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Ujjivan Bank launches new vehicle loan product

Ujjivan Small Finance Bank has launched ‘Ujjivan Bank Raftaar Loan’, a vehicle finance product with its first disbursement being made for a customer who is buying an electric 3-wheeler in Patna. The bank hopes the new product will be popular among its customers who have little or no access to easy finance. The bank said it will aim to address individuals’ aspirations to own a vehicle and supplement their income. The bank will be targeting its existing customer base of 46 lakh for vehicle finance. Samit Ghosh, MD & CEO of the bank, said banks and financial institutions have long been reluctant to finance electric vehicles and the bank had observed the struggle of its customers in purchasing vehicles. Hence, identifying this need-gap in the market, the bank has entered this space. The bank aims to have a distribution reach of 200+ dealers spread across 20 districts in the initial year, strengthening it to a network of 2000 dealers in over 200 districts in the next five years.

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