Ujjivan Small Finance Bank launches personal loan for salaried professionals

Bengaluru: 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 kind of services.

The product will be launched across 14 Tier 1 & Tier 2 locations including Ahmedabad, Bangalore, Delhi, Kolkata, Pune, Surat, Mumbai, Mysore, Ankaleshwar, Coimbatore, Kochi, Chennai and Vadodara.

The personal loan will be available for salaried professionals who are earning a monthly salary above Rs15, 000. Individuals can avail loans starting from Rs 50, 000 up to Rs 15, 00,000.

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, 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.