Ujjivan Small Finance Bank has announced the launch of small commercial vehicle finance.
“As part of the Raftaar loans product mix, customised offerings will be available across southern and eastern regions: Karnataka, Tamil Nadu, and West Bengal; and over time, based on demand, (we will) extend (the same) to other branches and locations” said its official statement.
The newly launched product is a mix for Raftaar loans and also includes two-wheeler and E-3-wheeler (E-3W) loans, added the statement.
Besides, the lender joined hands with original equipment manufacturers (OEMs) such as Mahindra & Mahindra, Tata Motors, and Ashok Leyland, among others.
“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.
Earlier, the segment served to 74 percent self-employed populace and 57 percent women customers.