The product mix for Raftaar Loans also includes two-wheeler and E-3-wheeler (E-3W) loans. The service will be extended to other branches and locations over time based on the demand, it said in a release.
“We remain cognizant of our customers’ needs and based on the demand, we decided to foray into small commercial vehicle funding segment. This reinforces our portfolio, and serves as an alternate mode of income generation for our aspiring mass-market customers.
“Going forward, we hope to see more traction in rural and semi urban areas, and as we gear up for the future, our teams are making all the necessary efforts to support and build a deeper connect,” said Nitin Chugh, MD & CEO, Ujjivan Small Finance Bank.
In the past, this segment has catered to 74 per cent self-employed people and 57 per cent women customers. Gradually, the OEMs plan to reach out to tier IV and unbanked community, as well, it said.
Ujjivan SFB has 575 branches and 475 ATMs across 244 districts, 24 states and Union Territories.