Ujjivan Small Finance Bank ventures into small commercial vehicle funding

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Ujjivan Small Finance Bank (SFB) initiates to offer funding for small commercial vehicles in tier II and III cities. The offering, as a part of Raftaar Loans product mix, would be available across the southern and eastern regions, constituting the States such as Karnataka, Tamil Nadu and, West Bengal in phase I of the launch. 

Mr. Nitin Chugh, Managing Director and Chief Executive Officer of Ujjivan Small Finance Bank, pointed out that, they had decided to do this invasion after understanding the customers’ requirements and need. So the bank will be able to support and build a deeper contact with its customers. Ujjivan Small Finance Bank has 575 branches and 475 ATMs across 244 districts, 24 states and, Union Territories. The bank decided to extend the service to other branches and locations over time based on the demand of various customers. 

The product mix for Raftaar loans involves 2-wheeler and E-3-wheeler loans. Features and benefits of Ujjivan SFB’s new movement involve the following: customized financing options to cater to all types of 2 wheeler needs, funding on on-road price up to 95%, flexible tenure options ranging from 12 to 36 month, hassle-free documentation and, competitive interest rates. Their focus is to use technology as an enabler for the customers that allows them to customize and deliver products and services to suit their needs.

Further for seamless commercial vehicle options, SFB had tied up Original Equipment Manufacturers (OEMs) such as Mahindra & Mahindra, Tata Motors, Ashok Leyland and, others. In the past, this tranche has indulged in 74 percent self-employed people and 57 percent women customers. Cautiously, the OEM plans to reach out to tier IV and unbanked communities, as well. This cognizant movement of Ujjivan Small Finance Bank reinforces the bank’s portfolio and serves as an alternate mode of income generation for its aspiring customers in the mass – market.

Going forward with this new action, SFB hopes to see more traction in rural areas and semi-urban areas. As the bank had geared up for the future, the Ujjivan SFB team makes all necessary efforts to hold on to the needs and wants of its vast range of customers in the market. So the bank will be able to withstand in the fast-growing competitive business world. 

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