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Pragati Scheme

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Status: Active

Classification: Private Sector Scheme

Release Date(s):
30th April 2024

Offering: Loan/Credit

Entity Type: NBFC

Reading Time: 5 Mins

Ticket Size: Upto ₹5 Crores

#Views: 12

Disclaimer….before you read ahead!

The information contained herein is of a general nature and for information purposes only, with the intent of raising awareness around various resources, schemes etc. available for women entrepreneurs in India. It is not intended to address the circumstances of any particular individual or entity. It does not purport to be all-inclusive or necessarily contain all the information that may be relevant for the reader, and may be subject to updating, revision or amendment. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to remain accurate in the future. The reader, therefore, is required to exercise their discretion; and not act on such information without appropriate professional advice after a thorough examination of the particular situation.

Furthermore, we are not a lender and are not authorized by the Reserve Bank of India to act as one. By disseminating the information contained herein, we are not soliciting any borrower or customers for the company or organization mentioned herein nor do we intend to syndicate any capital for the reader of this article.

 

About this scheme…

Pragati Scheme was launched in March 2024 by UGRO Capital Limited (UGRO), a non-deposit taking Non-Banking Financial Company (NBFC) registered with Reserve Bank of India (RBI), to improve access of finance to women owned businesses across the country and encourage their entrepreneurial spirit.

 

How is it being implemented?

Under this Scheme, direct financial assistance in the form of loans is given exclusively to,

  • Women owned or co-owned businesses

 

What’s on offer?

I. Product

  • Term loan
  • Ticket Size: upto ₹5 Crores

 

II. Purpose:

  • Investment/acquisition of fixed assets to expand business operations, upgrade plant & machinery
  • Working capital requirements
  • Embrace sustainability with green initiatives like installing solar rooftop and EVs

 

III. Borrower Type:

  • Individuals, Sole Proprietorship, Partnership, Limited Liability Partnership (LLP), Private Limited Company, Public Limited Company
  • For more information around this, please contact UGRO via means mentioned below

 

IV. Security or Collateral or Guarantee or Insurance

  • Security: First charge over assets created out of the loan disbursed under the Scheme
  • Collateral: Will be required only if the borrower chooses to go for a secured business loan instead of unsecured business loan under the Scheme
  • Guarantee: For more information around this, please contact UGRO via means mentioned below
  • Insurance: For more information around this, please contact UGRO via means mentioned below

 

V. Interest Rate

  • Interest rates can be floating or fixed
  • Ranges between 9.00% to 36.00% depending upon UGRO Reference Rate, inherent credit and default risk in the products, customer profile, past repayment track record of the customer, customer segment, market reputation, nature and value of primary and collateral securities, external ratings of the customers , industry trends, etc.
  • UGRO Reference Rate is 15.40% w.e.f January 25, 2024

 

VI. Processing Fee

  • Typically upto 4% of loan amount sanctioned
  • For women owned/co-owned businesses, there may be a 50% discount offered on the processing fee. For more information around this, please contact UGRO via means mentioned below

 

VII. Margin Money Requirement

  • For more information around this, please contact UGRO via means mentioned below

 

VIII. Tenure, Repayments & Pre-Closures

  • Tenure: 12 months – 15 years
  • Repayments: EMIs
  • Pre-payment & Foreclosure Charges:
    • Pre-payment done upto a maximum of 25% of principal outstanding AND within 12 months of loan sanction date: 4% of outstanding being pre-paid
    • Pre-payment done above 25% of principal outstanding within OR after 12 months of loan sanction date & pre-payments after 12 months of loan sanction date: 6% of outstanding being pre-paid
    • Foreclosure charges: 6% of principal outstanding

 

IX. Turnaround Time

  • May take 4-5 business days as the loan is processed digitally and requires less documentation
  • For more information around this, please contact UGRO via means mentioned below

 

Interested? Read ahead to check your eligibility….

I. Do you own or co-own you business?

 

If your answers to the questions above are an emphatic YES, you are all set to avail loan under Pragati Scheme!

 

 

So…how big is this scheme and what has been done so far?

I. Details of progress under this Scheme do not seem to be available in the public domain

 

So, now, how should you go about it?

I. For submitting application,

 

OR

 

II. For information on documentation requirements, please scroll down here

 

III. For any queries, please contact UGRO via:

 

OR

  • Call on 022-41821655 or toll free number 1800-202-8476

 

OR

 

Go on then…and do spread the word!

 

Sources:
1. About Pragati Scheme
2. UGRO Capital Limited Investor Presentation January 2024
3. UGRO Capital Limited Annual Report 2022-23
4. UGRO Capital Limited Latest Credit Rating Report March 2024
5. Latest News on Pragati Scheme: UGRO Capital unveils Pragati business loan for Women Entrepreneurs

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