Ujjivan Small Finance Bank Personal Loan Approval Process

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 Ujjivan Small Finance Bank Personal Loan Approval Process 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.