Ujjivan Small Finance Bank helps people who usually don't get help from banks. It's like a special bank that gives money help to those who don't have much. They offer different ways to help people with money who are often left out by regular banks.
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| Interest Rates | ||
| Fees & Charges | ||
| Eligibility Criteria | ||
| Documents Required | ||
| FAQs | ||
Also, Ujjivan Small Finance Bank (USFL) is a bank that's officially recognized by the Reserve Bank of India. They offer different types of loans for small businesses at interest rates starting from 12% per year.
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Ujjivan Small Finance Bank MSE Loan |
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| Category/Loan Type | Secured Business Loan | Secured Enterprise Loan | Overdraft Against Property | Business Edge Term Loan | Business Edge Overdraft |
| Interest Rate | 17% onwards | 14% onwards | 14% onwards | 13% onwards | 12% onwards |
| Repayment Tenure | 36-120 months | 36-120 months | 12 months | 36-120 months | 12 months |
| Loan Amount | Rs. 10 lakh- Rs. 25 lakh | Rs. 10 lakh – Rs. 50 lakh | Rs. 11 lakh – Rs. 50 lakh | Rs. 25 lakh – Rs. 200 lakh | Rs. 25 lakh – Rs. 200 lakh |
Please note that the interest rates, fees, and charges mentioned are subject to change and are decided solely by the bank and RBI. Additionally, GST and service tax will be added to the mentioned charges.
Also read: Best Business Loan Interest Rate
| Fees and Charges | |
|---|---|
| Processing Fees | Up to 2.50% of the loan amount + GST |
| Documentation Charges | Up to Rs. 10,000 + GST |
| Stamp Duty | At Actuals |
| CERSAI Charges | Rs. 50 + GST for loan amount up to Rs. 5 lakh |
| Life Insurance Premium for Borrower | As per guidelines of insurer |
Additional charges such as pre-payment charges, foreclosure charges, penal interest, etc., are applied according to the terms outlined in the Sanction Letter provided by the NBFC (Non-Banking Financial Company).
Also read: Best Business Loan EMI Calculator
Ujjivan Small Finance Bank's MSE (Micro and Small Enterprises) loans are available for both registered and unregistered MSEs (Micro and Small Enterprises) in three priority sectors, with minimum annual sales turnover requirements as specified below:
Also read: Best Business Loan Eligibility
Also Read : Best Business Loan Documents Required
Yes, it's possible to get your bike financed even as a student if you meet the specific eligibility criteria set by the lenders.
The best loan for financing your bike or scooter is the one with the lowest interest rate. This way, you'll have to pay less in monthly installments (EMIs) throughout your loan term.
To get financing for your motorcycle, bike, or scooter, you can easily apply for the loan online from home. Or, if you prefer, you can go directly to a bike shop and apply for the loan there by giving them the documents they need
You can check your loan status online through internet banking. Another option is to visit the closest branch of the bank or financial institution that's providing the loan.
Many lenders consider a credit score of 620 and above to be good when giving out loans for motorcycles, superbikes, or scooters. However, if your credit score is lower than 620, you can still find lenders who may be willing to give you a loan, although they might charge a higher interest rate.
Banks allow you to make prepayments after successfully paying 3-6 EMIs. Depending on the number of EMIs you've already paid, there might be a small fee applicable on the outstanding amount when you choose to prepay.