Consolidation Loans from Utkarsh Small Finance Bank
Different loan schemes for debt consolidation from Utkarsh Small Finance Bank
Utkarsh Small Finance Bank, a small finance bank based in Jaipur, offers multiple financial products to different segments of its customer base. As of October 2020, Utkarsh Small Finance Bank offers a wide range of retail banking and MSME banking services in addition to others. The bank gives its retail customers a range of loans to suit their different needs.
Utkarsh Small Finance Bank Consolidation Loans
An Utkarsh Small Finance Bank consolidation loan helps customers pay off all their debts and consolidate them into one and repay it easily by choosing favourable terms. Consolidation loans can be divided into two categories: unsecured loans like personal loans and secured loans like loans against property, gold, time deposits, or securities.
Top-up loans and balance of transfer loans can also be considered suitable for debt consolidation if they are used to consolidate debts.
Consolidation loans make the lives of borrowers easier since they only have to think of making one repayment per month instead of worrying about making multiple repayments all through the month. The overall debt burden may also reduce since consolidation loans are usually chosen by comparing interest rates and repayment periods.
Please note here that Utkarsh Small Finance Bank does not label a specific loan as a consolidation loan. Instead, a few schemes can be used for the purpose of consolidating debts even if they are not directly labelled so. Here are some of the loan schemes offered by Utkarsh Small Finance Bank that you can avail as a consolidation loan:
- Personal Loan
- Loan Against Property
- Home Loan Plus
- Home Loan Balance Transfer
We give you a brief introduction to each of these consolidation loans below. In addition, you have the option to click further and read in detail about each loan (the link takes you to another page on our website). This specific page has been specifically designed so that you can get all the information you need on that loan in an uncluttered and easy-to-read format.
Utkarsh Small Finance Bank Personal Loan
This loan is specifically designed for salaried employees of govt. organisations and reputed private organisations to help them get funds to meet their urgent financial needs. This personal loan can also be repurposed into a consolidation loan to pay off their high-interest credit card debts and loans.
Features of Utkarsh Small Finance Bank Personal Loan
Why this Loan?
- The Utkarsh Small Finance Bank Personal Loan is meant for salaried employees of government units/institutions or reputed private organisations who need funds to meet their personal needs. This loan can also be used to pay off high-interest debts, thereby consolidating debt
- This is a collateral-free loan
Utkarsh Small Finance Bank Loan Against Property
This loan helps borrowers get access to funds by mortgaging their property to meet their urgent financial needs. Borrowers can avail this loan to purchase a new property, pay for renovation or repair of their home, child’s wedding expenses, dream vacation, medical exigencies, debt consolidation and so on.
Features of Utkarsh Small Finance Bank Loan Against Property
Why this Loan?
- The Utkarsh Small Finance Bank Loan Against Property is meant for borrowers who want to avail financial assistance by mortgaging their property to the bank to meet their urgent financial needs other than for capital market, trading or speculative purposes
- This loan can also be repurposed into a consolidation loan to pay off high-interest debts
Utkarsh Small Finance Bank Home Loan Plus
This top-up loan helps Utkarsh Small Finance Bank home loan borrowers to get financial assistance for meeting their personal needs. In addition to being used to meet financial expenses directly related to the house such as home repair, home renovation or extension, this loan can also be used as a consolidation loan to pay off debts. Many borrowers also use this loan to pay for other personal expenses such as medical bills, dream vacation, child’s education, etc.
Features of Utkarsh Small Finance Bank Home Loan Plus
Why this Loan?
- The Utkarsh Small Finance Bank Home Loan Plus is meant for existing Utkarsh Small Finance Bank home loan borrowers who need assistance to meet financial needs for personal needs such as expenses for wedding, education, domestic/overseas travel, debt consolidation, home extension, home repair, etc.
- The bank offers flexible loan tenures and competitive interest rates on this scheme
- There are no foreclosure charges for this loan
Utkarsh Small Finance Bank Home Loan Balance Transfer
This scheme is designed for home loan borrowers from other banks to help them transfer it to Utkarsh Small Finance Bank. This is the perfect consolidation loan scheme for home loan borrowers since the bank offers flexible loan tenure and competitive interest rate.
Features of Utkarsh Small Finance Bank Home Loan Balance Transfer
Why this Loan?
- The Utkarsh Small Finance Bank Home Loan Balance Transfer is meant for home loan borrowers who want to transfer their home loan from other banks to Utkarsh Small Finance Bank
- The bank offers flexible loan tenures and competitive interest rates on this scheme
- There are no foreclosure charges on this loan
Important Note: Utkarsh Small Finance Bank may offer more consolidation loan options that are not yet published on the website. If you prefer we suggest that you get in touch with the nearest branch to check the loan schemes they offer. This will also help you get a custom quote since many loan schemes are need-based and certain charges such as application charges, service charges, strategic premium, etc. may be decided on a case-to-case basis.
Interest Rate for Utkarsh Small Finance Bank Consolidation Loans
- As of October 2020, this information is not mentioned on the bank’s website. We suggest calling the bank’s customer care number to get in touch with a bank representative to get more details
Documents Needed for Individuals (Salaried and Self-employed)
- Loan Application Form duly filled and signed by the applicant and co-applicant, if any
- Two Passport Size Photographs of applicant and co-applicant
- Personal ID Proof: Aadhaar Card, PAN Card, Passport or Driving License. PAN Card / PAN Card Issuing Letter is must
- Signature Proof: PAN Card, Banker’s Verification, Driving License or Passport
- Residential Address Proof (Any One): Aadhaar Card, Electricity Bill, Post-paid Phone Bill, Valid Rent Agreement
- Income/Banking Proof for Salaried Professionals: Last 3 months’ salary slip, Form 16 or income tax returns
- Income/Banking Proof for Self-employed Professionals/Self-employed Non Professionals: Computation of income of last 2 years, Balance Sheet, Profit and Loss Account, Registration Certificate, GST Return, Income Tax Challan/ Form 26AS/TDS Certificate, IT Assessment, etc.
Documents Needed for Proprietorship and Partnership Firms
- Loan Application Form duly filled and signed
- Partnership Deed and Partnership Registration Certificate
- ID Proof of the Firm: Firm PAN Card or PAN Issuing Letter
- Office Address Proof: Electricity Bill, Post-paid Phone Bill, Valid Rent Agreement
- Income Proof: CMA Data and Project Report, Debtors and Creditors Certificate, GST Return, Last 3 years ITR of applicant and co-applicant, Audited or CA Certified Computation of Income/Trading Account/Profit and Loss Account/Balance Sheet, Annual Audit Report and Tax Audit Report if audited, Form 16A if applicable, Net Worth of applicants, co-applicants and guarantors
- Banking Proof: Last 1-year Statement of Company’s Major Account, Current Account, Cash Credit Account, Overdraft Account, Loan Statement of Running Loans, Latest Closed Loan NOC and Last 6-months Bank Statement of Applicant and Co-applicant’s Savings Account
Reference Facts
- Utkarsh Small Finance Bank Website: www.utkarsh.bank
- Headquarters: Varanasi, Uttar Pradesh
- Call Centre Toll-Free Number: 1800 180 6878, 1800 208 1788, 1800 123 9878