ESAF Small Finance Bank
ESAF (Evangelical Social Action Forum) Microfinance is a non-banking finance company and India’s leading microfinance institute. ESAF Microfinance was founded on March 11, 1992, in Thrissur, Kerala, and was licenced by the Reserve Bank of India. ESAF Microfinance is Kerala’s first bank to receive a banking licence following independence. This is also Kerala’s first microfinance company, with ESAF beginning its lending activity of microloans in 1995. Mr K Paul Thomas and Ms Mareena Paul founded ESAF, which has five life members, seven annual members, and eight honorary members.
ESAF Small Finance Bank Offerings
- Credit Card
- Debit Card
- Fixed Deposit
- Recurring Deposit
- Personal Loan
- Business Loan
- Gold Loan
- Car Loan
- Education Loan
- Personal Banking
- Saving Account
- Current Account
ESAF Small Finance Bank Loans Offered
- Home Loan
- ESAF Small Finance Bank offers a variety of Home Loan Schemes to meet the needs of its customers.
- The interest rate is extremely competitive and affordable.
- Documentation is minimal.
- Borrowers can choose from a variety of flexible repayment options.
- Home loans are approved and disbursed quickly and easily.
- Has a dedicated team of experienced employees who provide personalised service.
- Section 24(1) of the Income Tax Act allows for a tax benefit on home loan interest payments as a deduction. One is eligible for a maximum tax rebate of Rs. 2 lakh per fiscal year for home loan interest paid during that fiscal year.
- Car Loan
ESAF Small Finance Bank car loans offer a special interest rate for women as well as low-interest rates for everyone else. ESAF Small Finance Bank car loans are ideal for purchasing your dream car because they have no processing fees, no pre-closure charges, and repayment terms of up to 7 years.
- Customers use this loan to buy a new four-wheeler or two-wheeler for up to 84 months.
- In comparison to other lenders, this lender offers a competitive interest rate.
- No-hassle, quick processing and easy disbursement.
- Self-employed Doctors can take advantage of special offers.
- Convenient EMIs can be used to repay the loan.
- Personal Loan
ESAF Small Finance Bank meets the diverse needs of government/public sector employees, corporate employees, and retirees. The personal loan, which has a loan amount of up to Rs. 10 lakh, can be applied using both online and offline methods. The loan amount, interest rate, and eligibility criteria for an ESAF Small Finance Bank Personal Loan differ from person to person.
- Education Loan
To provide financial aid to deserving/meritorious students in completing their education, particularly for higher education. The scheme aims to ensure that deserving students do not miss out on opportunities due to a lack of financial arrangements.
- Business Loan
Business loans are the first priority for start-up businesses or companies in need of funding for business-related purposes. ESAF Small Finance Bank is a major public-sector bank that offers a variety of banking products and services. Bank provides a wide range of business loan programmes with interest rates starting at 10.70%.
- The loan is made available to any salaried individual, professional, government employee, sole proprietorship, partnership firm, or private limited company in exchange for shares pledged from a depository located anywhere in the country.
- Schemes for a variety of needs
- Loans are available against asset hypothecation.
- Loans with large amounts of money are available.
- Flexible repayment terms and schedule
- Affordable interest rate
- Processing is easy and simple for instant credit.
ESAF Small Finance Bank Gold Loan
Gold is considered to be the most valuable possession in any individual’s life, and it is kept and preserved with the utmost care and under the custody of a trusted third party, such as a bank.
Gold is typically used to make jewellery, coins, and other items that are worn, gifted, and treasured as family heirlooms, but the same gold can also be used to obtain loans to meet a variety of personal needs. Gold loans from ESAF Small Finance Bank are available for agricultural and related activities, as well as personal expenses. The maximum amount that can be borrowed is Rs. 10 lakhs.
The interest rate is calculated using the Repo Linked Lending Rate plus the applicable rate. A jewel loan has a starting rate of 8.75 %. The bank is ready to finance and the loan can be approved quickly and easily. For up to a year, tenure is flexible. However, depending on the crop’s seasonality, the same can last up to 18 months.
- The loan is disbursed immediately with minimal documentation.
- Indian residents are eligible to apply for the funds.
- Coins purchased from a bank and self-owned jewellery are both acceptable.
- Borrowers between the ages of 18 and 70
- Bullet repayment:- margin 35%.
- Interest payment scheme:- margin 25%.
- The current RLLR (Repo Linked Lending Rate) is 6.80%.
- Term Loan/Demand Loan: RLLR + 1.95 % = 8.75 %
- Overdraft: RLLR + 2.20 % = 9%
- Storage: The gold jewels provided to the bank as collateral are safely stored in the bank’s locker and can be retrieved after the loan is fully repaid.
- Fewer Documents: The documentation cycle is quick and only a few essential records are required.
- Direct System: The bank provides the client with complete transparency; that is, there are no secured charges.
ESAF Small Finance Bank Personal Loan
ESAF Small Finance Bank is one of India’s oldest and largest commercial banks. Canara Industrial and Banking Syndicate Limited was the name of the bank when it was founded. On July 19, 1969, the Government of India nationalised the bank, along with 13 other major commercial banks in India. The bank’s headquarters are in the Indian university town of Manipal. ESAF Small Finance Bank provides personal loans to cover any unanticipated expenses such as a wedding, vacation, or any other unanticipated expenses. The personal loan has been designed to meet the financial expectations of every type of customer and provide them with complete peace of mind.
- Loan Amount: ESAF Small Finance Bank offers personal loans with loan amounts ranging from Rs. 5 lakh to Rs. 10 lakh.
- Widespread Accessibility: Personal loans from ESAF Small Finance Bank are available to government employees, corporate employees, and retirees.
- Flexible Repayment Terms: The ESAF Small Finance Bank Personal Loan has a repayment period of up to 60 months and offers flexibility.
- Paperwork is minimal.
- No hidden charges.
- Quick processing and disbursement
- Various Schemes: The ESAF Small Finance Bank Personal Loan category offers a variety of schemes that can be customized according to the borrower’s needs.
ESAF Small Finance Bank Car Loan
Car Loan has become even more important in making good financial decisions. The ESAF Small Finance Bank car loan is available for the purchase of any car for personal use only. Commercial vehicle loans are not available from the bank. Car loans are available from ESAF Small Finance Bank for the purchase of all types of vehicles, new or used.
- Higher Loan Amount: In the case of new cars, banks will offer you a car loan of up to 80-100% of the on-road price. A car’s on-road price includes the ex-showroom price, state government tax, and insurance costs.
- No Need to Liquidate Investments
- Flexible Loan Repayment Terms: Customer can choose any loan repayment term between one and 7 years.
- Tax Advantages: Self-employed or a business owner can use your car for legitimate business purposes, a car loan can help to save money on taxes.
ESAF Small Finance Bank Credit Card
ESAF Small Finance Bank provides its customers with a wide range of credit cards, including co-branded credit cards issued in collaboration with the State Bank of India. These credit cards are tailored to the specific needs of the cardholders. small business units, self-employed individuals, small scale units, retail traders, professionals, and others are offered credit backing for their working capital and other needs through the ESAF Laghu Udyami Credit Card-Oriented Business Card Scheme (ESAFS) and the ESAF Swarojgar Credit Card Scheme (ESAFS). This scheme also includes a loan against a credit card.
- With the ESAF Small Finance Bank, you can earn 10X reward points for every Rs.100 spent at any grocery or department store, resulting in a 2.5% value back offer.
- A 2.5% fuel tax is waived on all fuel purchase transactions between Rs.500 and Rs.3,000 at all petrol stations in India.
- On all fuel purchase transactions between Rs.500 and Rs.4,000, a 2.5% fuel tax is waived.
- Get 5x accelerated reward points on dining and international purchases with the ESAF Small Finance Bank – SBI Platinum Credit Card.
ESAF Small Finance Bank Net Banking
ESAF Small Finance Bank’s Net Banking, in order to use this service, users must first register. People can easily log in to net banking after completing this process. They provide all of the information that the average person requires. Net banking is the most important need of the people right now customers do not have to visit the bank branch.
ESAF Small Finance Bank Customer Care Number
ESAF Small Finance Bank Limited contact information, toll-free number 24 hours a day, ESAF Small Finance Bank Limited missed call number
CONTACT NO. – 18001033723, 080-4644-3723
ESAF Small Finance Bank Customer Complaints
The ESAF Small Finance Bank’s customer service phone number is 1800-180-1235. You can also find more contact information on the official website.
How to Open a Savings Account in the ESAF Small Finance Bank
- Visit an ESAF Small Finance Bank branch in person.
- Fill out the Savings Account Opening Form (AOF).
- Attach the Account Opening Form to the Required (Mandatory) Documents (AOF) KYC documents such as your PAN, proof of address, and proof of identity.
- Checklist of Documents Required (Mandatory)
- The Banker verifies the Account Opening Form (AOF) and other documents.
- After the Banker has verified the Account Opening Form (AOF) and Other Documents, the customer will be assigned an account number and will be required to deposit the minimum required balance in the account as per the savings bank account type.
- Get a chequebook, a passbook, and a debit card.
How to Open a Current Account in the ESAF Small Finance Bank
Step 1:- Visit Vijaya Bank Account Branch
Step 2:- Filling up Account Opening Form (AOF) details, like name, address, contact number, email id, PAN, type of account to be opened, nominee’s name, etc.
Step 3:- Mandatory Documents for Account Opening Form (AOF)
Step 4:- Verification of Documents by the Banker
Step 5:-Minimum deposit into your Savings Account in accordance with your Savings Account requirements.
Step 6:-Get your bank’s cheque book, passport, debit card, and any other necessary documents.
ESAF Small Finance Bank FAQs
✅ What is ESAF Small Finance Bank’s new name?
The ESAF Bank Merged On August 30, 2019, Finance Minister Nirmala Sitharaman announced the merger of the ESAF Small Finance Bank and the United Bank of India with the Punjab National Bank.
✅ Is the ESAF Small Finance Bank a government-owned institution?
The bank was nationalised in the year 1980. Later that year, in 1992, the bank established its merchant banking division. ESAF was formed by the merger of two banks, Punjab Co-operative Bank and Bari Doab Bank, in 1997.
Table of Contents
- 1 ESAF Small Finance Bank
- 2 ESAF Small Finance Bank Offerings
- 3 ESAF Small Finance Bank Loans Offered
- 4 ESAF Small Finance Bank Gold Loan
- 5 ESAF Small Finance Bank Personal Loan
- 6 ESAF Small Finance Bank Car Loan
- 7 ESAF Small Finance Bank Credit Card
- 8 ESAF Small Finance Bank Net Banking
- 9 ESAF Small Finance Bank Customer Care Number
- 10 ESAF Small Finance Bank Customer Complaints
- 11 How to Open a Savings Account in the ESAF Small Finance Bank
- 12 How to Open a Current Account in the ESAF Small Finance Bank
- 13 ESAF Small Finance Bank FAQs