A photosensitive insulating paste contains a borosilicate glass powder and a crystalline SiO2 powder, wherein the powders are dispersed in a photosensitive organic vehicle and the paste contains the crystalline SiO2 component in an amount of about 3-40 wt. % after sintering. A thick-film multi-layer circuit substrate (e.g., chip inductor) comprising an insulating substrate on which insulating layers are formed, wherein the insulating layers are formed through exposure, development and sintering, after the application of the photosensitive insulating paste.