Ujjivan SFB Debuts Balance Transfer Option On Personal Loan Starting From 11.49% Interest

Ujjivan Small Finance Bank (SFB) has launched an enticing deal for salaried class customers to transfer their personal loan balance at a cheap interest rate starting at 11.49 percent for loan amounts ranging from Rs 1 lakh to Rs 15 lakh. In addition, the bank has also launched an initial offer of Rs 2000 flat processing fee for any loan amount. The bank will provide the loan borrower with an end-to-end digital onboarding procedure with a faster processing time, allowing personal loans to be approved and disbursed promptly without any hassle and without the need to visit the bank branch.

The balance transfer feature would primarily be available to salaried class customers with a monthly income of Rs 20,000 and a minimum of 12 EMIs paid on time on their existing personal loan, as well as those with a good credit score between 720 and 750.

Commenting on the launch of the balance transfer on Personal Loan facility, Mr. Martin Pampilly, Officer on Special Duty, Ujjivan Small Finance Bank said, "Our new offering, in balance transfer on personal loan, is thoughtfully structured, basis the feedback gathered during the past 20 months of pandemic. We see huge potential for this offering, as the salaried class in the mid to lower income band is looking at retiring high-cost debt or consolidating multiple debts and shifting to a single loan. Our interest rate in the Personal Loan segment is competitive and starts from 11.49 per cent."

As a reminder to fixed deposit investors, Ujjivan SFB has updated its interest rates on Platina fixed deposits of less than Rs. 2 Cr. The new rates are effective as of 7th January 2022 and following the recent revision, the bank is promising an interest rate of additional 15 basis points to the regular domestic deposit rates. For more details, please click here.