must upload ITR for the last 2 years.
Nature of Facility
Shishu/Tarun/Kishore: Working capital Term Loan MSME Smart: Working Capital Term Loan and/or Cash Credit.
Loan Amount
Shishu: Up to Rs.50,000/- Kishore: Rs.50,001/- to Rs.50,00,000/- Tarun: Rs.50,00,001/- to Rs.10,00,000/- MSME Smart: Rs.10,00,001/- to Rs.25,00,000/-
Personal Guarantee
Personal guarantee of Proprietor/Partner(s)/Promoter(s)/Director(s) (in case of Firm/Company). Third-party guarantee is required only if collateral offered is in the name of a third party.
Credit Guarantee Coverage
CGFMU coverage for loans up to Rs.10,00,000/- Loans above Rs.10,00,000/- to Rs.25,00,000/- will be covered under CGTMSE. Borrowers who do not want CGTMSE coverage (For MSME Smart Finance only) must provide immovable and/or liquid security equivalent to the sanctioned credit limit. Annual Guarantee Fee (AGF) is to be borne by the borrower as per bank guidelines.
Repayment Period
Shishu/Tarun/Kishore: Min-12 months, Max-36 months MSME Smart Finance: Cash Credit: 1 year Term Loan: Min-12 months, Max-84 months (Account to be reviewed/renewed annually)
Rate of Interest
Shishu/Tarun/Kishore: UCO Float Rate + 0.55% (e.g., 9.30% + 0.55% = 9.85%) MSME Smart Finance: UCO Float Rate + 1.35% (e.g., 9.30% + 1.35% = 10.65%) Interest rates are subject to change as per bank guidelines.
Processing Charge
Nil
Documentation Charge
Nil
CIBIL Charge
₹177 (including GST) for Consumer Report ₹1,600 (including GST) for Commercial MSME Rank
Inspection Charge
Nil
Review/Renewal Charge
As per extant Bank guidelines.
NeSL/DDE Charges
NeSL e-Signing and e-Stamping charges, as applicable, along with GST.
Fintech Charge
As per Bank’s extant guidelines.
Insurance Premium
Borrower must bear the premium for insurance of assets created out of bank finance.
The above terms and condition shall be subject to modification by the Bank as may be considered necessary at any point of time at the sole discretion of the Bank.
Loan will be disbursed on completion of the formalities relating to the documentation/creation of security.
The amount for the transaction will be paid directly to the seller by Manager's Cheque/DD/NEFT.
The margin for the facility to be paid up front
The sanction does not vest in any one the right to claim any damage against the Bank for any reason whatsoever
The Bank reserves the right to modify/revise/add any other terms and conditions as it may deem fit absolutely at its discretion.
The assets created out of Bank finance should be comprehensively insured against fire, riot, natural calamities including flood, cyclone, super cyclone, tornado and any other perils with requisite Bank clause during the currency of loan. Premium to be borne by Borrower
The Credit Facility sanctioned will be utilized for approved facilities and not for speculative purpose or any other activities not permitted by law of the land.
The Bank reserves the right to discontinue the facilities/advances/loans to withhold/stop any disbursement without giving any notice, in case of non-compliance/breach of any of the terms and condition stipulated herein and from time to time as also in the relevant documents or any information/particulars furnished to Bank found to be incorrect or in case of any development or situation wherein in the opinion of the Bank its interest is pre judiciously affected by such continuation or disbursement.
Unified Fee, Digital Conveyance Fee, Review/Renewal Charge, Inspection Charge to be recovered as per extant Bank guidelines
CGTMSE AGF (Annual Guarantee Fee) to be recovered every year as per extant guidelines. FEE to be borne by Borrower.
*Please Note:-Read all the terms and condition carefully before applying, In case of wrong submission of required data, application will be rejected.