Ujjivan is among the biggest microfinance organisations in India. At the end of January 2015, the company’s gross managed assets amounted to Rs.3038 crores. The operations of the institution are primarily carried out on a model that facilitates joint liability group lending. The technology infrastructures associated with the bank are second to none.
Established in late 2005, the objective of the institution has remained the same with a view to offering affordable financial solutions primarily to the urban population which constitutes around 10.6 crore people. Although the company began operations with the intention of reaching out to urban customers, it has expanded to a significant extent over time and eventually opened its doors to rural and semi-urban customers as well, which presently constitutes a relatively large portion of its portfolio.
At present, Ujjivan Financial Services Private Limited has 469 branches in India spread across 21 states and three union territories, having already reached out to over two million customers in rural, semi-urban and urban areas, and helped meet financial requirements for home improvement, micro enterprise, emergencies and education. The organisation’s operations are a result of its concentration on product and service innovation, effective risk management practices, modernised back-end operations and quick credit appraisal processes.
Ujjivan Financial Services Private Limited has been customer-centric ever since inception and has a reputation for consistent development of specially tailored products and services that helps in addressing their customers’ needs. Following are the loan facilities that can be availed from the organisation.
The Pragati Individual Loan is offered to both the open market as well as Ujjain’s existing customers on an individual basis. No guarantor or collateral security is required for this loan and it can be used for a variety of purposes such as business expansion, home improvement, purchase of dairying and milch animals, children’s higher education, farming activities, medical emergencies, etc.
Ujjivan Financial Services has applied for a small finance bank license for its subsidiary – Ujjivan Small Finance Bank Limited. The application has been sent to the RBI, in pursuance of the in-principle approval that was granted to Ujjivan Financial Services on 7th October, 2015. After a guideline mandate stating that in order to be eligible for operating a small finance bank, the finance company cannot have more than 49% holding, Ujjivan Financial Services trimmed its foreign shareholding by listing into stock market. Ujjivan Financial Services is based in Bengaluru and offers group and individual loans to the economically active poor who do not receive adequate services from financial institutions. The company also grants loans to small and micro enterprises.
23rd August 2016