ESAF Small Finance Bank Car Loan Approval Process

ESAF Small Finance Bank Car Loan Approval Process

ESAF Small Finance Bank Car Loan Features

ESAF Small Finance Bank Car Loan Approval Process

ESAF Small Finance Bank is an Indian small finance bank founded in 2017. It provides banking facilities and small loans to the underbanked. Its headquarters is in Thrissur, Kerala. It started its operations as an NGO in 1992 as Evangelical Social Action Forum.

  1. Low and attractive interest rates are offered on car loans.
  2. Most banks and financial institutions offer up to 100% financing on the on-road price of the car.
  3. The loan can be availed for the purchase of a new car or a used car.
  4. Minimal documents – identity proof and residential address and income proof (if available) is required.
  5. The loan tenure ranges from 3 years to 7 years.
  6. The minimum loan amount is 1 lakhs and the maximum amount is 25 lakhs.
  7. Spouse or close blood relative as co-applicant or guarantor of the loan.

ESAF Small Finance Bank Car Loan Eligibility

ESAF Small Finance Bank Car Loan Documents Required

ESAF Small Finance Bank Car Loan Approval Process

  • Visit the official website of ESAF Small Finance Bank.
  • Under the Products menu > Loans, click on “Car Loans”.
  • Click the “Apply online” button.
  • Fill out the application form.
  • The bank’s representative would contact you.
  • Next, submit your documents for verification (this step can also be completed online).
  • Based on the verification and evaluation, the loan is approved by the bank.
  • The loan amount is deposited in the borrower’s account.

A borrower can also apply for a car loan by going to the bank’s local branch office.

FAQs on ESAF Small Finance Bank Car Loan Approval Process

✅ What is the purpose of a guarantor?

If the borrower enlists a guarantor, they would be liable to repay the loan amount if the primary borrower fails to do so.

✅ How can I repay the car loan?

Banks and NBFCs offer the option of repaying the car loan through equated monthly instalments (EMIs). Visit Dialabank to calculate your EMI now.

✅ Does a car loan affect my credit score?

If you make timely repayments of the car loan amount, it improves your credit; however, if you do not repay the loan on time it can negatively impact your credit score.