Established in 2015, Ujjivan Financial Services aims to offer financial aid to the financially unserved segment in India so that it can develop further, causing the nation to grow as a whole. After the receipt of the final license from the Reserve Bank of India (RBI) on 11 November 2016 under the section 22 of the BR Act, 1949, the company decided to venture into the small finance bank segment in India. The team of experienced professionals and advisors at the bank, including several ex-CEOs of multiple leading banks in the country, helps the customers choose the right financing product based on their specific requirements. The bank is offering its services in 24 states as on February 2017, and is currently working towards the development of several segments such as education, healthcare, community development, vocational training, etc. in the rural areas of the country.
When you apply for a personal loan from Ujjivan Small Finance Bank, you can be assured that you will receive the funds that you need in order to meet your financial needs. Whether its higher education or wedding expenses, Ujjivan Personal Loans can be used to meet all kinds of credit requirements.
Key Features of Ujjivan Personal Loan
Learn about the significant features of the personal loans available at Ujjivan Small Finance Bank mentioned in the list below:
Loan amount - When a borrower applies for a personal loan from this bank, he or she will be able to get an amount between Rs.50,000 and Rs.15 lakh based on his/her eligibility to meet his/her financial need.
Loan repayment tenure - The repayment tenure for Ujjivan Personal Loans can vary from 12 months to 60 months based on the repayment capacity of the applicant.
Benefits of Ujjivan Personal Loan
There are several benefits to applying for a personal loan from this bank. Some of these benefits are mentioned below:
Attractive interest rates - The applicable rate of interest for an individual is determined by the bank after considering several factors such as income, age, type of employment, loan amount, etc. The bank offers attractive rates to the personal loan customers in order to help them meet their financial needs.
Flexible repayment options - This loan can be repaid with easy equated monthly installments (EMIs) through multiple channels. The customer applying for this loan will have the benefit of choosing the repayment option as per his or her convenience.
No collateral required - If you are applying for this personal loan, you will not have to provide any collateral in order to avail this loan.
Quick approvals - When you apply for a personal loan from Ujjivan Small Finance Bank, your loan application will be approved in as less as 3 working days starting from the date of submission of the application.
Insurance coverage - The bank also provides a loan protection insurance plan to the customers applying for a personal loan.
Eligibility Criteria for Ujjivan Personal Loan
In order to be eligible for a personal loan from Ujjivan Small Finance Bank, you should meet the following criteria:
The applicant should be a salaried individual with a regular source of income.
The minimum age of the borrower for the loan is 22 years and the maximum age is 59 years.
The net monthly salary of the individual should be equal to or higher than the minimum wage limit prescribed by the concerned state.
Documents Required to Apply for an Ujjivan Personal Loan
When you apply for an Ujjivan Personal Loan, you will have to provide the documents mentioned in the list below:
Copy of PAN Card
Proof of address such as Drivers Licence, Aadhaar card, Passport, Voters ID, etc.
Salary slips for the previous 3 months
Bank statements of salary bank account or main active bank account for the previous 6 months
How to Apply for an Ujjivan Personal Loan Online on BankBazaar.com?
You can easily apply for an Ujjivan Personal Loan at BankBazaar.com within a few minutes. The steps for the application process are as detailed below:
You should first update the loan eligibility form with accurate personal details. This includes income details, liabilities, personal information, etc. After the submission of the form, the online tool will check your eligibility for the loan. Following this, personalised personal loan options are displayed on the screen.
From the list of options provided, you can compare the loan details and choose the one that best suits your needs.
The final step is the e-approval process from BankBazaar.com. Once the personal loan application is submitted online successfully, you will receive the e-approval instantly.
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Taken my personal loan from Ujjivan Small Finance. I'm not sure about the interest rate. I got the loan in the year of 2012. The loan amount is Rs. 2 lakhs. I have already closed this loan. The given processing fee was nominal. I have chosen the tenure period of 3 years.
I was applied for a personal loan in UJJIVAN SMALL FINANCE BANK LTD for more than 6 months which was processed through an online. I received a card on time from bank for further verification. The loan amount was not sufficient which was offered for the tenure of 4 years. The rate of interest and fee are nominal for this loan.
I was applied for a personal loan in which was processed through an online. I received a call from bank on time for further verification. The loan amount was sufficient which was offered from bank for the tenure of 3 years. The rate of interest is high for this loan so due to that I have closed the loan.
I have been applied for personal loan with Ujjivan small finance bank ltd through on line portal, but without informing me they closed my applications i have no knowledge for what reason they closed my application, no proper response was given from their end.
I have been applied for personal loan with Ujjivan small finance through on line portal, but i requested to closed this account because my requirement was fulfilled , i applied this loan for paying my credit card bills but i got loan from the same bank so i closed this account.
I have applied for Ujjivan Small Finance Bank limited personal loan through Online .I have not taken this loan since got the amount from some other source.I have got all the required information about the loan process .There was no issues on rate of interest and the processing fee .
I have applied for Ujjivan Small Finance Bank Ltd personal Loan through Online .The agent gave a clear picture about the loan process ,I have not taken this loan at that time since the rate of interest and the processing was very high .I have submitted the required documents as well .
I have applied for my personal loan with Ujjivan small finance , but i closed this application as i got loan from some other bank, so i had no more any requirement so i requested to closed my application, their service is good, their customer care had responded me well.
It is a good bank so i have applied the personal loan. The documentation process was done through offline where the executive collected the documents at doorsteps. I have rejected the loan because of higher interest, the rate of interest was10%. The customer support not contacted.
I applied my personal loan with UJJAVAN SMALL FINANCE the bank rejected my loan because i do not have permanent address proof i was born and brought up in Karnataka and i have my own house in kerala . The rate of interest is nominal and service is very good .
I was applied for a personal loan in UJJIVAN SMALL FINANCE BANK LTD for more than a month. I have not receive any call from bank for further verification. The amount which was offered sufficient for the tenure of 1 year. The rate of interest and processing fee are nominal. Due to personal reason I have closed the loan.
The documentation process was simple and easy for applying the personal loan with UJJIVAN SMALL FINANCE BANK LTD, the loan got rejected due to credit score. The expected loan amount was 2.5L also the rate of interest was 16% approx. The customer support contacted with good response.
I have been holding my personal loan with Ujjivan small finance bank ltd, but due to no proper response from my side the bank had closed my applications, the reason for choosing this bank because of the credit score, my credit score was less so they suggested to go with them.
I had applied for a personal loan from UJJIVAN SMALL FINANCE BANK LTD once. I canceled the application since HDFC bank had approved my loan application. Loan amount was sufficient but rate of interest was quite high. Their customer service good, docs were collected and verification was hassle free.
The documentation process was not done, the loan got rejected due to the salary was lesser. The expected loan amount was 1.25L and the rate of interest was 6% for the loan, it is nominal also the duration for repaying the loan was 48 months. The customer support contacted and they are responsive.
I applied my personal loan with UJJAVAN FINACE . I cancel this loan because the rate of interest was too high here . Overall their customer support where not helpful as well. There has been so much of hassle faced. I am not happy with services and response .
I felt the rate of interest was higher from Ujjivan around 16% for per annum, therefore I asked them to close the application. Even I asked for negotiation but the field executive said its a final one, it would be great if they improved the service.
I applied my personal loan UJJIVAN SMALL FINANCE . The rate of interest was too high so i cancel this loan. I upload all the documents . The customer support nd response was good , Whatever loan amount i applied they was reddy to give me same amount . Overall it is good .
First they have informed from Ujjivan Finance that i have a pre-approved loan offers and once the documents collected they said its rejected by saying that the salary norms are not met hence i had a bad experience with them. I applied the loan amount of Rs. 50000 and i forgot about the interest rate. They were collected my Aadhar number, PAN number, company details through phone and physically not collected any documents.
I didn't get any reply from Ujjavan Small Finance, they said will get back for the processing even I didn't get the status of the application. At last I am the one who contacted them to know the status, then they confirmed it was closed, so they need improvement.