Ujjivan Small Finance Bank offers personal loans to meet the diverse financial needs of individuals. The bank offers personal loans for both salaried and self-employed individuals to cover various expenses such as medical emergencies, home renovation, or education. Individuals aged between 22 and 58 years with a stable income source are eligible to apply for a Ujjivan Small Finance personal loan.
The interest rate on a Ujjivan Small Finance Bank personal loan typically ranges from 11.49% to 16.49% per annum. The actual interest rate applicable to a borrower may depend on factors like creditworthiness and loan amount.
Table of Contents:
- ⇾ Ujjivan Small Finance Bank Personal Loan Details
- ⇾ Ujjivan Small Finance Bank Personal Loan Fees & Charges
- ⇾ Features & Benefits of Ujjivan Small Finance Personal Loan
- ⇾ Personal Loan EMI Calculator
- ⇾ Eligibility Criteria of Ujjivan Small Finance Personal Loan
- ⇾ Documents Required For Ujjivan Small Finance Personal Loan
- ⇾ Steps to Apply For Ujjivan Small Finance Personal Loan
- ⇾ Frequently Asked Questions
Ujjivan Small Finance Bank Personal Loan Details
Borrowers should know about the main features of Ujjivan's personal loan products to make informed financial decisions. The details like loan amounts, interest rates, and repayment terms would allow a borrower to see if the loan aligns with their financial needs and capabilities.
The table below presents the details of the Ujjivan Small Finance Bank personal loan.
| Features | Details |
|---|---|
| Loan Amount | Typically ranges from ₹50,000 to ₹1.5 lakh |
| Interest Rate | Starts from 11.49% per annum (can vary based on creditworthiness) |
| Repayment Tenure | Up to 5 years |
| Eligibility | Salaried and Self-employed individuals. |
| Purpose | Medical emergencies, education, travel, and other personal expenses. |
| Benefits | Competitive interest rates, flexible repayment options, potential quick disbursal, minimal documentation. |
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Ujjivan Small Finance Bank Personal Loan Fees & Charges
The table below presents the various fees and charges associated with personal loans from Ujjivan Small Finance Bank.
| Fee Type | Description |
|---|---|
| Interest Rate | 11.49% - 16.49% |
| Processing Fee | 2% |
| Preclosure Fee | Within 1 year - 2%, After 1 year - 1% |
| Part Payment Fee | Nil |
Features & Benefits of Ujjivan Small Finance Personal Loan
The following table provides an overview of the primary features and benefits offered by Ujjivan Small Finance Bank's personal loan products.
| Feature | Benefit |
|---|---|
| Loan Amount | Up to Rs. 15 lakh, depending on the borrower’s eligibility and income. |
| Loan Tenure | Flexible repayment options from 12 to 60 months. |
| Interest Rates | Competitive interest rates starting from 11.49% p.a., subject to change. |
| Collateral | No collateral required (unsecured loan) |
| Eligibility | Available for both salaried and self-employed individuals meeting income criteria. |
| Online Application | Convenient online application process for quick and easy application. |
| Quick Approval | Loan approval within 72 hours for faster disbursal. |
| Flexible Usage | For various personal needs like medical emergencies, travel, home renovation, etc. |
| Loan Protection | Optional loan protection insurance is available to safeguard against unforeseen circumstances. |
| Minimal Documentation | Hassle-free process with minimal paperwork. |
| Prepayment Options | Flexibility to repay the loan before the tenure ends without prepayment charges (check for specific terms). |
| Customer Support | Dedicated customer support is available for assistance and queries. |
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Personal Loan EMI Calculator
A personal loan EMI calculator is an online tool that helps you determine the exact amount you need to pay as a monthly installment (EMI) for your personal loan.
| Monthly EMI | ₹86 |
| Principal Amount | ₹1,000 |
| Total Interest | ₹32 |
| Total Amount | ₹1,032.00 |
- Step 1: You input the loan amount.
- Step 2: Enter the interest rate and loan tenure that you might be offered.
- Step 3: The calculator processes this information and displays the calculated EMI.
Calculate EMI Manually
If you prefer to calculate the EMI yourself, you can use the following formula:
| EMI = [P x R x (1+R)^N] / [(1+R)^N-1] |
|---|
Where:
- EMI is the equated monthly installment
- P is the principal loan amount
- R is the interest rate per month (annual interest rate divided by 12 and converted to decimal)
- N is the loan tenure in months.
Note: Calculating EMI manually can be time-consuming and prone to errors. Using an online calculator is generally recommended.
Eligibility Criteria of Ujjivan Small Finance Personal Loan
The eligibility criteria for a Ujjivan Small Finance Personal Loan typically vary depending on whether the applicant is salaried or self-employed. Some of the common factors that apply to both categories include:
- Age: Typically between 22 to 58 years.
- Indian Residency: You should be an Indian resident.
- Regular Income: You should have a stable and regular income source.
Specific Criteria for Salaried Individuals
- Minimum work experience of 2 years.
- Minimum net monthly income (varies).
- Employment type (regular, permanent).
Specific Criteria for Self-Employed Individuals
- Minimum work experience of 3 years.
- Minimum net monthly income (varies).
- Nature of business and its stability.
Note: The specific income requirements and other eligibility details can change over time. It's advisable to check with Ujjivan Small Finance Bank directly for the most accurate and up-to-date information.
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Documents Required For Ujjivan Small Finance Personal Loan
The specific documents required for a Ujjivan Small Finance Personal Loan can vary depending on whether you're salaried or self-employed.
- Proof of Identity: Aadhaar card, PAN card, passport, voter ID card, driving license.
- Proof of Address: Passport, driving license, voter ID card, utility bills, Aadhaar card.
- Income Proof: This will vary depending on your employment status (see below).
- Photographs: Passport-size photographs.
Specific Documents for Salaried Individuals
- Salary slips for the last 3 months.
- Bank statements for the last 6 months.
- Form 16
- An offer letter and appointment letter.
- Residence proof.
Specific Documents for Self-Employed Individuals
- Income Tax returns (for the last 2 years).
- Business proof (like GST registration, Shop Act license, etc.)
- Bank statements for the last 6 months.
- Profit and loss account.
- Balance sheet.
Steps to Apply For Ujjivan Small Finance Personal Loan
Ujjivan Small Finance Bank offers personal loans for various purposes. You can either visit the Ujjivan Small Finance Bank website or the nearest branch.
Online Application
- Visit the Ujjivan Small Finance Bank website.
- Locate the personal loan application form.
- Complete the online form with accurate information about yourself, your income, employment, and contact details.
- Upload scanned copies of the necessary documents required in the application form.
- Review the completed form and submit it electronically.
Branch Visit
- Locate the nearest Ujjivan Small Finance Bank branch.
- Request a personal loan application form for the Ujjivan loan you plan to apply.
- Complete the form with the required personal and financial information.
- Submit the filled-out form along with the original and copies of necessary documents to the bank representative.
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Frequently Asked Questions
A. The maximum loan amount offered by Ujjivan Small Finance Bank varies based on the loan type. For personal loans, it can go up to ₹15 lakhs, while for home loans, it can be as high as ₹75 lakhs.
Ujjivan loans are available to both salaried and self-employed individuals in India who meet specific age, income, and creditworthiness criteria.
Ujjivan Small Finance Bank offers various loan products with interest rates starting from around 8.75% p.a. and going up to 19% p.a. depending on the loan type and customer profile.
Yes, Ujjivan Small Finance Bank is regulated by the Reserve Bank of India (RBI). It is licensed under the Banking Regulation Act of 1949 to operate as a small finance bank in India.
Ujjivan Bank is a Small Finance Bank in India, primarily focusing on providing financial services to underserved and unserved segments of the population.
Ujjivan Small Finance Bank offers various savings account types with different minimum balance requirements. The minimum balance for a regular savings account is ₹1,000 per month to avoid charges.
The Ujjivan Small Finance Bank customer care number is 1800 208 2121. This number is toll-free and accessible 24/7.
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