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.
- The interest rates are low and attractive for borrowers.
- The eligibility criteria are simple and easy to meet.
- Income proof is not necessary. The borrower only has to submit identity proof and residential address proof.
- The loan tenure ranges from 4 months to 12 months.
- The loan size ranges from Rs 2000 to Rs 20,00,000
- A prepayment option is available to borrowers.
- The gold pledged by the borrower is kept safely by the bank.
ESAF Small Finance Bank Gold Loan Eligibility
Minimum and Maximum Age
Note: However, many banks require a minimum age of 23 years
Interest rates are lower for a higher loan amount
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
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
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 with 18-24 carat purity
Employment track record and income proofs
ESAF Small Finance Bank Gold Loan Documents Required
At the time of application the following documents are required:
At the time of disbursement the following documents are required:
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.
Table of Contents
- 1 ESAF Small Finance Bank Gold Loan Features
- 2 ESAF Small Finance Bank Gold Loan Eligibility
- 3 ESAF Small Finance Bank Gold Loan Documents Required
- 4 ESAF Small Finance Bank Gold Loan Approval Process
- 5 FAQs on ESAF Small Finance Bank Gold Loan Approval Process