ESAF Small Finance Bank Gold Loan Approval Process

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    ESAF Small Finance Bank Gold Loan Approval Process

    ESAF Small Finance Bank Gold Loan Features

    Know details about ESAF Small Finance Bank Gold 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. ESAF Small Finance Bank Gold Loan Approval ProcessThe interest rates are low and attractive for borrowers.
    2. The eligibility criteria are simple and easy to meet.
    3. Income proof is not necessary. The borrower only has to submit identity proof and residential address proof.
    4. The loan tenure ranges from 4 months to 12 months.
    5. The loan size ranges from Rs 2000 to Rs 20,00,000
    6. A prepayment option is available to borrowers.
    7. The gold pledged by the borrower is kept safely by the bank.

    ESAF Small Finance Bank Gold Loan Eligibility

    Minimum and Maximum Age
    21 Yrs – 60 Yrs
    Note: However, many banks require a minimum age of 23 years
    Loan Amount
    Up to ₹ 2 Cr. Some banks restrict maximum eligibility to ₹ 20 Lakh
    Interest rates are lower for a higher loan amount
    Employment Type
    Salaried and self-employed both are eligible
    Businessmen are increasingly taking gold loans to meet their working capital requirements.
    In fact, housewives, senior citizens who are not eligible for other loans because they have no income proofs can easily avail of gold loans.
    Quality of Gold
    Gold ornaments should range in between 18 to 24 Carats
    An average gold price of 22-carat gold for the preceding 30 days is adjusted down for purity. So, the price of 20 Carat jewellery can be estimated by multiplying the price of 22 Carat jewellery by a factor of 20/22
    CIBIL Score
    Banks do not check CIBIL score for granting a gold loan
    However, your repayment track record for a gold loan is counted towards your CIBIL score and hence, can be instrumental in building your CIBIL score
    Gold ornaments that can be used for availing loan
    Gold bars and coins
    Gold with 18-24 carat purity
    Employment track record and income proofs
    Banks do not check your job stability or business stability to sanction you a gold loan. Gold loans are granted without income proofs. You only need to submit your basic KYC documents such as address proof, identity proof, and an Aadhaar card to avail of this loan.

    ESAF Small Finance Bank Gold Loan Documents Required

    At the time of application the following documents are required:

    • Proof of the citizenship of India
    • Duly filled application form
    • 2 passport-sized photographs
    • Applicant’s KYC documents to establish Identity and Address
    • Salary/ Income Proof
    • Witness Letter in case of illiterate borrowers
    • In the case of Agriculture Loan of more than Rs. 1 lac, land proof
    • Certificate by the Jewel Appraiser (Bank will arrange)

    At the time of disbursement the following documents are required:

    • Demand Promissory Note & Demand Promissory Note Take Delivery Letter
    • Gold Ornaments Take Delivery Letter
    • Arrangement Letter

    ESAF Small Finance Bank Gold Loan Approval Process

    ESAF Small Finance Bank Gold Loan Approval Process:

    • Visit the official website of ESAF Small Finance Bank.
    • Under the Products menu > Loans, click on “Gold Loans”.
    • Click the “Apply online” button.
    • Fill out the application form.
    • The bank’s representative will contact you.
    • Next, submit your documents for verification (this step can also be completed online).
    • Then, submit your gold as collateral, and its value would be assed (this step has to be completed physically, it cannot be done offline.
    • 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 gold loan by going to the bank’s local branch office.

    FAQs on ESAF Small Finance Bank Gold Loan Approval Process

    ✅ On what basis does the lender evaluate the gold?

    The gold submitted by the borrower is evaluated by the bank based on its purity, weightage and current market value.

    ✅ Can I take a gold loan for agricultural purposes?

    Yes, the borrower can use the gold loan amount for any purpose, including agricultural expenses.

    ✅ How long does it take for the loan to be disbursed?

    Generally, the loan amount is disbursed within 24 hours of approval. Visit Dialabank for more information.