Purpose
private loan is granted to eligible customers for purposes including marriage/ clinical remedy/training/overseas
tour or every other general purpose.
non-public mortgage shall not be utilised for:
a) buy and sale of proportion or every other capital marketplace gadgets
b) buy and sale of Bullion instrument
c) buy and sale of any items which can be constrained by law
d) some other interest prohibited underneath law.
ELIGIBILITY:
Resident Indian citizens between the a while of 22 to 58 years, having a normal income, are eligible to avail non-public
loan from Ujjivan Small Finance financial institution (“Ujjivan”). The sanctioning of loan can be executed at the only discretion of Ujjivan.
Quantity:
challenge to fulfilling the suggestions of Ujjivan, non-public loan may be availed in a minimal amount of Rs. 50,000/-
(Rupees Fifty Thousand most effective) as much as a maximum amount of Rs. 15, 00,000/- (Rupees Fifteen Lakh best). four. fee OF hobby:
hobby on the amount of the loan could be implemented at the prevailing price in line with annum on daily lowering stability with
month-to-month rests. The fee of hobby is subject to revision once in a while relying on (i) changes in Pricing, or (ii) trade in Marginal cost of finances primarily based Lending charge (MCLR) of Ujjivan, or (iii) revision with out change in MCLR of
Ujjivan. Ujjivan reserves its right to reduce or growth the EMI or amplify the reimbursement duration, or each, consequent
upon revision in interest fee.
five. INTIMATION OF alternate IN hobby fee:
The Borrower shall be deemed to have observe of changes inside the price of hobby, each time the adjustments are both
displayed on the notice Board of any branch of Ujjivan or displayed at the respectable internet site of Ujjivan or published in newspapers, and the Borrower is prone to pay such revised fee of interest.
TENURE:
The minimum tenure of private loan shall be 01 (One) year and the most tenure shall be 05(5) Years. The
tenure will be inside the multiples of 06 (Six) months.
DISBURSEMENT:
The proceeds of private loan will be allotted directly to the earnings account of the Borrower, maintained both with Ujjivan or another financial institution, vide NEFT/RTGS. In case of balance takeover from every other lender, the disbursement
could be through manner of cheque/DD/NEFT in favour of the said lender, for account of the loan account of the purchaser.
eight. MODE OF reimbursement:
The loan quantity to be repaid, in conjunction with relevant price of interest, in Equated month-to-month Instalments (EMIs), over
the tenure of the mortgage. EMI to be paid thru debit mandate from the Borrower’s financial savings/cutting-edge Account (if
account is maintained with Ujjivan) OR via digital Clearance carrier (ECS)/automated Clearing house (ACH)
mandate duly registered with other Banks (if borrower’s savings/modern Account is not maintained with Ujjivan). The
repayment instalment should be made at the dates detailed inside the Sanction Letter. The liability to the Borrower will
be extinguished best when the superb inside the mortgage Account will become NIL.
Date of commencement of compensation: The reimbursement need to commence from the date targeted within the loan agreement performed by way of the Borrower.
CONSENT FOR BUREAU check, E-KYC, C-KYC, DND DEACTIVATION etc.:
The Borrower have to deliver unconditional consent to the financial institution for project credit Bureau take a look at, final touch of
Aadhaar KYC, registering with relevant KYC and deactivation of Do now not Disturb/countrywide Do now not call registration.
eleven. prices:
a) credit score Bureau charges will be recovered from the proceeds of loan.
b) All charges shall be debited to the mortgage Account and ought to be reimbursed via the Borrower
forthwith. Else, such amount shall be deemed to be forming a part of the important amount under the mortgage.
PRE-CLOSURE:
The Borrower may pre-near mortgage at any time after 6 months in the course of tenure of the loan by means of paying the whole dues in
the mortgage in single bullet charge, after supplying a written conversation to the financial institution in writing. however, in such
instances, pre-closure costs can be levied as stated under;
I. Pre-closure no longer allowed before price of 6 EMIs;
II. three% of extraordinary principle, if closed after payment of 6 EMIs and earlier than 12 EMIs
III. 2% of fantastic precept, if closed after charge of 12 EMIs and earlier than 24 EMIs;
IV. 1% of excellent precept, if closed after charge of 24 EMIs;
V. stability switch isn’t always allowed up to price of 12 EMIs, publish which five% will be applicable on of the
super precept could be charged.
component-fee of the dues shall no longer be allowed. Any quantity paid in advance of the due date could be handled as a component
of the future EMI(s)
Digital procedure:
The loan processing, Sanctioning and Documentation entails e-systems and the mortgage Applicant will be bound by using
the technique adopted by the bank in this regard. The loan Applicant have to ensure availability of personal
pc/laptop/smart smartphone with adequate connectivity/net facility. Ujjivan will show in its website from time to time the browsers, as a way to aid the virtual loan utility platform. There will be no duty on Ujjivan to guide all of the versions of the software. The mortgage Applicant shall improve his/her software, hardware
and/or the operating gadget at his/ her value on occasion and Ujjivan will be underneath no obligation to help the software program, hardware or running device of the mortgage Applicant.
The digital devises of the financial institution, together with ‘handheld gadgets’ (HHDs) furnished with bank officers, shall additionally be used to entire mortgage documentation. At every level of the procedure, the loan Applicant should cautiously study and apprehend
the commands displayed within the webpage/SMS text sent to registered cell number/message sent registered e-
mail identification/documents displayed at the HHDs. phrases on which the mortgage is offered are said within the
mortgage agreement/Sanction Letter. The loan applicants must additionally get acquainted with the loan agreement and
Sanction Letter agreeing to/signing the agreement. The loan candidates shall affix his/her signature/e-signature on the loan utility (at the side of the documents submitted by the applicant) and additionally on the loan settlement.
The mortgage applicant shall cautiously go through and recognize the information of the loan application and the loan
settlement, before affixing his/her signature/e-signature. A draft replica of the ‘mortgage
agreement for non-public loan’ is blanketed as an ‘Annexure – I’ to this agreement for the reference of prospective
debtors. Please no longer that bank is at liberty to make necessary adjustments in the identical, as and when found required,
with none word.
For any rationalization or queries, the mortgage Applicant ought to interact with the phone Banking crew of the bank at telephone
range: 18002082121
DEFAULT:
14.1 every of the subsequent will be taken into consideration as an “Default”:
a) behavior of the mortgage Account now not conforming to the Sanction terms or mortgage settlement.
b) not on time charge or non-charge of EMI on the respective due dates.