Chennai, November, 2018: Ujjivan Small Finance Bank, a wholly owned subsidiary of Ujjivan Financial Services Limited, announced the launch of personal loan facility for salaried professionals making it the first small finance bank in India to offer this. The product will be launched across 14Tier 1 & Tier 2 locations including Ahmedabad, Bangalore, Delhi, Kolkata, Pune, Surat, Mumbai, Mysore, Ankaleshwar, Coimbatore, Kochi, Chennai and Vadodara. The facility is a new product to the existing loans offered by the bank namely, Home Loan (for purchase of property& construction) and Business loans.
The personal loan will be available for salaried professionals who are earning a monthly salary above Rs 15, 000(Fifteen Thousand). Individuals can avail loans starting from Rs 50,000 (Fifty thousand) up to Rs 15, 00,000 (Fifteen 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 months to 60 months for an individual to pay EMI. The bank is utilizing e-sign to ensure paperless processing during the post-sanction phase.
Speaking on the announcement, Mr Samit Ghosh, MD & CEO, Ujjivan Small Finance Bank Ltd. said “We are pleased to launch the personal loan facility to our customers. 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.”
Ujjivan Small Finance Bank (Ujjivan SFB) started its banking operations in February 2017 with pilot branches in Bangalore. Today, with more than 360 plus branches, Ujjivan SFB has established its presence across 24 States and 3 Union Territories.
Ujjivan SFB’s goal is to build a leading state of the art mass market bank in five years to serve the vast un-served and under-served customer base who currently are outside the formal banking system.