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Ujjivan Personal Loan

Apply Ujjivan Personal Loan

Processing Fee

2.0%

Max Tenure

5 yrs

Best Rate

15.5%

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About Ujjivan Bank Personal Loan

Ujjivan Small Finance Bank is a subsidiary bank that is wholly owned by Ujjivan Financial Services Limited. They have launched a new personal loan product for salaried professionals pioneering in the personal loan segment by small finance banks in India.

Ujjivan Bank Personal Loans help you to meet any personal financial needs you may have and also, deal with any unexpected emergencies you may face. Ujjivan Bank Personal Loans can be taken for higher education, home renovation, medical expenses, festival shopping, wedding expenses, vacation planning and more. This personal loan is built to provide customers with the most viable financial option in their time of need. What more! These personal loans are completely contactless with an online process and attractive interest rates, among other features.

Ujjivan Bank personal loans can be availed by salaried professionals whose monthly salary is above Rs. 15,000. Applicants can avail loans starting from Rs 50,000 up to Rs 15 lakhs.

Key Features of Ujjivan Bank Personal Loan

  • Loan amount starting from Rs. 15,000 up to Rs.15 Lakhs
  • Get approval within 72 hours of loan application submission
  • Get attractive interest rates starting from 11.49%
  • Completely online application process
  • Loan protection with insurance policy

Benefits of Ujjivan Bank Personal Loan

Unsecured loan: Ujjivan Bank personal loans do not require any collateral or security. This is highly beneficial for individuals who are normally not serviced by other banks due to their lowly income status. But Ujjivan Bank will process your personal loan based on your credit score without the requirement for any collateral or security.

Attractive interest rates: Ujjivan Bank personal loan interest rates are one of the best in the market starting at just 11.49%. This allows you to repay your loan comfortably without burdening your monthly cash outflow.

Flexibility in loan tenure: Choose the most comfortable EMI tenure to suit your needs. You can repay Ujjivan Bank personal loans in tenures ranging from 12 months up to 60 months.

Online process: Ujjivan Bank personal loan application can be done completely online. The process is very simple and less time consuming to allow customers to apply for the loan anywhere anytime from anywhere.

No need for physical documents: Since the application can be done online, you don’t require to submit any physical documents. They too can be uploaded along with your online application. This contactless banking ensures that customer safety comes first.

Quick disbursal: Such hassle-free loan is processed and the amount is disbursed in as much as 72 hours. Upon approval, the amount is credited to your account within hours so that you can fulfil the need at the earliest.

Additional benefits of Ujjivan Bank Salary Account holder: If you hold your salary account with Ujjivan Bank, you can get some discounts on the processing fees and other charges.

Value Added Service

Loan protection - Loan Credit Shield 

The bank also offers value added services like loan insurance to protect your personal loan. Availing a loan insurance will take care of the repayment in case of any undue incident resulting in you unable to repay the loan, so that you or your family members are not burdened with the worry of repayment.

The borrower has the choice of selecting the policy term, up to the maximum duration of the loan period served for the next full year. Sum Assured could be up to the loan amount. The life insurance policy is limited up to the Sum Assured.

In the event that the borrower opts for insurance, the full insurance premium must be paid by the borrower. For the payment of the premium, the borrower may opt to pay the insurance premium either directly to the branch or by including it in the loan.

What is the eligibility criteria to apply for Ujjivan Bank Personal Loan?

The basic eligibility criteria to apply for Ujjivan Bank Personal Loan are as follows:

  • The applicant should be a minimum of 22 years old and not more than 58 years old
  • The applicant’s monthly income should be a minimum of Rs. 15,000 per month
  • The individual should be a salaried individual

How to apply for a personal loan from Ujjivan Bank?

As mentioned earlier, one can complete the entire loan application process online on the Ujjivan Bank website. It is just a total of 4 steps to complete your online application:

  • On the Ujjivan Bank website’s homepage, go to the ‘Explore Products’ tab and select ‘Personal Loan’.
  • This page gives you complete details of the personal loan. Once you have read and understood them, you can click on ‘Apply Now’.
  • It will take you to a form to fill up your personal details like name, email address, employment details and date of birth.
  • Once you have filled these details, you can click on ‘Proceed’. 
  • An authorized representative from the bank will contact you to help you with the next steps and complete the application.

What are the documents required to apply for a personal loan from Ujjivan Bank?

Ujjivan Bank personal loans are completely online. Therefore, you will need a soft copy of the below documents to complete the online application process:

  • Address proof (Passport / Aadhaar Card / Driver’s license / Voters ID)
  • Income proof - Salary slips of the last 3 months
  • Bank statements for the last 6 months of your primary account or salary account
  • Company ID Card
  • PAN Card
  • Passport Size Photograph

Interest rates and other charges associated with Ujjivan Bank Personal Loan

Loan Amount

Rs.50,000 – Rs.15 lakhs

Loan Tenure

12 months – 60 months

Loan Interest Rate

Starts from 11.49% up to 23.99%

Processing Fees 

1.5% of the loan amount + taxes 

(Subject to a min. of Rs.1500. Rs.1000 rebate shall be given for self-service channel)

Credit Bureau Charges 

Rs. 35 + taxes 

Late Payment Charges

Rs.250 for every instance of SI/Cheque bounce + applicable taxes

Overdue Interest

2.5% 

Stamp Duty 

As per state laws

Part Pre-Payment 

Currently not allowed

Pre Closure Charges 

  • Before completion of 6 EMIs- Not Allowed
  • Between 6 to 12 EMIs- 3% of the principal outstanding + taxes
  • Between 12 to 24 EMIs- 2% of the principal outstanding + applicable taxes
  • After completion of 24 EMIs- 1% of the principal outstanding + applicable taxes

Duplicate Repayment Schedule Charges 

Rs.100 + GST 

Pre-closure statement through branch channel 

Rs.500 + GST 

Pre-closure statement through IB/MB 

No charges 

Duplicate Account Statement Charges 

Rs. 100 + GST 

Change in Post Dated 

Rs. 250 + GST

Cheque Change in Repayment Account

Rs. 250 + GST

FAQs

1. What can the Ujjivan Bank personal loan amount be used for?

Personal Loans from Ujjivan Bank may be used for many expenses such as marriage, holiday, home renovation, education, repayment of other debts, vehicle purchase, etc.

2. Do I need any security for getting a personal loan?

No. Ujjivan Bank personal loan is an unsecured loan. You don’t need to offer any security, collateral or guarantor to avail the loan.

3. Is there a minimum personal loan amount that I need to borrow?

Yes, the minimum Personal Loan amount from Ujjivan Bank is Rs. 50,000 and maximum is Rs.15 Lakhs.

4. May I apply for a personal loan in tandem with my spouse?

No, at present, the personal loan at Ujjivan is open to 'Individuals only,' so you can't club your spouse's income with your loan eligibility income.

5. What are the options available to make my personal loan EMI payments?

Personal loan EMIs are usually set with ACH/SI with your salary account. If for some reason the ACH/SI is dishonoured in a particular month, you can pay by cash at your nearest branch or through payment links given on the website.

Ujjivan Personal Loan - Customer Reviews

4 / 5 (334 Reviews)
7 Oct 2018

excelent

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