A non-housing loan from Ujjivan Small Finance Bank to meet your personal financial needs

A loan scheme to help you meet your personal needs or pay off debts

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 a fixed asset 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

Loan Amount

  • The maximum loan amount offered under this loan scheme is Rs. 35 lakh

Interest

  • The interest rate applicable to this loan is defined as the sum of two factors: one-year Marginal Cost of Funds based Lending Rate (MCLR) and a Spread factor. As of October 2020, the interest rate applicable to this loan may range from 15.75% to 17.75%

Repayment


  • This loan must be repaid within 15 years

Eligibility

  • The borrower must be an Indian citizen
  • The borrower must be in the age group of 18-70 years

Security Needed

  • The bank asks for first charge on property to secure this loan

Margin Money (Borrowers Contribution to Total Cost)


  • As of October 2020, this information is not mentioned on the bank’s website. Please talk to a bank representative before applying for this loan

Note: Margin money refers to the amount the borrower contributes to the overall amount required. The bank will cover the rest. So, if the total amount needed is Rs. 20 lakh, a 20% margin means you will have to contribute Rs. 4 lakh. The bank will provide the balance of Rs. 16 lakh.

Processing Charges

  • The bank charges up to Rs. 3,000 for processing this loan

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/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