Consolidation Loans from ESAF Small Finance Bank

Different loan schemes for different people.

ESAF Small Finance Bank, a small finance bank based in Thrissur (Kerala), offers multiple financial products to different segments of its customer base. The bank offers a wide range of loans to suit the needs of its customers. Consolidation loans are on of them.

ESAF Small Finance Bank Consolidation Loans

Consider a scenario: you have two credit cards with balance building by the day and a couple of loans that you need to repay. Would you prefer to consolidate them into one loan scheme so that you can just pay off one instalment per month or four different ones? This is where a consolidation loan comes in handy. It can help you pay off all your debts and consolidate it all into one loan which you can repay by choosing terms as per your preference.

ESAF Small Finance Bank offers loans that can be used by borrowers to repay their debts by using a single loan, referred to as a consolidation loan. This can be an unsecured loan like a personal loan or a secured loan like a loan against property, gold or securities. A consolidation loan helps you pay off your debts without going nuts. It will also help you get a grip on your financial situation since you will know exactly how much is going out each month and how you need to plan your budget.

Please note here that ESAF Small Finance Bank does not label a specific loan as a consolidation loan. Instead, a few schemes can be used for consolidating debts even if they are not directly labelled so. The loan scheme offered by ESAF Small Finance Bank that you can avail as a consolidation loan is: Loan Against Property

We give you a brief introduction to this consolidation loan below. In addition, you have the option to click further and read in detail about the loan (the link takes you to another page on our website). Please note that the bank may offer more consolidation loan options that are not yet published on the website. If you prefer we suggest that you get in touch with the nearest branch to check the loan schemes they offer.

ESAF Small Finance Bank Loan Against Property

This loan helps borrowers get access to funds by mortgaging their residential or commercial property to meet their urgent financial needs. Borrowers can use funds from this scheme to purchase a new property, pay for renovation / repair their home or to meet personal expenses such as those for a child’s wedding, dream vacation, medical exigencies, debt consolidation and so on.

Features of ESAF Small Finance Bank Mortgage Loan

Why this Loan?

  • The ESAF Small Finance Bank Loan Against Property is meant for borrowers who want to avail financial assistance by mortgaging their property to the bank to meet their urgent financial needs other than for capital market, business, trading or speculative purposes
  • This loan can also be repurposed into a consolidation loan to pay off high-interest debts
  • ESAF Small Finance Bank also offers a balance of transfer facility on this loan

Interest Rate for ESAF Small Finance Bank Consolidation Loans

  • The applicable interest rate on these loans is defined as the sum of two factors namely, one-year Marginal Cost of Funds based Lending Rate (MCLR) and (Strategic) Spread. As of October 2020, the one-year MCLR of ESAF Small Finance Bank is 14.42%. The spread factor is decided by the bank based on the loan type, quantum of loan and credit score of the borrower

Documents Needed for Individuals (Salaried and Self-employed)

  • Loan Application Form duly filled and signed by the applicant and co-applicant, if any
  • Two Passport Size Photographs of applicant and co-applicant
  • Personal ID Proof: Aadhaar Card, PAN Card, Passport or Driving License. PAN Card / PAN Card Issuing Letter is must
  • Signature Proof: PAN Card, Banker’s Verification, Driving License or Passport
  • Residential Address Proof (Any One): Aadhaar Card, Electricity Bill, Post-paid Phone Bill, Valid Rent Agreement
  • Income/Banking Proof for Salaried Professionals: Last 3 months’ salary slip, Form 16 or income tax returns
  • Income/Banking Proof for Self-employed Professionals/Self-employed Non Professionals: Computation of income of last 2 years, Balance Sheet, Profit and Loss Account, Registration Certificate, GST Return, Income Tax Challan/ Form 26AS/TDS Certificate, IT Assessment, etc.

Documents Needed for Proprietorship and Partnership Firms

  • Loan Application Form duly filled and signed
  • Partnership Deed and Partnership Registration Certificate
  • ID Proof of the Firm: Firm PAN Card or PAN Issuing Letter
  • Office Address Proof: Electricity Bill, Post-paid Phone Bill, Valid Rent Agreement
  • Income Proof: CMA Data and Project Report, Debtors and Creditors Certificate, GST Return, Last 3 years ITR of applicant and co-applicant, Audited or CA Certified Computation of Income/Trading Account/Profit and Loss Account/Balance Sheet, Annual Audit Report and Tax Audit Report if audited, Form 16A if applicable, Net Worth of applicants, co-applicants and guarantors
  • Banking Proof: Last 1-year Statement of Company’s Major Account, Current Account, Cash Credit Account, Overdraft Account, Loan Statement of Running Loans, Latest Closed Loan NOC and Last 6-months Bank Statement of Applicant and Co-applicant’s Savings Account

Reference Facts

  • ESAF Small Finance Bank Website: www.esafbank.com
  • Headquarters: Thrissur, Kerala
  • Call Centre Toll-free Number: 1800 103 3723