Ujjivan Small Finance Bank Limited caters especially to the segments that are underserved or unserved. The goal of this bank is to build a sense of financial inclusion in India. The loans have unique features that help those who are considered "economically active poor" get access to financial assistance, which is normally not provided by other institutions.
The bank has a vast customer base of 4.72 million. It operates out of a total of 24 states and union territories to give customers pan India access to Easy and Affordable Personal Loan options.
As these loans are designed to cater to a wider customer base, they come with several special features. Some unique features of the loan are mentioned below:
There are certain pre-closure charges that are applicable on Personal Loans as mentioned below:
Every loan plan comes with a set of terms and conditions that you should be aware of before you apply for the loan.
Here are the common terms and conditions of Ujjival Small Finance Bank Personal Loan:
The eligibility criteria for Ujjivan Small Finance Bank Personal Loan are quite simple and straightforward. This is done to ensure that individuals are able to get approvals on their loans easily.
The eligibility criteria for these Personal Loans are as follows:
The final decision about sanctioning the loan to the individual is based on the discretion of Ujjivan Small Finance Bank.
As mentioned before, documentation is minimal with Ujjivan Small Finance Bank Personal Loan. This is another measure that has been taken to make sure that the processing time for the loan is reduced.
The documents that you will have to submit along with your application form are as follows:
The bank may request additional documents as per the application and the eligibility criteria of the applicant. In such cases, the individual must submit the necessary documents in order for the processing of the loan amount to be resumed.
Make sure that you are aware of the EMI chargeable on your loan before you submit an application. This helps you understand if the loan is affordable for you as per your income and other expenses.
When it comes to EMI calculation, there are two options that are available to you:
Using the formula:
When it comes to EMI calculation, banks make use of a standard formula which is as follows:
EMI = [P x R x (1+R)^N]/[(1+R)^N-1]
In this formula, P is the principal amount, N is the tenure of the loan and R is the rate of interest applicable on the loan.
Once you have calculated the EMI, you need to make sure that the repayment is affordable for you after you have taken care of all the other mandatory expenses like rent, food, school fees, and more. If the EMI is above your budget, there are two options that you can choose from. First, look for a loan that offers you a better deal. Next, you can try to cut down on your expenses to make sure that you are able to afford the EMI without any additional financial burden each month.
If Ujjivan Small Finance Bank Personal Loan suits your requirements perfectly, you have a few different options available to apply for these loans, as mentioned below:
Through the official website of Ujjivan Small Finance Bank
In a branch nearby:
The charges and fees applicable for Ujjivan Small Finance Bank Personal Loans are as follows:
Salary Account in Other Bank
|Late payment fees/ overdue interest charges|
|Stamp duty||All fees towards the stamp duty on the declarations, agreements, and other documents as per the current charges will be paid by the application.|
|Credit bureau charges||35 + applicable taxes|
|Loan credit shield|
|Change in repayment account|
Salary Account in Ujjivan
|Processing fees||1.50% of the sanctioned loan amount + applicable GST.|
|Cheque bounce/ Standing Instruction fail/ ACH fail charges||250 + applicable GST|
|Penal interest charges|
|Duplicate repayment schedule charges||100 + applicable GST|
|Duplicate account statement charges||100 + applicable GST|
|Changes in post-dated cheque||250 + applicable GST|
|Document charges for bureau||35 + applicable GST|
|Pre-closure statement through branch||500 + applicable GST|
|Pre-closure statement through IB.MB||No charges|
In case you have any queries or grievances, you have a dedicated customer care service provided by Ujjivan Small Finance Bank.
To call customer care, dial 1800-208-2121
To send an email to customer care: firstname.lastname@example.org
Now get Navi personal loan of Rs. 10,000 to Rs. 20 Lakhs at lowest interest rate starting from just 9.9% per annum. Repay in easy instalments of 3 to 72 months. The processing fee ranges from 2.5% to 6% of the sanctioned limit + GST.
Unlike a home loan, a Personal Loan is not eligible for a tax benefit per se. The purpose of the loan determines whether you will be able to get any rebate on these Personal Loans or not. Any Personal Loan that is used for business investments or for construction of property is eligible for tax benefits. Even with these tax benefits, only the interest payable is taken into consideration, unlike home loans, where even the principal amount is included for tax benefits.
The main feature of a Personal Loan is that it can be used for any financial requirement that you may have. This includes organizing a family function, travel expenses, higher education, medical emergency, etc. The purpose of these loans is very flexible, making them the best option for you in case of a financial emergency.
Ujjivan is known for giving you the fastest turnaround time with loans. With Personal Loans, especially, quick disbursal is a characteristic feature. To make sure that you have the funds that you need, these Personal Loans are disbursed within 72 hours of submitting an application.
Personal Loans by Ujjivan are based on the eligibility criteria of the individual who is applying for the loan. You do not have to provide any collateral or security against these loans.
No. Ujjivan currently does not provide you with the option of applying for any Personal Loan jointly. These loans are classified as "individual only" loans. This means that it is not possible for you to club your income with the income of your spouse in order to improve the eligibility criteria.
When you submit your loan application and documents, they are assessed to check your eligibility. If you are eligible for the loan and it is approved, the sanctioned amount will be disbursed into your salary account directly.
You have several options to make repayments on these loans. If you have an account with Ujjivan, the amount is auto-debited from the account. In the case of other banks, you can make use of ECS or ACH to make repayments on your loan.
You will receive reminders through the phone, email, SMS, fax, and other communication channels if you do not pay the EMI on the due date. You will also be able to get a grace period of 3 days to make this repayment. However, if EMI is not repaid even after the grace period, it is considered a default and will be handled accordingly. It is also necessary to remember that these delays affect your credit score negatively?
With Ujjivan, you do not have the option of making part payments on your Personal Loan. Any payment that you make prior to the due date is considered as part of the EMIs that are payable in the future.