About Ujjivan Small Finance Bank Personal Loan
Do you want to apply for a Personal loan? Ujjivan Small Finance Bank is here with all the solutions regarding personal loans.
What is Personal Loan?
It is a type of unsecured loan that helps you meet your current financial needs, or Personal loans are those borrowing which are
considered at the time of personal expenses; after a period of time, one has to repay the amount. There is no need to pledge any collateral for availing of personal loans; your lender will provide you with the fund’s flexibility as per your need. Personal loans are a sort of instalment debt that allows you to borrow a large sum of money in a single payment. Some of the personal expenses are Unexpected expenditures, Costs of shifting, Consolidation of debt, Vacation expenses, Renovating home Medical expenses, Expenses for the wedding etc.
Types of Personal Loan available:-
- Medical loan:- At the time of medical emergency, if one doesn’t have any medical insurance, they can opt for a medical emergency loan with instant approval with a low-interest rate.
- Weeding loan:- Weeding is the most prestigious movement of one’s life, where it can be quite expensive; instead of draining all the savings, one can opt for a marriage loan.
- Travelling loan:- You can avail of this loan for expensive family trips.
- Higher Education loan:- A personal loan for education can be a better alternative for covering all of the costs associated with studying, such as accommodation, travel, and other fees. It can be used for anything and has lower interest rates than an education loan.
GOLD LOAN @ 0.75%*
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Ujjivan Small Finance Bank Personal Loan Eligibility
| Particulars | Salaried | Self-Employed |
| Age | 21 - 60 years | 21 - 65 years |
| Minimum Income | Rs.15,000* | Rs.5 Lakh p.a. |
| Co-applicant | Not mandatory | Not mandatory |
| Loan Tenure | 12 – 60 months | 12 – 60 months |
| Maximum Loan Amount | Rs.40 Lakh | Rs.40 Lakh |
| Employment Type | Employees of private limited companies and public sector undertakings |
Self-employed individuals
|
| Employment/Business Continuity | At least 2 years; minimum 1 year with current employer |
4 years Post Qualification experience for Doctors/ Chartered Accountants.
5 years Post Qualification experience for Company Secretary / Architect. |
| CIBIL Score | 750 and above | 750 and above |
| Residential Status |
Resident Indian staying in own house or a rented house
|
|
*In cities such as Kochi, Kolkata, Ahmedabad, Pune, Hyderabad, Mumbai, Chennai, Bengaluru, and Delhi the net monthly income required is Rs.20,000
Click here to know more about - Salaried Applicant
Click here to know more about - Self-employed Applicant
*Note: The eligibility criteria vary from lender to lender.
Check Personal Loan Eligibility with Top Lenders in 2021
| Bank | Age Limit | Minimum Work Experience |
Minimum Income (Per Month)
|
| SBI | Up to 76 years | NA** | Rs.15,000 |
| HDFC | 21 to 60 years | 2 years | Rs. 20,000 |
| Private | 23 to 58 years | 2 to 5 years | Rs.17,500 |
| Axis | 21 to 60 years | NA** | Rs.15,000 |
| Kotak Mahindra | 22 to 55 years | 1 year | Rs.25,000 |
| Tata Capital | 21 to 58 years | 1 year | Rs.15,000 |
| IndusInd | 21 to 60 years | 2 to 5 years | Rs.25,000 |
| Ujjivan Small Finance | 22 to 58 years | NA** |
Above the minimum wage limit
|
| India Infoline Finance Limited | 25 to 60 years | 6 months to 2 years | Rs.35,000 |
| HDBFS | 21 to 65 years | 1 year to 3 years |
Rs.15,000 for salaried
Rs.1 lakh p.a. for self-employed |
| Indian Overseas Bank | Up to 58 years | NA* | Rs.5,000 |
| IDFC First Bank | 23 to 68 years | 3 years | NA* |
| Federal Bank | 21 - 55 Years | 3 years | Rs.25,000 |
| Punjab National Bank | 21 – 58 years | 2 years for doctors | Rs.15,000 |
| Andhra Bank | 21 - 55 years | NA** | NA* |
| Canara Bank | NA** | NA** |
Salaried: Rs.6,000 & above
Self-employed - Rs. 1.5 lakh |
| IDBI Bank | Up to 75 years for Pensioners | NA** | Rs.1.5 lakh p.a. |
| Fullerton India | 21 to 55 years | 1 to 2 years | Rs.15,000 |
| RBL Bank | 25 to 60 years | 1 to 3 years | Rs.25,000 |
| Bank of Baroda | 21 to 60 years | 1 year to 2 years |
60% of gross monthly income
|
| Deutsche Bank | 25 to 60 years | NA** | Rs.25,000 |
| Karnataka Bank | NA** | 3 years | NA* |
| United Bank of India | up to 75 Years | 2 years | NA* |
| UCO Bank | 21 to 65 years | 1 year to 5 years | Rs.20,000 |
*Personal loan disbursal is solely at the bank’s discretion and as per the bank’s terms and conditions
Learn More about Personal Loan: Click Here
Steps to Apply for Ujjivan Small Finance Bank Personal Loan
Most banks are now focused on online methods to eliminate time-consuming documentation procedures and speed up the loan approval process. In addition, there is a growing demand for such loans these days. Personal loan approval usually entails the following steps:
- Step 1:- Eligibility Criteria –
-
- Must be above 21 years old and not exceeding 65.
- Must have Indian resident proof.
- Must have all the required documents.
-
- Step 2:- Interest Rate and other charges
- Step 3:- Calculation of your EMI
- Step 4:- Check Required Documents (click here for checking the required documents)
- Steps 5:- Fill the application form online (visit Dialabank.com for filling the application form)
- Step 6:- Wait for the approval process.
- Request for a loan
- Consultation with the lender
- Bank verifies your background.
- Documents must be signed before they can be used.
- Disbursement and sanctioning of loans
GOLD LOAN @ 0.75%*
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Ujjivan Small Finance Bank Personal Loan Approval Process FAQs
✅ Is there a fee for a personal loan?
Some personal loan lenders may charge a sign-up or origination fee, but most do not charge any costs aside from interest.
An origination fee is a one-time payment deducted from your loan to cover administrative and processing fees. It normally ranges from 1% to 5%. However, it can also be levied as a flat price.
✅ What is the amount of interest I will have to pay?
Your interest rate is determined by several factors, including your credit score, loan amount, and term (duration of repayment). Rates can range from 3.49 % to 29.99 % or higher. When you have a good or excellent credit score and choose the shortest repayment term, you will pay the least amount of money in interest.
✅ Part-payment vs Pre-closure?
A customer that wants to close the entire primary outstanding amount at once is said to be pre-closing. On the other hand, part payment refers to a customer’s desire to reimburse only a portion of the remaining balance.
