To meet the diverse requirement of its Tier II and III customers, Ujjivan Small Finance Bank with a long term vision to build a better life for its people and communities announced the launch of Small Commercial Vehicle Finance.
As part of the Raftaar Loans product mix, the customised offerings will be available across southern & eastern regions: Karnataka, Tamil Nadu, and West-Bengal, and over time based on the demand extend to other branches and locations. The Bank has a pan- India presence with 575 branches and 475 ATMs across 244 districts, 24 states and Union Territories.
The product mix for Raftaar Loans also include two-wheeler and E-3-wheeler (E-3W) loans.For seamless commercial vehicle finance options, the Bank has associated withmajor Original Equipment Manufacturers (OEM)like Mahindra & Mahindra Ltd, TATA Motors, Ashok Leyland and others.In the past, this segment has catered to 74% self-employed people and 57% women customers. Graduallythe OEMs plan to reach outto Tier IV and unbanked community, as well.
Ujjivan Small Finance Bank has designed the Small Commercial Vehicle financing, after seeking an understanding of the complexities the mass market customers’ experience. Under the RaftaarLoans initiative, customers can meet their dreams with speed, ease and minimal documentation.