Utkal Grameen Bank Business Loan Key Features
|Bank Interest Rate||Floating and linked with PLR|
|Tenure||From 12 months to 60 months|
|Lowest EMI per lakh||₹ 1,849|
|Loan Amount||Min ₹ 10 Lakh and Max ₹ 5 Crore|
|Part Prepayment, Charges||NA|
|Early Foreclosure, Charges||The foreclosure charge will be 2% + ST if loan closed after 12 months from the date of 1st disbursement.|
|Bank Processing Charges||1% of the loan amount|
|Repayment Period||From 12 months – 60 months|
|Prepayment Condition||No pre-payment permitted until repayment of 6 EMIs|
Interest Rate, Fees, and Charges (Self Employed Non-Professional)
|Interest Rate Charges||Floating and linked with PLR|
|Loan Processing Charges||1% of the loan amount + GST as applicable|
|Prepayment||No pre-payment permitted until repayment of 6 EMIs|
|EMI Cycle Change||Rs. 500 per instance|
|Stamp Duty & other statutory charges||As per applicable laws of the state|
|Cheque swapping charges||₹ 500/-|
|Amortization Schedule charges||₹ 200/-|
|Loan cancellation charges||Rs. 2000 + interest charges from the date of loan disbursement till the loan cancellation request|
|Cheque Bounce Charges||₹ 550/- per cheque bounce|
|Legal, Repossession and Incidental Charges||As per actuals|
|CIBIL Report Copy Charges||₹ 50 Per Copy|
Interest Rate, Fees, and Charges (Self Employed Professional)
[TABLE WILL APPEAR]
Advantages of Utkal Grameen Bank Business Loan
The Bank provides its customers with customized products to suit their specific requirements.
- No interference by the bank with how the applicant’s business is running.
- Neverending free ATM transactions at Tamilnad Mercantile Bank and another bank VISA ATMs in India.
- No charges on NEFT and RTGS transactions and demand drafts.
- Easy to access funds once the loan gets approved.
- A separate Reimbursement current account for seamless reimbursement management.
- Staff assisted digital account opening with Instant Welcome Packs.
- Reasonable interest rates to applicants with a rich relationship with the bank.
- Preferential rates on Personal and Home Loans.
Utkal Grameen Bank Business Loan Eligibility Criteria
|Age||23 – 65 years|
|Minimum Turnover||₹ 0|
|Business Existence (months)||12 months|
|ITR (months)||0 months|
|Loan Amount||₹ 10 Lakh to ₹ 5 Crore|
|Loan Tenure||84 months|
|Owned House or Place of Work||Not Required|
|CIBIL Score||750 and above|
Utkal Grameen Bank Business Loan Documents Required:
- Copy of Bank Statement
- Latest ITR and statement of computation of Income for the last 2 years
- Proof of continuity of business
- Other Mandatory Documents that are Sole Proprietorship Declaration, Certified copy of Memorandum & Articles of Association certified by a director
- Original Board resolution
- Financials audited/ certified by a CA
- Residence Proof: Lease agreement/ Electricity Bill / Passport / Trade license / Sales Tax Certificate
- Age Proof: Passport / PAN card / Voter’s identity card
- Proof for Identity: Passport / Ration card / Electricity Bill/ Lease agreement / Sales Tax certificate/Trade licence / Voter ID card / Passport / Driving License/ PAN Card and MAPIN card
- Financial Documents: Copy of IT returns for the last two years and the latest Bank statements for 6 months along with the Profit and Loss balance sheet for the last two years audited by a C.A.
* (If Pvt ltd Co. Then Partnership Authorisation Letter/ co-borrower if partnership firm just a co-borrower)*
Self Employed (Private Ltd. Co. and Partnership Firms)
- Identity proof of the company: PAN ID /VAT /Service tax / Sales tax /Excise registration, / IT return of the concern/ Electricity bill /Water bill/ Registration under Shops and Establishment Act/Municipal tax bill in the name of the concern, Articles of Association and Memorandum
- Proof of identity: To be submitted with two authorized signatories such as 2 Directors including the managing director, with (any one of the following): PAN card, Voter’s identity card, Passport, and Driving license
- Financial Documents: Copies of IT returns for the last two years and Profit and Loss balance sheet for the last two years audited by a C.A
Self Employed Individuals – Professionals
- Identity Proof for Sole Proprietorship: PAN ID / IT return of the concern or Municipal tax, and electricity bill in the name of the concern.
- Identity proof for the Sole Proprietor: Passport, Driving license, PAN card.
- Address Proof for the Sole Proprietor: Driving license, Voter’s identity card, Ration card, Passport
- Financial Documents: Copies of IT returns for the last two years and Bank statements for the last 6 months along with the Profit and Loss balance sheet for the last two years audited by a C.A
Self Employed Individuals – Non Professionals:
- Identity proof: Documents to be submitted for the sole proprietorship as well as for the individual’s (owner) identity.
- Copy of periodic stock, age-wise book-debt and creditors-statement for latest three months
- Copy of bank statement of main banker/copy of bank statement for the term loan for last months
- Financial Documents: Profit and Loss balance sheet for the last two years audited by a C.A, Sales tax returns for a minimum of 3 years, and the Copies of IT returns for the last three years.
EMI Calculator for Utkal Grameen Bank Business Loan
|Loan Amount||10 Year Loan||15 Year Loan||25 Year Loan|
|₹ 20 Lakh||₹ 24,958||₹ 19,871||₹ 16,307|
|₹ 30 Lakh||₹ 37,437||₹ 29,807||₹ 24,461|
|₹ 50 Lakh||₹ 62,395||₹ 49,678||₹ 40,768|
Calculate EMIs with the help of Dialabank EMI Calculator
Compare Utkal Grameen Bank Business Loan With Other Banks
|Particulars||Utkal Grameen Bank||Allahabad Bank|
|Interest Rate||Floating and linked with PLR||14.50%|
|Processing Fee||1.5%, Min Rs. 500||Rs. 229 – per lac, Min Rs. 2,038 Max Rs. 22,928|
|Tenure||From 12 months to 60 months||From 12 months to 84 months|
|Lowest EMI per lakh||₹ 1,849||₹ 1,902|
|Loan Amount||Min ₹ 10 Lakh and Max ₹ 7 Crore||Min ₹ 1 Lakh and Max ₹ 20 Lakh|
More Banks to compare with Utkal Grameen Bank Business Loan:
|Barclays Bank||Canara Bank||ICICI Bank||ING Vysya Bank|
|HSBC||Citibank||Kotak Mahindra Bank|
Video: How to apply for Utkal Grameen Bank Business Loan
[VIDEO WILL APPEAR]
Purpose of Utkal Grameen Bank Business Loan
Availing a Business Loan from the Bank will enable the following:
- Maintaining a healthy cash flow to make payments to the suppliers timely.
- Instant availability of liquidity to finance the daily needs of the business.
- The loan amount can be used to cover up all the expenses related to business expansion.
- Covers the cost of buying new or upgrading machinery or equipment.
- Covers the cost of purchasing new inventories.
EMIs of Several Banks and NBFCs for Different Tenures
The following table shows the approximate values of EMI’s offered by banks and NBFCs other than Utkal Grameen Bank
|Total Loan Amount||Loan Tenure|
|Loan Amount (Rs.)||10 years||15 years||25 years|
|2,500,000||₹ 31,197||₹ 24,839||20,384|
|5,000,000||₹ 62,395||₹ 49,678||40,768|
|7,500,000||₹ 93,592||₹ 74,516||61,152|
|10,000,000||₹ 1.25 Lakh||₹ 99,355||81,536|
Other Loan Products from Utkal Grameen Bank
|Personal Loan||Gold Loan|
|Car Loan||Education Loan|
Why should you apply for Utkal Grameen Bank Business Loan at Dialabank?
DialaBank is India’s first online banking helpline service. It acts as a bridge between you and your preferred bank choice by minimizing the complex paperwork and application process. Sorting out the best offer as per your requirements is main mastercard Dialabank possesses as it has successfully delivered all the promised terms to all its customers without any fail.
How to calculate EMI for Utkal Grameen Bank Business Loan?
|LOAN AMOUNT||INTEREST RATE||TENURE||MONTHLY INSTALMENT||TOTAL INTEREST AMOUNT||TOTAL AMOUNT|
|₹ 3,00,000||14.10%||1||₹ 26,555||₹ 18,661||₹ 3,18,661|
|₹ 3,00,000||14.10%||2||₹ 14,023||₹ 36,547||₹ 3,36,547|
|₹ 3,00,000||14.10%||3||₹ 9863||₹ 55,063||₹ 3,55,063|
|₹ 3,00,000||14.10%||4||₹ 7796||₹ 74,207||₹ 3,74,207|
|₹ 3,00,000||14.10%||5||₹ 6566||₹ 93,972||₹ 3,93,972|
You can also calculate the specific loan amount EMIs on Dialabank EMI Calculator
Benefits of Utkal Grameen Bank Business Loan
The bank offers Business loans to self-employed and businessmen/women for financing the expansion or working capital requirements of their business. There are many benefits of availing loan from the bank:
- Dropline Overdraft to save interest.
- High loan amount up to Rs. 75 Lakh.
- No collateral or guarantor is required.
- The balance transfer option is available.
- Flexible tenure and easy process.
- Fast Approvals and disbursals.
- Low and flexible interest rates.
- Simple and minimum paperwork required.
Utkal Grameen Bank Business Loan Processing Time
For loan applications for Commercial Banking customers, the Bank will take 30 working days to communicate the decision, once all the information required by the Bank is appropriately submitted by the customer.
Utkal Grameen Bank Business Loan Preclosure
The bank’s Business Loan Preclosure charges are 1% Loan amount at the time of the disbursals’.
Pre Calculated EMI Table for Utkal Grameen Bank Business Loan
The Loan EMI in the bank depends upon the occupation (businessmen, self-employed, salaried), loan amount, loan tenure, and interest rate.
|Loan Amount||5 Year Loan||7 Year Loan||15 Year Loan|
|₹ 20 Lakh||₹ 42,298||₹ 32,996||₹ 21,248|
|₹ 30 Lakh||₹ 63,446||₹ 49,494||₹ 31,872|
|₹ 50 Lakh||₹ 1,05,744||₹ 82,490||₹ 53,120|
How to Apply for Utkal Grameen Bank Business Loan Online?
- Visit Dialabank.
- Go to the loan section and click on the Business Loan link.
- Check the eligibility criteria for the Business loan offered by the bank and fill a user-friendly online application form for Business Loan.
- One of our relationship managers will get in touch with you for the further process.
- For more information and free guidance, you may call on +919878981166.
Utkal Grameen Bank Business Loan Status
Call at +919878981166 or by visiting the Main Utkal Grameen Bank Website.
Dialabank Utkal Grameen Bank Business Loan Customer Care Number
To find the solution to your queries regarding a business loan, give a call at +919878981166
Dialabank helps you to find the best option for Banks and NBFCs by providing you with a detailed market comparison of different banks so that you can make the right choice.
Utkal Grameen Bank Business Loan FAQs
✅ Why should one take a business loan from Utkal Grameen Bank?
Utkal Grameen Bank offers loans at a 10.70 % rate with the lowest EMI of ₹ 1,075 per lakh.
✅ How do I repay my business loan?
It should be repaid via EMIs with standing instructions and a post-dated cheque.
✅ What are the minimum and maximum tenure of business loans in Utkal Grameen Bank?
These loans are shorter tenure loans. You can repay your loan in a flexible period of a minimum of 12 months to a maximum of 60 months.
✅ How much business loan amount I can borrow from Utkal Grameen Bank?
The Bank offers a loan of a minimum amount of ₹ 10 Lakh to a maximum amount of ₹ 5 Crore.
✅ What is the processing fee charged by Utkal Grameen Bank on business loans?
The bank charges a processing fee with its applicable tax.
Table of Contents
- 1 Utkal Grameen Bank Business Loan Key Features
- 2 Interest Rate, Fees, and Charges (Self Employed Non-Professional)
- 3 Interest Rate, Fees, and Charges (Self Employed Professional)
- 4 Advantages of Utkal Grameen Bank Business Loan
- 5 Utkal Grameen Bank Business Loan Eligibility Criteria
- 6 Utkal Grameen Bank Business Loan Documents Required:
- 7 EMI Calculator for Utkal Grameen Bank Business Loan
- 8 Compare Utkal Grameen Bank Business Loan With Other Banks
- 9 Video: How to apply for Utkal Grameen Bank Business Loan
- 10 Purpose of Utkal Grameen Bank Business Loan
- 11 EMIs of Several Banks and NBFCs for Different Tenures
- 12 Other Loan Products from Utkal Grameen Bank
- 13 Why should you apply for Utkal Grameen Bank Business Loan at Dialabank?
- 14 How to calculate EMI for Utkal Grameen Bank Business Loan?
- 15 Benefits of Utkal Grameen Bank Business Loan
- 16 Utkal Grameen Bank Business Loan Processing Time
- 17 Utkal Grameen Bank Business Loan Preclosure
- 18 Pre Calculated EMI Table for Utkal Grameen Bank Business Loan
- 19 How to Apply for Utkal Grameen Bank Business Loan Online?
- 20 Utkal Grameen Bank Business Loan Status
- 21 Dialabank Utkal Grameen Bank Business Loan Customer Care Number
- 22 Utkal Grameen Bank Business Loan FAQs