Consolidation Loans from Ujjivan Small Finance Bank
Lending schemes for everyone to consolidate debt
Ujjivan Small Finance Bank, a small finance bank based in Bengaluru, offers multiple financial products to different segments of its customer base. This includes a wide range of retail products including deposit schemes and lending schemes. Consolidation loans are one of them.
Ujjivan Small Finance Bank Consolidation Loans
An Ujjivan Small Finance Bank consolidation loan helps customers pay off their debts and consolidate them into one and repay it easily by choosing favourable terms and conditions. Consolidation loans can be divided into two categories: unsecured and secured loans. Personal loans fall into the category of unsecured loans while loans against gold, time deposits, property, car or securities fall into the category of secured loans.
Consolidation loan schemes help make your life easier since you will only have to “worry” about making one repayment per month instead of stressing over making multiple repayments all through the month towards your different debts. You will also be able to reduce the overall debt burden if you choose your consolidation loans by comparing interest rates and repayment periods.
Please note here that Ujjivan Small Finance Bank does not label a specific loan as a consolidation loan. Instead, a few schemes can be used for consolidating debts even if they are not directly labelled so. Here are some of the loan schemes offered by Ujjivan Small Finance Bank that you can avail as a consolidation loan:
- Personal Loan
- Home Equity Loan
We give you a brief introduction to each of these consolidation loans below. In addition, you have the option to click further and read in detail about each loan (the link takes you to another page on our website). This specific page has been specifically designed so that you can get all the information you need on that loan in an uncluttered and easy-to-read format.
Ujjivan Small Finance Bank Personal Loan
This loan is specifically designed for salaried employees of govt. organisations and reputed private organisations to help them get funds to meet their urgent financial needs. This personal loan can also be repurposed into a consolidation loan to pay off their high-interest credit card debts and loans.
Features of Ujjivan Small Finance Bank Personal Loan Scheme for Salaried Customers
Why this Loan?
- The Ujjivan Small Finance Bank Personal Loan is meant for salaried employees of government units/institutions and reputed organisations who need funds to meet their personal needs. This loan can also be used to pay off high-interest debts, thereby consolidating debt
- This loan can be availed digitally
- This is a collateral-free loan
Ujjivan Small Finance Bank Home Equity Loan
This loan helps borrowers get access to funds for meeting their personal needs. In addition to being used to meet financial expenses directly related to the house such as extending refinance for building constructed or purchased, this loan can also be used as a consolidation loan to pay off debts.
Features of Ujjivan Small Finance Bank Home Equity Loan
Why this Loan?
- The Ujjivan Small Finance Bank Home Equity Loan is meant for borrowers who need assistance to meet financial needs for funding of mixed properties, refinancing an existing loan or debt consolidation
- This is the perfect scheme for home-owners who want to purchase more fixed assets, meet personal needs or consolidate debts
Important Note: Ujjivan Small Finance Bank may offer more consolidation loan options that are not yet published on the website. If you prefer we suggest that you get in touch with the nearest branch to check the loan schemes they offer. This will also help you get a custom quote since many loan schemes are need-based and certain charges such as application charges, service charges, strategic premium, etc. may be decided on a case-to-case basis.
Interest Rate for Ujjivan Small Finance Bank Consolidation Loans
- The applicable interest rate on these loans is defined as the sum of two factors namely, one-year Marginal Cost of Funds based Lending Rate (MCLR) and (Strategic) Spread. As of October 2020, the one-year MCLR of Ujjivan Small Finance Bank is 11.49%. The spread factor is decided by the bank based on the loan type, quantum of loan and credit score of the borrower
Documents Needed for Individuals (Salaried and Self-employed)
- Loan Application Form duly filled and signed by the applicant and co-applicant, if any
- Two Passport Size Photographs of applicant and co-applicant
- Personal ID Proof: Aadhaar Card, PAN Card, Passport or Driving License. PAN Card / PAN Card Issuing Letter is must
- Signature Proof: PAN Card, Banker’s Verification, Driving License or Passport
- Residential Address Proof (Any One): Aadhaar Card, Electricity Bill, Post-paid Phone Bill, Valid Rent Agreement
- Income/Banking Proof for Salaried Professionals: Last 3 months’ salary slip, Form 16 or income tax returns
- Income/Banking Proof for Self-employed Professionals/Self-employed Non Professionals: Computation of income of last 2 years, Balance Sheet, Profit and Loss Account, Registration Certificate, GST Return, Income Tax Challan/ Form 26AS/TDS Certificate, IT Assessment, etc.
Reference Facts
- Ujjivan Small Finance Bank Website: www.ujjivansfb.in
- Headquarters: Bengaluru, Karnataka
- Call Centre Toll-free Number: 1800 208 2121