Ujjivan Bank Personal Loan
Ujjivan Small Finance Bank provides personal loans (branded as individual loans) starting at 24.25% p.a. for loan amounts of up to ₹3 lakh and repayment period of up to three years. In addition to existing personal loans, the bank provides Ujjivan individual loan borrowers with top-up loans of up to ₹1 lakh. The bank offers personal loans to both salaried and self-employed individuals.
Features of Ujjivan Small Finance Bank Personal Loan
Loan amount
When a borrower asks for a personal loan from this bank, he or she will be able to receive an amount ranging from Rs.50,000 to Rs.15 lakh, depending on his or her eligibility to satisfy his or her financial needs.
Loan payback term
The repayment term for Ujjivan Personal Loans ranges from 12 to 60 months, depending on the applicant’s financial capacity.
Security
No security is required to obtain a personal loan from Ujjivan Small Finance Bank.
Contactless documentation
The documentation process is simple, straightforward, and contactless.
Online application
You can apply for a personal loan from Ujjivan Small Finance Bank online.
Ujjivan Small Finance Bank Personal Loan Details
| Interest rate | 24.25% p.a. onwards |
| Loan amount | ₹50,000 to ₹3 lakh ₹51,000 to ₹1 lakh (for Individual Agriculture Loans) |
| Tenure | Up to 3 years |
| Processing fees | 2% of the loan amount |
Ujjivan Small Finance Bank Personal Loan Fees & Charges
It is vital to be aware of the associated charges, including processing fees on personal loans offered by the majority of banks in India. These fees cover the administrative costs spent during the loan application and approval process.| Particulars | Charges |
|---|---|
| Processing fee | 2% of loan amount |
| Late payment fee | ₹100 per late EMI |
| Pre-closure charges | 2% of outstanding principalIf the customer pre-closes the loan after paying 75% the loan amount, no pre-closure fees is chargedNot applicable for Home Improvement Loan (HIL) |
| Franking charge/Stamp duty | As per state laws |
Ujjivan Small Finance Bank Personal Loan Interest Rates
This would mean the rate of interest for the personal loans as percentage is the cost which has incurred on taking or borrowing a loan. So this whole percentage rate becomes essential to understand.| Minimum interest rate | 24.25% p.a. |
| Maximum interest rate | 25.50% p.a. |
Ujjivan Small Finance Bank Personal Loan Eligibility
The appropriate personal loan can be efficient enough to serve a purpose whether it is home renovation or other medical bills. Nonetheless, you must understand what your lender demands before applying for the loan. The ground on which the eligibility for getting a loan is decided is described below-income, credit history, job status, and age.
For salaried individuals:
Employment type: The applicant should be a salaried employee with a steady source of income.
Age: The borrower's minimum age for the loan is 22 years, while the maximum age is 58 years.
Job: Minimum job experience of two years and a net monthly salary of Rs.15,000 are necessary.
For self-employed individuals: (Doctors)
Employment type: Self-employed allopathic doctors who practise independently may qualify for a personal loan from Ujjivan Small Finance Bank.
Income and experience: A minimum of three years of experience is required, as well as a net monthly remuneration of Rs.30,000.
Qualification: Should have a BDS or MBBS degree and a valid MCI accreditation.
Business: The doctor must have their own nursing home, clinic, or hospital and the doctor must generate revenue through their own consultancy.
Personal loan eligibility requires a careful examination of quite a number of factors; a good credit score, sustainable income, and a fair debt burden are all necessary for approving the personal loan.
Ujjivan Small Finance Bank Personal Loan Document Required
Personal loans tangle with so much paperwork which is confusing to most people. This guide, therefore aims at simplifying the personal loan documentation process to help one understand the various documents involved in the application to lessen the time and improve one's chances of being approved.
For salaried individuals
Identification proof:
Aadhaar card
Driving licence
Voter ID
Passport
PAN Card
Application form:
Complete application form
Passport size photograph
Address proof:
Aadhaar card
Driving licence
Voter ID
Passport
Electricity bill
Ration card
Income proof:
Recent salary slips
Bank account statement
ITR
Form 16 from your employer
Company ID card
For self-employed individuals
Identification proof:
Aadhaar card
Driving licence
Voter ID
Passport
PAN Card
Application form:
Complete application form
Passport size photograph
Address proof:
Aadhaar card
Driving licence
Voter ID
Passport
Electricity bill
Ration card
Income proof:
Bank account statement
ITR
Educational proof:
Marksheets
Certificate of practice
MCI registration certificate
Paperwork in a personal loan process is very essential to getting the finances. Understanding the key papers necessary for a personal loan process helps the borrowers speed up the application process and increase their chances of acceptance.
Ujjivan Small Finance Bank Personal Loan EMI Calculator
Ujjivan Small Finance bank provides an easy personal loan EMI calculating tool through its official website as well as other financial websites. An online calculator allows the applicant to get an estimate of his/her monthly personal loan EMIs based on three factors- amount, rate of interest, and tenure of loan. Substituting the values in the calculator inputs reveals the total interest, the total payable amount, and the payment plan in steps.
There are various reasons why this tool is useful. First of all, it allows a borrower to make informed financial decisions because it presents a possible outcome of a personal loan financially. Borrowers can use this tool in order to test various amounts, interest rates, and terms of a loan to find the best fit according to budget and repayment ability. The calculator helps in budgeting by giving a clear picture of the monthly payments that will be required to service the loan. By this, the borrowers get better management of their funds and avoid financial troubles in the future. Finally, the tool promotes transparency in that it gives the correct interest rates and total amount of repayment, thus expelling any hidden fees or any surprises later.
Ujjivan Small Finance Bank Personal Loan EMI Calculator
Loan Amount
₹
Rate of Interest
%
Loan Duration
Months
EMI Payment Schedule
Ujjivan Small Finance Bank Personal Loan Interest Rate vs Other Bank Loan
| Banks/NBFCs | Interest Rates(p.a.) |
|---|---|
| Bank of Maharashtra | 10.00% onwards |
| City Union Bank | 14.35% onwards |
| Deutsche Bank | 11.00% onwards |
| Dhanlaxmi Bank | 13.30% onwards |
| Karnataka Bank | 13.43% onwards |
| Karur Vysya Bank | 13.15% onwards |
| Jammu and Kashmir Bank | 12.20% onwards |
| Punjab and Sind Bank | 11.25% onwards |
| Abhyudaya Bank | 13% onwards |
| HSBC Bank | 9.99% onwards |
| IIFL | 12.75% onwards |
| HDBFS | 10% onwards |
| IOB | 10.85% onwards |
| DBS Bank | 10.99% onwards |
| UCO Bank | 12.45% onwards |
| Nainital Bank | 12.50% onwards |
| South Indian Bank | 12.85% onwards |
| Standard Chartered Bank | 11.49% onwards |
| RBL Bank | 18% onwards |
| SMFG | 13% onwards |