UCO Bank GST Smart Finance loan is a collateral free financial solution designed to provide businesses quick access to working capital upto Rs 25 lakh on the basis of GST return filings. Through STP it provides hassle free loan on GST based eligibility without physical document required for submission.
Existing UCO bank customer can apply for STP GST Smart Finance with their mobile no/saving account no/customer id by clicking on Start Application
KEY FACT STATEMENT (Illustration)
Particulars
Details
Purpose
To meet working capital requirements
Age
8 years (Entry Level Age) to 70 years (Exit Level Age) [For Individual/Proprietor]
Eligibility
Individual/Proprietorship Firm classified as MSME as defined under MSMED Act, 2006 and as amended from time to time who is maintaining their current/saving account with our Bank for at least 1 (One) year as on date of application
Prerequisites
Customer should have Udyam Registration Certificate.
Mobile number provided by the customer on STP Platform during registration process for availing UCO GST Smart Finance must be same as Udyam Registration Certificate/Udyam Assist Certificate.
Customer account must be KYC complied
Customer should have GST Registration
Existing account/CIF should not have been classified as SMA-1/SMA-2/NPA in past 12 months.
Customer enjoying Working Capital limit with other Bank(s) will have to close the existing Working Capital limit in other Bank(s) to avail facility under this scheme.
Nature of Facility
Working Capital
Loan Amount
Minimum: Rs.5,00,000
Maximum: Rs.25,00,000
Personal Guarantee
Personal guarantee of Proprietor
No Third Party Guarantee required.
CGTMSE Coverage
CGPAN to be obtained invariably and Guarantee Fee must be paid to CGTMSE
CGTMSE fee to be borne by borrower
Tenure
One year. To be reviewed/renewed annually
Rate of Interest
UCO Float Rate + 1.70% i.e. 9.30% + 1.70% = 11.00% (Interest Rate is subject to change from time to time as per Bank’s extant guidelines)
Charges
CIBIL Charge: As applicable
Inspection Charge: Rs.500 per inspection + GST
Review/Renewal Charge: Rs.250 per Lac + GST
Minimum: Rs.1,250+ GST
Maximum: Rs.5,000+ GST
Fintech Charge: Actual
NeSL Charges: NeSL e-Signing and e-Stamping charges actual incurred along with GST to be recovered as applicable to NeSL State. Charges are subject to revision from time to time as per extant Bank guidelines.
Insurance Premium
Insurance of asset created out of Bank finance with Bank Clause. Premium for the same to be borne by the borrower
Charges are subject to change from time to time as per extant Bank Guidelines
Point of Contact
For any query please contact Base Branch Customer Care: 18001030123 For Technical issues Landline: 03344559409 Email:- digital.lending@ucobank.co.in
The amount borrowed from the bank will not be utilized for any speculative purposes
Customer should have Udyam Registration Certificate.
Mobile number provided by the customer on STP Platform during registration process for availing UCO GST Smart Finance must be same as Udyam Registration Certificate/Udyam Assist Certificate.
Customer account must be KYC complied
Customer should have GST Registration
Name must be same in Aadhaar, PAN, CBS, Udyam and GST.
PAN, Aadhaar latest address must be updated in CBS.
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.
Existing account/CIF should not have been classified as SMA-1/SMA-2/NPA in past 12 months.
Customer enjoying Working Capital limit with other Bank(s) will have to close the existing Working Capital limit in other Bank(s) to avail facility under this scheme.
Customer maintaining SB/CA account with our bank from last 1 year is eligible to avail GST Smart Finance loan.
Even if the loan application is not processed successfully, Bank will still collect a standard charge upto Rs.550 from your savings/current account.
Bank reserves the right to modify/revise/add any other terms and condition as it may deem fit at its discretion. The bank may recover in part or in full or withdraw financial assistance at any stage without any notice or giving any reason for any such purposes whatsoever
The borrower should get the insurance of the hypothecated Stocks with Bank’s clause, else Bank reserves the right to insure the same at the Borrower’s cost. In such cases, the amount of premium shall be recovered from the borrowers
*Please Note:-Read all the terms and condition carefully before applying, In case of wrong submission of required data, application will be rejected.