ESAF Small Finance Bank Personal Loan Approval Process

ESAF Small Finance Bank Personal Loan Approval Process

About ESAF Small Finance Bank Personal Loan Approval Process

ESAF Small Finance Bank Personal Loan Approval Process

A Personal Loan from the ESAF Small Finance Bank could help you meet your many financial needs in an emergency. It’s known as an unsecured loan, and it may be used for a range of things like budgeting, paying medical costs, realising aspirations, and remodelling homes, among other things.

If we need a personal loan, we should not be afraid to apply for one. The expert staff at Dialabank.com is always available to assist you in finding the best prices in the shortest amount of time. Time is crucial, and financial resources are scarce. As a result, you can always count on us to keep our word and assist you with any loan, including personal loans, in a hassle-free manner.

  • Customers who already have an account with a bank and have a strong credit history are usually eligible for low-interest pre-approved personal loans.
  • They also have an online application/portal where you may electronically submit your eligibility and supporting documentation.
  • You may monitor the status of your ESAF Small Finance Bank personal loan application in real-time on the bank’s website, by phoning them, or by contacting our customer support helpline.
  • The ESAF Small Finance Bank Personal Loan Approval Process is well-known, and it also provides exceptional discounts and deals for people from various walks of life and jobs. Personal Loans from ESAF Small Finance Bank

ESAF Small Finance Bank Personal Loan Eligibility

Are you unsure if you qualify for a personal loan? There’s no need to seek further because we’ve compiled a list of the requirements for obtaining a personal loan:-

 

Particulars Salaried Self-Employed
Age 21 – 60 years 21 – 65 years
Minimum Income Rs.15,000* Rs.5 Lakh p.a.
Co-applicant Not mandatory Not mandatory
Loan Tenure 12 – 60 months 12 – 60 months
Maximum Loan Amount Rs.40 Lakh Rs.40 Lakh
Employment Type Employees of private limited companies and public sector undertakings
Self-employed individuals
Employment/Business Continuity At least 2 years; minimum 1 year with current employer
4 years Post Qualification experience for Doctors/ Chartered Accountants.
5 years Post Qualification experience for Company Secretary / Architect.
CIBIL Score 750 and above 750 and above
Residential Status
Resident Indian staying in own house or a rented house

 

*In cities such as Kochi, Kolkata, Ahmedabad, Pune, Hyderabad, Mumbai, Chennai, Bengaluru, and Delhi the net monthly income required is Rs.20,000

*Note: The eligibility criteria vary from lender to lender.

Check Personal Loan Eligibility with Top Lenders in 2021

Bank Age Limit Minimum Work Experience
Minimum Income (Per Month)
SBI Up to 76 years NA** Rs.15,000
HDFC 21 to 60 years 2 years Rs. 20,000
ICICI 23 to 58 years 2 to 5 years Rs.17,500
Axis 21 to 60 years NA** Rs.15,000
Kotak Mahindra 22 to 55 years 1 year Rs.25,000
Tata Capital 21 to 58 years 1 year Rs.15,000
IndusInd 21 to 60 years 2 to 5 years Rs.25,000
Ujjivan Small Finance 22 to 58 years NA**
Above the minimum wage limit
India Infoline Finance Limited 25 to 60 years 6 months to 2 years Rs.35,000
HDBFS 21 to 65 years 1 year to 3 years
Rs.15,000 for salaried
Rs.1 lakh p.a. for self-employed
Indian Overseas Bank Up to 58 years NA* Rs.5,000
IDFC First Bank 23 to 68 years 3 years NA*
Federal Bank 21 – 55 Years 3 years Rs.25,000
Punjab National Bank 21 – 58 years 2 years for doctors Rs.15,000
Andhra Bank 21 – 55 years NA** NA*
Canara Bank NA** NA**
Salaried: Rs.6,000 & above
Self-employed – Rs. 1.5 lakh
IDBI Bank Up to 75 years for Pensioners NA** Rs.1.5 lakh p.a.
Fullerton India 21 to 55 years 1 to 2 years Rs.15,000
RBL Bank 25 to 60 years 1 to 3 years Rs.25,000
Bank of Baroda 21 to 60 years 1 year to 2 years
60% of gross monthly income
Deutsche Bank 25 to 60 years NA** Rs.25,000
Karnataka Bank NA** 3 years NA*
United Bank of India up to 75 Years 2 years NA*
UCO Bank 21 to 65 years 1 year to 5 years Rs.20,000

 

*Personal loan disbursal is solely at the bank’s discretion and as per the bank’s terms and conditions

Learn More about Personal Loan: Click Here

 

Documents Required for ESAF Small Finance Bank Personal Loan Approval Process

Certain documents are always required to be supplied as verification for every financial service that you use. In the case of a personal loan, they are as follows:

 

List of Documents Required for Salaried Applicants

Salaried individuals must submit the following documents in addition to a completed personal loan application form:

Photo Identity Proof (Any one) Passport
PAN Card
Voter’s ID
Aadhar Card
Driving License
Address Proof (Any one)
Passport
Utility Bill (telephone, electricity, water, gas) – less than 2 months old
Aadhaar Card
Driving License
Ration Card
Income Proof
Salary slips (Last 3 months)
Bank statements for the last 3 to 6 months (showing salary credit)
Tax Paid (Any one
IT returns (for 2 years)
Form 16
Residence Ownership Proof (Any one)
Property documents
Maintenance bill
Electricity bill
Proof of Job Continuity (Any one)
Current employment certificate
Current job appointment letter (if more than 2 years have been spent in the same organisation)
Experience certificate (previous employer’s relieving or appointment letter along with job certificate)
Proof of Investment (if any)
Fixed assets, fixed deposit, shares, etc.
Existing Loans (if any)
Payment Track Record & Sanction letter
Photograph
One coloured passport size photograph

 

List of Documents Required for Self-employed Applicants

Self-employed personal loan applicants must submit the following documents in addition to a fully completed loan application form:

Photo Identity Proof (Any one) Passport
PAN Card
Voter’s ID
Aadhaar Card
Driving License
Address Proof (Any one)
Passport
Aadhaar Card
Driving License
Utility Bill (telephone, water, electricity, gas) – less than 2 months old
Ration Card
Proof of Residence Ownership (Any one)
Property documents
Maintenance bill
Electricity bill
Proof of Office Address and Ownership (Any one)
Maintenance bill
Property documents
Electricity bill
Proof of Business Existence (Any one)
Copy of GST registration
Company registration license
Shop establishment proof
Income Proof
Last 2 years Income tax returns of the applicant along with computation of income duly attested by a Chartered Accountant
Audited balance sheet and Profit & Loss accounts, including tax audit report, if applicable
Bank statement
Savings/current account bank statement/ bank passbook for the past one year
Proof of Investment (in case any)
Investments such as fixed deposit, fixed assets, shares, etc.
Existing Loans (in case any)
Payment Track Record and sanction letter
Professional Degree Certificate
In case of professionals
Photograph
One coloured passport size photograph

 

List of Documents Required for NRI Applicants

When applying for a personal loan, NRI candidates are typically required to submit the following documents:

Identity Proof Copy of the passport
Copy of the visa
Employment Proof Letter of Appointment
Job contract
Labour/ Identity card (if applicable)
Official email ID or the HR’s email ID
Income Proof Last 6 months’ bank statements
Last 6 months’ salary slips or salary certificate
Photograph Passport size photographs

 

List of Documents Required for Pensioners

When applying for a personal loan, a pensioner must submit the following documents:

Identity/Age Proof (Any one)
Ration card
Passport
PAN card
Aadhar card
Voter ID card
Driving licence
Birth certificate
School leaving certificate
Address Proof (Any one) Passport
Aadhaar card
Utility bills
Ration card
Driving licence
Income Proof (Any one)
Last 6 months’ bank statements/salary slips
Bank passbook
Form 16
Copy of pension payment order
Income tax returns
Photographs
Passport size photographs

 

Know More About: Personal Loan Eligibility Criteria

 

ESAF Small Finance Bank Personal Loan Approval Process

What is the approval process for getting a personal loan at the ESAF Small Finance Bank?

Step 1: Determine your requirement
Determine why you need a Personal Loan and how much money you’ll need.

Step 2: Check loan eligibility
Make sure you meet all of the parameters for the ESAF Small Finance Bank Personal Loan Approval Process that we’ve listed above once you’ve established how much money you’ll need.

Step 3: Calculate monthly instalments 
Use an online EMI calculator to figure out how much you’ll have to pay each month on your loan. This EMI calculator comes highly recommended because it can quickly provide you with information like the total interest due on your personal loan.

Step 4: Approach the bank
You can apply for a personal loan from ESAF Small Finance Bank in a variety of methods, including through Net banking, the bank’s website, an ATM, or a branch, or by calling us at 9878981144 and we’ll help you through the process.

Step 5: Submit documents
Submit the above-mentioned documents, then wait for funds to be deposited into your account. Customers receive funds from the ESAF Small Finance Bank for pre-approved loans as soon as feasible.

*Personal loan disbursement is at the sole discretion of the bank and is subject to the bank’s terms and conditions.

Learn More about Personal Loan: Click Here

Steps to Apply for ESAF Small Finance Bank Personal Loan Approval Process

You can apply for a personal loan from ESAF Small Finance Bank either online or in-person at a branch. We’ll walk you through both the online and offline procedures. If you want to apply, you must first complete the steps listed below:-

  • For further information, go to the ESAF Small Finance Bank’s website or call the bank’s nearest location.
  • Fill out the personal, professional, and financial information requested by the bank and submit the form.
  • The bank will verify your eligibility and tell you the amount you are eligible for when you finish the online form.
  • Once you agree to finish the application, you must submit the appropriate documents, which can be done online.
  • Finally, the ESAF Small Finance Bank Loan Approval Process will examine your documents, and if the loan is granted, the funds will be transferred to your ESAF Small Finance Bank account immediately.

If you want to get straight to the branch, you must complete the steps outlined below:-

  • At the appropriate bank branch, fill out the application form with the necessary personal information, professional information, and contact information. This criterion will be prioritised in the ESAF Small Finance Bank Personal Loan Approval Process.
  • Their representative will explain the loan’s eligibility, as well as the loan rates, terms, processing expenses, prepayment, and foreclosure provisions, during the ESAF Small Finance Bank Personal Loan Approval Process.
  • After submitting the application form and supporting papers, you will be granted an application reference number. You can use this number to track the status of your ESAF Small Finance Bank Personal Loan application.
  • The loan can be disbursed as soon as the loan is approved and the agreement is signed after successful verification.

All this can be a little tricky if you’re doing it for the first time, so to avoid having doubts at each step you should directly reach out to us at 9878981144 or send a mail to us at booking@dialabank.com

ESAF Small Finance Bank Personal Loan Approval Process FAQs

✅ How does a personal loan work?

When you submit a personal loan application to a lender, the lender evaluates and approves it depending on the standards of the institution. The loan amount is then deposited to your bank account right away. You will be required to pay the EMIs on a monthly basis as part of your loan repayment.

✅  What is the maximum amount of loan I can get if I clear the ESAF Small Finance Bank Personal Loan Approval Process?

The quantity of money you can borrow is entirely determined by your salary. There are lenders in India that are willing to lend up to Rs.50 lakhs.

✅ What credit rating should be required to get a personal loan?

A CIBIL score of 700 or higher is considered desirable for personal loan approval. On the other hand, a credit score of 800 or more will place you in good standing with lenders. It could also assist you in obtaining better loan interest rates and repayment options.