Ujjivan Small Finance Bank on wednesday announced the launch of its overdraft facility for micro and small enterprises (MSE). The facility is an add-on product to the existing MSE term loans offered by the bank.

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The bank will offer this facility to all MSEs with a turnover of Rs 50 lakh or more, Ujjivan SFB said in a release. This interest rate on the overdraft is for one year with a credit limit between a minimum Rs 11 lakh to a maximum of Rs 50 lakh which can be renewed on an annual basis.

"This offering is aimed at the MSEs who don't have easy access to formal credit given their turnover limitations. With this facility, we now offer a complete range of formal banking solutions to MSEs to meet all their business needs," said Samit Ghosh, Managing Director & CEO, Ujjivan Small Finance Bank. Ujjivan Small Finance Bank (Ujjivan SFB) started its banking operations in February 2017. It has over 300 branches with its presence across 24 states and union territories.