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    Uttrayan Financial Services

    Overview about Uttrayan Financial Services Pvt Ltd Micro Finance

    Uttrayan Financial Service Pvt Ltd started out in February 2009 as an NBFC-MFI (non-banking financial company – micro financing institution) with the aim to improve the livelihood of the deprived women in India. The group started out with small ticket size loans to deprived women in rural and semi-urban areas through group scheme, who possess the skills but are limited by financial requirements to earn through their skills. The group is based out of West Bengal and currently has over 77,000 clients with plans to expand to other regions in the future.

    Uttrayan Micro Finance

    This product is aimed at the deprived women of the society so that they are financially empowered and can work towards a better life standard. The loan is available only for activities that generate income for the women or their households. The microfinance product has following features:

    • Loans available up to Rs.8,000 for first cycle borrowers.
    • Loans up to Rs.20,000 available for buyers who have reached till the fifth cycle.
    • Rs.3,000 loan amount on top of Rs.20,000 for every cycle exceeding the fifth cycle, subject to a maximum amount of Rs.50,000.
    • No collateral or security.
    • Interest rate of 26% p.a.
    • 1% loan processing fee.
    • 0.6% insurance charge as charge by LIC.
    • Tenure of 1 year for amounts up to Rs.15,000 and 2 years for higher amounts.
    • Flexible repayment frequencies including weekly, fortnightly or monthly payments.
    • Maximum loan amount of Rs.50,000 for any borrower.
    • No prepayment charges.
    • Household income of applicants in rural areas should not exceed Rs.60,000 p.a. and that of urban households should be up to Rs.1.2 lakhs p.a. maximum to be eligible for this loan.
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