Ujjivan Small Finance Bank Personal Loan

Ujjivan Small Finance Bank Personal Loan Kaise Le 2024

Thala Blogger June 15, 2024 Banking, Business Loans, Personal Loans Leave a comment 82 Views

Ujjivan Small Finance Bank Personal Loan: If you are planning for Ujjivan Small Finance Bank Personal Loan. Then you are at the right place. Here you will get complete information. The loan is structured in such a way that you get the money immediately without any hassle. It has distinctive features such as low processing time and documentation, so that you have quick access to funds when you need them.

Let us first know about Ujjivan Small Finance Bank. Further you will get all the loan related information in detail. About Ujjivan Bank Personal Loan.

Ujjivan Small Finance Bank is a subsidiary bank wholly owned by Ujjivan Financial Services Limited. The Bank specifically caters to segments that are underserved or unserved. This bank aims to create a spirit of financial inclusion in India. They help people who are considered “economically active poor”.

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They get access to financial assistance, which other institutions do not generally provide. The bank has a huge customer base of 4.72 million. It operates in a total of 24 states and union territories to provide customers access to easy and affordable personal loan options across India.

They have launched a new personal loan product for salaried professionals in the personal loan segment by small finance banks in India.

Ujjivan Bank Personal Loan helps you meet any of your personal financial needs and also, helps you deal with any unexpected emergencies that you may face. Ujjivan Bank Personal Loan can be availed for higher education, home renovation, medical expenses, festival shopping, wedding expenses, holiday planning and much more.

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Table of Contents

Types of Ujjivan Personal Loan:

1. Ujjivan Personal Loan for Open Market Customers:

Purpose: This loan is given to salary account holders (in Ujjivan Small Finance Bank or any other bank) to meet various personal needs like marriage, medical expenses, education, foreign travel etc.

Loan amount: ₹50,000 to ₹15 lakh
Duration: up to 5 years

2. Ujjivan Personal Loan for Employed People:

Purpose: This loan is given to those employed people who have a salary account with Ujjivan Small Finance Bank.

Loan amount: ₹25,000 to ₹15 lakh
Duration: up to 5 years

3. Ujjivan Personal Loan for Non-Employed:

Purpose: This loan is given to non-employed (self-employed) people to meet various personal needs like marriage, education, foreign travel and medical treatment.

Loan amount: ₹50,000 to ₹15 lakh
Duration: up to 5 years

Example:

Suppose you are a working person and you need a loan of ₹5 lakh for your wedding. You can take a personal loan for employed people from Ujjivan Small Finance Bank. You can get an amount ranging from ₹25,000 to ₹15 lakh for this loan and you can repay it for 5 years.

Suppose you are a non-employed person and you need a loan of ₹10 lakh for your child’s education. You can take a personal loan for non-employed from Ujjivan Small Finance Bank. For this loan, you can get an amount ranging from ₹50,000 to ₹15 lakh and you can repay it for 5 years.

Features and Benefits of Ujjivan Small Finance Bank Personal Loan

Ujjivan Small Finance Bank Personal Loans are designed to cater to a wide customer base, hence they come with a number of special features. Some of the unique features of the loan are mentioned below:

How much loan will be available:

Customers can get minimum Rs 50,000 and maximum Rs 15 lakh.

Best rates of interest:

To make repayment easier, they offer competitive interest rates. Currently the interest rate ranges between 16.49% and 23.99%. The interest rate on a personal loan depends on various factors, such as the income of the individual, their credit score, etc.

Flexible Repayment Tenure:

The loan repayment tenure ranges between 1 to 5 years. Repayment can be done in easy EMIs during this period.

Minimum Documentation:

Banks are able to disburse the loan in minimum time, documentation is very less with these loans.

Gets quick approval:

These personal loans get approved within 72 hours or 3 working days of application submission.

Insurance Plan:

To help customers repay even in difficult financial situations, the loan plan also extends insurance policies covering personal loans.

No guarantor required:

You do not need to provide any collateral against these loans, making it very easy for you to get the loan you need.

Pre-closure Charges:

To help you close your loans faster, Ujjivan also gives you the option to close your loan account early. However, there is no partial payment option available with this bank.

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Who can avail Ujjivan Small Finance Bank Personal Loan?

The eligibility criteria for Ujjivan Small Finance Bank Personal Loan is quite straightforward. This is done to ensure that individuals can easily get approval on their loans.

The applicant must have some regular source of income.
These loans are provided only to salaried individuals.
The individual must have a minimum net monthly salary that is greater than or equal to the minimum wage limit set by the state.
Your net monthly salary should be at least Rs. Should be 15,000.
The final decision to approve the loan to the individual is based on the discretion of Ujjivan Small Finance Bank.

Documents for Ujjivan Small Finance Bank Personal Loan

As already mentioned, documentation is less with Ujjivan Small Finance Bank Personal Loan. This is another measure that has been taken to ensure that the processing time for loans is reduced.

The documents you need to submit with your application form are as follows:

Address Proof (any one of these): Passport/ Driving License/ Voter ID/ Aadhar Card Income Proof: Salary slip of last 3 months.
Salary account statement for the last 6 months, showing that salary has been credited to the account.
PAN card
ID card of the company the applicant is working for.
Passport size photo

The Bank may request additional documents as per the application and eligibility criteria of the applicant. In such cases, one has to submit the necessary documents to resume the loan amount.

How much interest does Ujjivan Small Finance Bank charge on personal loan:

The ROI applicable on the loan is based on the per annum rate agreed upon on the balance which is reducing daily.

Additional Information:

Pre-closure charge is a percentage of the loan outstanding amount that is charged for closing the loan before the loan has been repaid.
Balance transfer fee is a fee charged for transferring a loan from one bank to another.
Other charges may also apply for Ujjivan Small Finance Bank Personal Loan, such as processing fee, late payment fee, and check return fee.
It is important to get information about all the fees from the bank before taking the loan.

Example:

Suppose you have taken a Ujjivan Personal Loan of ₹10 Lakh and you want to close the loan after 12 EMIs. If you are an open market customer/self-employed applicant, you will have to pay a pre-closure fee of ₹20,000. If you are a salaried applicant, you will have to pay a pre-closure fee of ₹10,000.

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How to Apply for Ujjivan Small Finance Bank Personal Loan

If Ujjivan Small Finance Bank Personal Loan suits your needs, you have a few different options available to you to apply for these loans, as mentioned below:

Online Apply for Ujjivan Small Finance Bank Personal Loan

Through the official website of Ujjivan Small Finance Bank.
How you can apply for Ujjivan Personal Loan on the bank’s website.

Visit the website:

Visit the given link: https://ujjivansfb.rupeepower.com/personal-loan.

Existing customer:

If you are already a customer, select that option.
Provide your customer ID, mobile number, and enter the text (captcha) shown in the box.
Log in by clicking ‘Submit’.

New Customer:

If you are a new customer, fill the required information like your name, mobile number, email ID, city of residence, type of employment etc.
Tick the box allowing you to contact a bank representative for personal loan application.
Click on ‘Proceed’ to proceed further.
Contact with Bank Representative:
After clicking on ‘Proceed’, a bank representative will contact you.
Follow the representative’s instructions:
Once connected, follow the instructions provided by the bank representative and complete the personal loan application process.
Apply for personal loan from bank branch
Visit your nearest Ujjivan Small Finance Bank
Once the documents are evaluated and reviewed, the loan amount will be disbursed to your account once approved.

Ujjivan Small Finance Bank Personal Loan Repayment

Repayment:

The loan will have to be repaid every month in equal installments (EMI).
You can pay through Ujjivan Bank account, ECS or Auto-Debit.
Make the payment on the date specified in the loan agreement.
There should be no outstanding balance until the loan is repaid.
EMI repayment can also be done from the bank’s website.

Charge:

Credit bureau charges are recovered from the loan amount.
These charges will be debited from your loan account.
If payment is not made, the charges will be added to the loan amount.

Pre-Closure:

You can repay the loan quickly.
Fees will apply for early payment.
Partial payment is not allowed.

Digital Process:

Loan application, documentation and approval happen online.
You must have a PC/Smartphone/Laptop with internet connectivity.
Submit an e-signature along with the application.

Default:

If you do not pay the EMI or violate other terms, it will be considered as default.
Providing wrong information will also be considered as default.
The bank will inform you by phone, email etc. in case of default.
The bank can also appoint a third party for loan recovery.
The bank can change the terms and conditions of the loan.

Ujjivan Small Finance Bank Personal Loan – Customer Care Details

If you have any queries or complaints, you have a dedicated customer care provided by Ujjivan Small Finance Bank.

To call customer care, dial 1800-208-2121
To send email to customer care: customercare@ujjivan.com

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Ujjivan Small Finance Bank Personal Loan FAQ’s

How much time does it take for personal loan approval offered by Ujjivan Small Finance Bank?

Ujjivan Small Finance Bank generally provides approval/rejection of personal loan application within 4 working days from the date of application generation.

What is the minimum and maximum personal loan amount offered by Ujjivan Small Finance Bank?

The minimum and maximum personal loan amount offered by the bank is Rs. 50,000 and Rs. 10 lakh respectively.

What is the processing fee for Ujjivan Small Finance Bank Personal Loan?

Banks charge up to 2% of the loan amount as processing fee on personal loans.

What is the customer care number of Ujjivan Small Finance Bank?

The toll-free customer care number of Ujjivan Small Finance Bank is 1800-208-2121.

Can self-employed individuals apply for a personal loan at Ujjivan Small Finance Bank?

No, self-employed individuals cannot apply for Ujjivan Small Finance Bank Personal Loan. However, such applicants may be eligible for other products like Ujjivan Small Finance Bank Business Loan.

For what purposes can I use the personal loan amount offered by Ujjivan Small Finance Bank?

You can use the Ujjivan Small Finance Bank Personal Loan amount for various purposes, such as to meet personal expenses related to travel, wedding, home renovation, etc.