UCO Bank brings you the Digital SHG Loan, a fully digital platform for sustainable livelihood activities of SHG members. With simple and real-time validation, you can apply and receive instant In-sanction letter. SHG should practice the panchasutras. Facility is proposed to be available in E-Banking and M-Banking. Customer can apply for Digital SHG Loan with their Mobile no/Account no by clicking on Start Application.
KEY FACT STATEMENT (Illustration)
Particulars
Details
Purpose
For sustainable livelihood activities of SHG members.
Eligibility Criteria
• Existing to Bank (ETB) as per bank internal criteria, including being in active Self Help Group for a minimum of six months, practising the panchasutras. • CIBIL Score of signatories should be >= 650. • No SMA-2/NPA in any trade line in the past 12 months will be eligible. • KYC compliant accounts.
Minimum 650 CIBIL score required. (There should not be any SMA2/NPA / Restructured / Write-off account in CIBIL)
Margin
Not Required
Repayment Tenor
Sanction limit for 1 Year and limit to be renewed every year.
Security
No collateral security is required.
Rate of Interest
Up to 3 Lakh – 7 % Above 3.0 Lac and up to Rs.5.0 Lac- 1 Year MCLR or 10 % P.A whichever is lower i.e 8.75, Above Rs.5.00 Lac up to Rs.10.00 Lac. - 1 Year MCLR+2.40% (8.75+2.40) 11.15%
Documentation
Manual documentation
Minimum and Maximum Number of SHG Member
Minimum 10 and maximum 20 female members are allowed for formation of SHG group. (In some difficult/tribal areas, it can be 5 member)
Point of Contact
For any query please contact Base Branch • Customer Care: 18008910 • Email:- hosp.cscell@ucobank.co.in
