Ujjivan Small Finance Bank, a wholly owned subsidiary of Ujjivan Financial Services Limited, launched personal loan facility for salaried professionals making it the first small finance bank in India to offer this.
The product will be launched across 14 tier I and tier II locations including Ahmedabad, Bengaluru, Delhi, Kolkata, Pune, Surat, Mumbai, Mysuru, Ankaleshwar,Coimbatore, Kochi, Chennai and Vadodara. The facility is a new product to the existing loans offered by the bank - Home Loan (for purchase of property and construction) and Business loans.
The personal loan will be available for salaried professionals who are earning a monthly salary above Rs 15, 000. Individuals can avail loans starting from Rs 50,000 up to Rs 15 lakhs.
One of the key features of the product is its attractive interest rate with complete digital processing. An individual may get the loan without any collateral or deposit of any asset; however, the bank will consider the credit history of the individual. Ujjivan will provide a flexible time frame of 12 to 60 months for an individual to pay EMI. The bank is utilizing e-sign to ensure paperless processing during the post-sanction phase.
Announcing this new bank facility to customers, Samit Ghosh, MD & CEO, Ujjivan Small Finance Bank Ltd said “This offering is aimed at reaching out to the customer segment that is deprived from availing these facilities due to lack of formal institution serving them. We will continue to expand our product offerings so that we can diversify into retail assets and fulfil customized needs of the mass market segment.”