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ESAF Small Finance Bank Car Loan

ESAF Small Finance Bank Car Loan Features –

About ESAF Small Finance Bank Car Loan

After evaluating the contributions and significance of ESAF in the development of rural and unreached segments of the nation, the Reserve Bank of India issued an in-principle license to ESAF Microfinance and Investments Pvt. Ltd. to set up a new Small Finance Bank during October 2015.

Achieve your dream of buying a car with the help of ESAF Small Finance Bank Car Loan. A car loan is provided up to 25 lakhs. Loan tenure is a minimum of 3 years and a maximum of 7 years. Avail a car loan or an opt pre-approved car loan from ESAF Small Finance Bank Car Loan now and get the best interest rate.

Individuals with mediocre CIBIL scores can apply for a car loan too. Ensure the monthly EMI in Dialabank EMI calculator online before availing of a car loan.

Advantages of ESAF Small Finance Bank Car Loan

ESAF Small Finance Bank Car Loan

ESAF Small Finance Bank Car Loan Eligibility

Salaried Individual
Age – 21 years to 60 years
Net Monthly Income – Minimum ₹ 20,000
Employment Duration – 1-year minimum
Income Eligibility – Based on Form 16 and salary slip
Self-Employed Individuals
Age – 21-65 years of age
Minimum ITR – Rs.2 lakh
Employment Duration – Minimum 3 years
Income Eligibility – Depends on the latest Income Tax Returns
Self-Employed Non-Individuals (Company/Partnership)
Minimum ITR – Rs. 2 lakh
Employment Duration – 3 years minimum
The applicant has to present IT returns and audited financials of 2 years with Calculated Income.
Priority Customers
At least 6-month vintage
Average Quarterly Balance – 2 quarters balance at a minimum of Rs.1 lakh
Maximum Loan Amount – 3 times the Average Quarterly Balance of the last 2 Quarters

ESAF Small Finance Bank Car Loan Interest Rate, Fees, and Charges

Charges New Car Loan Used Car Loan
Interest Rate 7.05% per annum 11.80% p.a. to 13.80% p.a.
Car loan Processing fees 0.004 0.004
Issuance of Duplicate Repayment Schedule Charges Around Rs.500 Around Rs.500
Foreclosure Charges 0.06 0.06
Penal Interest 2% PM 2% PM
Car loan Part Payment charges 6% of the amount 6% of the amount
Cheque/Instrument Swap Charge Around Rs.500 Around Rs.500
Documentation Charge Around Rs. 500 Around Rs. 500
Issuance of Duplicate No Dues Certificate Charges Around Rs. 500 Around Rs. 500
Registration Certification Collection Charge Around Rs. 200 Around Rs. 200
Cheque Bounce/Instrument Return Charges Around Rs. 500 Around Rs. 500
Issuance of Duplicate Statement Charges Around Rs. 500 Around Rs. 500
Loan Cancellation/Re-booking Charges Around Rs. 1000 Around Rs. 1000
Issuance of Credit Report Around Rs. 50 Around Rs. 50

How to Increase Your Eligibility for ESAF Small Finance Bank Car Loan

ESAF Small Finance Bank or any other bank provides Car loan after checking your eligibility, learn how to increase your eligibility of getting ESAF Small Finance Bank Car Loan

  • Opt for a short time loan: When you choose a short tenure to repay the money, the EMI you will be paying each month will be higher, and this will be an indication of your higher repayment capacity it will help you reflect your eligibility positively on the lenders, which in return will make the loan process more accessible. Boost your eligibility for a car loan by choosing a short time loan.
  • Build your credit score: Building your credit score can benefit you in availing of a car loan. Whenever you make a credit purchase and pay your monthly bills on time, it helps you build your credit score, and the credit score is recorded and is referred by banks whenever you apply for a car loan to check your loan eligibility.
  • Maintain a low debt-to-income ratio: The debt-to-income ratio, AKA DTI ratio, is a metric used by Banks to determine your ability to pay your debts and make interest payments. The DTI ratio compares your monthly debt payments to your monthly gross income. Maintaining Low debt-to-income ratio will help you enhance your eligibility for ESAF Small Finance Bank Car Loan.
  • The amount for loan: ESAF Small Finance Bank or any bank/lender look into the amount of loan you have applied for higher loan amount will lead to higher perusal, and the bank may ask for collateral as security. So make sure you use for a low loan amount from ESAF Small Finance Bank while availing of a car loan.

Factors Affecting ESAF Small Finance Bank Car Loan Eligibility

  • Income: ESAF Small Finance Bank or any other lender checks your income and its stability. If your income is high, you can easily get a loan from ESAF Small Finance Bank Car Loan because a higher income indicates a higher repayment capacity and gives assurity to be eligible for an ESAF Small Finance Bank Car Loan.
  • Your loan amount: A vital factor ESAF Small Finance Bank or any bank/lender looks into is the amount of loan you have applied for higher loan amount will lead to higher perusal. The bank may ask for collateral as security. 
  • Repayment history: ESAF Small Finance Bank Car Loan strictly looks at your credit and loan repayment history. Any unpaid debts stay put until seven years, which will affect your loan eligibility. If you have any outstanding loan or poor loan history, the creditor might hesitate to approve your car loan.
  • Credit score: Pay your monthly bills on time; it helps you build your credit score. The credit score is recorded and is referred by banks whenever you apply for a car loan to check your loan eligibility. Your credit score must be above 750 to apply for a loan.

ESAF Small Finance Bank Car Loan Processing Fees

ESAF Small Finance Bank Processing Fees:

  • Loans up to Rs.25000: NIL.
  • Loans above Rs.25000: up to 2%.

New Car Loan: Pre-owned car Loan & Loan against Car

  • Pre-owned car loan: Get a pre-owned car loan instantly from ESAF Small Finance Bank loan amount minimum 25,000 maximum 20 Lakhs.
    Loan tenure for used cars is a minimum of 3 up to 5 at an affordable interest rate.
  • Loan against Car: Need money to invest or to start your own business? ESAF Small Finance Bank will issue you a loan against your vehicle starting from Rs 1 lakh up to 10 lakhs of and the loan tenure would be one year to 7 years

ESAF Small Finance Bank Car Loan Customer Care – Toll-Free Number

ESAF Finance Bank customer service executives will help you with inquiries related to ESAF Finance Bank Car Loan contact any time, using any of the following methods, to know more about ESAF Finance Bank.

  • 1-800-103-3723 which is (1-800-103 – ESAF) – Toll free
  • 080-4644-3723 – Paid line for NRI customers

For other banks like IIFL, Visit the dialabank website or call 9878981166

ESAF Small Finance Bank Car Loan Interest Rates and Charges

ESAF Small Finance Bank Pre-Owned Car Loans Other Charges

ESAF Small Finance Bank Car Loan Car Documents Required.

Salaried Individual

Category
Documents Required
Identity Proof (Any 1) Passport
Voter ID
Aadhar Card
Driving License
Address Proof (Any 1) Aadhar Card
PAN
Driving License
Electricity Bill
Date of Birth Proof(Any 1)
Passport
Birth Certificate
High School Marksheet
Driving Licence
Signature Proof(Any 1)
PAN
Bankers Verification
Passport
Income Proof
Salary Slip and latest Form No.16
Bank Statement
Last 6 month Bank statement
Employment Continuity Proof
Job card by NREGA
ITR of Form no. 16
Salary Slip mentioned with joining date
Letter of Appointment

 

Self-Employed Individuals

Category
Documents Required
Identity Proof (Any 1) PAN Card
Passport
Voter ID
Aadhar Card
Address Proof (Any 1) PAN Card
Voter ID
Passport
Electricity Bill
Date of Birth Proof (Any 1) Birth Certificate
Passport
Driving Licence
PAN
Signature Proof (Any 1)
PAN
Bankers Verification
Passport
Bank Statement
Bank statement of last 6 months
Employment Continuity Proof
Latest ITRs
Shop & Establishment Act Certificate
Shop & Establishment Act Certificate
Sales Tax or VAT Certificate
Business Proof
Registration Certificate
Telephone Bill/Electricity Bill
Shop & Establishment Act Certificate
SSI or MSME Registration Certificate

 

Self-Employed Non-Individuals:

1. Partnership Firms/Societies

Category
Documents Required
Identity Proof (Any 1) Driving Licence
PAN Card
Aadhar Card
Passport
Address Proof (Any 1)
Electricity Bill/Telephone Bill
Aadhar Card
Driving License
Voter ID
Income Proof
Audited Balance Sheet
P&L Account
ITR for the previous 2 years
Bank Statement Last 6 month
Business Continuity Proof
Company ITR of the last 2 years
Audited Balance Sheet
TAX registration Certificate
Current Account Statement
Additional documents
Letter of Authority or PAN Card

 

2. Private Limited/Limited Companies

Category
Documents Required
Identity Proof
The latest copy of MOA and AOA
Copy of Incorporation
Address Proof (Any 1)
SSI/MSME Registration Certificate
Telephone Bill
Electricity Bill
Shop & Establishment Act Certificate
Sales Tax Certificate
Income Proof
Audited Balance Sheet
P&L Account and ITR for the previous 2 years
Bank Statement Previous 6 Months
Business Continuity Proof
P&L account and
ITR of the Company of the past 2 years
Audited Balance Sheet
Shop & Establishment Act Certificate
Additional documents
List of Shareholding partners and Directors
Board Resolution
PAN Card
Certificate of Commencement of Business for Ltd. Co.

ESAF Small Finance Bank Car Loan EMI Calculator

Please make use of the EMI calculator provided by us to calculate your EMI before availing of a car loan.
EMI Calculator.

ESAF Small Finance Bank Car Loan Types

ESAF Small Finance Bank provides different types of car loan. You can choose any car loan according to your need. Types of car loans are as follow:

  • New car loan: Individuals interested in buying a new car can apply for a car loan from ESAF Small Finance Bank Car Loan. The loan is provided up to 25 lakhs with a low-interest rate. The minimum tenure is one year up to 7 years.
  • Used car loan: Can’t afford a new car buy a used car with the help of ESAF Small Finance Bank Car Loan. Buy any vehicle loan up to 20 lakhs loan tenure is 3 to 5 years.
  • Loan against the car: You need money to start establishing your start-up or paying medical expenses; get a loan against your car up to 10 lakhs from ESAF Small Finance Bank Car Loan. You need to keep your car as collateral and get money without waiting for days.

How to Apply for ESAF Small Finance Bank Car Loan?

  1. Take your mobile or laptop, visit Dialabank and fill a quick form
  2. The relationship managers will reach out to you ASAP and guide you thoroughly through the ESAF Small Finance Bank Car Loan process.
  3. The team will provide their best with all the required procedures. You need to compare and select the plan that suits your requirements.
  4. Dialabank is a trusted financial helpline. Applying for a loan with the help of our expert’s assistance would aid you with all offers that you might not know with transparent financial reports.

Tips for deciding the right amount of EMI

  • Decide the amount you need: The first thing you need to do is determine the amount of money you need to borrow from ESAF Small Finance Bank before applying for a car loan. Decide the correct amount according to your capability and your income stability and find the best bank. 
  • Review your current obligations: Ensure all your income sources and examine your expenses before going to ESAF Small Finance Bank. Check your EMI obligation of any ongoing loan. Once you go through every detail, you can consider taking a loan without any concern.
  • Calculate your ESAF Small Finance Bank Car Loan eligibility: It is better to calculate your eligibility. It is the evaluation to know your capacity of making repayments according to your monthly income. You don’t want to wreck your hard-earned credit score by making some arbitrary decisions.
  • Multiplier-based loan amount eligibility – ESAF Small Finance Bank or any bank calculates borrowers’ eligibility by applying a multiplier to your net pay; this is the primary method of calculating the loan eligibility of any borrower. It is between 2.5 to 3 times the annual salary for salaried individuals and six times the yearly income for self-employed professionals.
  • FOIR based loan amount eligibility – Fixed Income to Obligations Ratio (FOIR) is a parameter ESAF Small Finance Bank Car Loan will use to determine your maximum EMI capability you can pay according to your current income all other expenses. The bank will add a particular ratio to all your incomes with your other EMI obligations and finalize the estimate to estimate your monthly expenses. The proportion of fixed earnings to your calculated fixed obligations will give you (FOIR). By and large, the bank will lend up to a maximum FOIR of 0.50, and based on the FOIR, the bank will also estimate the maximum amount of EMI you can service as a borrower.

ESAF Small Finance Bank Car Loan car loan EMI – EMI changes in case of prepayment

  • Minimum three years and maximum seven-year EMIs are allowed for New Car Loan.
  • There are no charges applied for prepayments.

How to Calculate ESAF Small Finance Bank Car Loan EMI

Any individual would prefer to calculate the EMI as it will help you estimate how much you are going to pay every month. 

A simple formula to find your EMI
E = P*r*[(1+r) ^n/((1+r) ^n-1)].
E is the EMI, P stands for the principal amount, r stands for interest rate, and n stands for the number of years or tenure of the loan.
You can also calculate the EMI simply by using the EMI Calculator tool available in Dialabank.

Compare ESAF Small Finance Bank Car Loan With Other Banks In India.

FAQs for ESAF Small Finance Bank Car Loan

✅ What is ESAF Small Finance Bank Car Loan

ESAF Small Finance Bank Car Loan is financial support provided by the bank to all its eligible customers to buy a car.

✅ How can I get a Car Loan from ESAF Small Finance Bank?

  • Age Limit: 18 to 65 years
  • Domicile Status: Own / Rented with Minimum 1 Year of stay
  • Apply with Dialabank to get an ESAF Small Finance Bank Car Loan with accurate details.

✅ How does ESAF Small Finance Bank Car Loan work?

ESAF Small Finance Bank provides a car loan by keeping your new car as collateral against the loan. Apply for a Car Loan with the required documents, and the car key will be in your hand.

✅ What is the Car Loan Interest Rate in ESAF Small Finance Bank?

  • ESAF Small Finance Bank car loan current Interest rate is according to your local market interest
  • Interest Rate is the cost of borrowed money, expressed as a percentage of the loan amount.

✅Do I need to provide a guarantor to get a car loan from ESAF Small Finance Bank Car Loan?

NO, ESAF Small Finance Bank Car Loan doesn’t ask for any guarantor from its borrower to avail Car Loan.

News about Car loan

Bank’s net profit hiked by 34%.

The income of the banks is currently increasing at a steady pace. The increase in income is due to loans like car loans, home loans, and gold loans. Apart from this, the hike in the savings account and the fixed deposit is the reason for the increase by 34% income of banks.

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