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Udyogini Loans

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Status: Active

Classification: Private Sector Scheme

Release Date(s):
30th July 2022
27th January 2021

Offering: Loan/Credit

Entity Type: Co-operative Bank

Reading Time: 5 Mins

Ticket Size: ₹ 10 Lakhs - ₹ 2 Crore

Entity Name: Saraswat Co-operative Bank Ltd.

#Views: 61

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 updation, 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 email.

 

About the scheme…
Udyogini Loans was launched by Saraswat Co-operative Bank Ltd. (Saraswat Bank) to take care of financial requirements of women entrepreneurs in order for them to concentrate on their business growth.

Saraswat Bank is India’s largest Urban Co-operative Bank and is spread across six states – Maharashtra, Goa, Gujarat, Delhi, Madhya Pradesh and Karnataka.

 

How is it being implemented?

Under Udyogni Loans, direct financial assistance, in the form of loans, is given to

Note:
W.e.f. 1st July 2020, definition of Micro, Small & Medium Enterprise under Micro, Small & Medium Enterprises Development (MSMED) Act, 2006 has been revised as follows:

  • Micro Enterprise: Where investment in Plant &Machinery or Equipment does not exceed ₹1 Crore and turnover does not exceed ₹5 Crores
  • Small Enterprise: Where investment in Plant & Machinery or Equipment does not exceed ₹10 Crores and turnover does not exceed ₹50 Crores
  • Medium Enterprise: Where investment in Plant & Machinery or Equipment does not exceed ₹50 Crores and turnover does not exceed ₹250 Crores

If an Enterprise crosses the ceiling limits specified for its present category in either of the two criteria of investment or turnover, it will cease to exist in that category and be placed in the next higher category but no Enterprise shall be placed in the lower category unless it goes below the ceiling limits specified for its present category in both the criteria of investment as well as turnover.

 

What’s on offer?
I. Product: 

  • Micro Enterprise: ticket size upto ₹10 Lakhs
  • Small Enterprise: ticket size from ₹10 Lakhs to ₹1 Crore
  • Medium Enterprise: ticket size from ₹1 Crore to ₹2 Crores

For more information around whether the loan offering is a term loan, working capital facility or both, please contact Saraswat Bank via means mentioned below.

II. Purpose:

  • Acquisition of fixed assets
  • Working capital requirements

III. Borrower Type

  • Sole Proprietorship, Partnership Firm, Private Limited Company, Public Limited Company, Co-operative Society

IV. Security or Collateral or Guarantee or Insurance

  • Nil security
  • Hypothecation of assets created out of Bank’s finance
  • Collateral Security
    • Micro Enterprise – Nil
    • Small Enterprise – 20%
    • Medium Enterprise – 30%
  • Guarantor
    • Micro Enterprise – Guarantee of spouse or a family member, wherever required
    • Small Enterprise – 2 Guarantors
    • Medium Enterprise – 2 Guarantors
  • For information around requirement of insurance, please contact Saraswat Bank via means mentioned below

V. Interest Rate

  • Prime Lending Rate (PLR) Less 4% across Micro, Small & Medium Enterprises

Saraswat Bank’s PLR effective from June 15, 2022 has been 14.75%. Consequently, the interest rate applicable on the Scheme is 10.75%

VI. Processing fee

  • Micro Enterprise: ₹5,000
  • Small Enterprise:
    • For loans upto ₹10 Lakhs – ₹5,000
    • For loans above ₹10 Lakhs upto ₹25 Lakhs – ₹7,000
    • For loans above ₹25 Lakhs – ₹10,000
  • Medium Enterprise: ₹15,000 or 1% of loan amount, whichever is lower

VII. Margin money requirement

  • Micro Enterprise: nil
  • Small and Medium Enterprise: Bank’s norm Less 20-25%

VIII. Tenure, Repayments & Pre-Closures

  • Micro and Small Enterprise: 6 years
  • Medium Enterprise: 7 years
  • For information around pre-closures, please contact Saraswat Bank via means mentioned below

IX. Turnaround Time

  • For information around turnaround time, please contact Saraswat Bank via means mentioned below

 

Interested? Read ahead to check your eligibility….

I. Are you running a Micro-enterprise or Small-enterprise or Medium-enterprise defined per MSMED Act, meaning Investment in Plant & Machinery or Equipment of your Enterprise does not exceed ₹50 Crores and Turnover does not exceed ₹250 Crores?

II. To check your eligibility, please contact Saraswat Bank via means mentioned below, as no specific criteria is available in the public domain other than the details mentioned above

 

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

I. Details for Saraswat Bank’s Udyogini Loans don’t seem to be available in the public domain

 

So, now, how should you go about it?

I. For submitting application and documents:
Visit a Saraswat Bank branch nearest to you

II. For information on indicative loan application form and list of documentation, please download
“Common Loan Application form for Small and Medium Enterprises upto Rs. 25 Lakhs” and/or “Application Form for Commercial Advances up to Rs. 500 Lakhs” by clicking here

III. For any queries,

Please contact Saraswat Bank on phone 24/7 on 1800 229 999 or 1800 266 5555

OR

Request a call back by filling in the details here

OR

Visit their nearest branch. Click the link to find a branch nearest to you

 

Go on then…and do spread the word!

 

Sources:

  1. About the Scheme
  2. About Saraswat Bank’s Latest PLR
  3. Saraswat Bank’s Latest Annual Report

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