Consolidation Loans from North East Small Finance Bank

Different loan schemes for different people.

North East Small Finance Bank, a small finance bank based in Assam, offers multiple financial products to different segments of its customer base. It has a strong presence in the north-eastern part of the country. The bank offers a wide range of loans to suit the needs of its customers.

North East Small Finance Bank Consolidation Loans

North East Small Finance Bank offers different loan schemes to its customers for their varied needs such as standard loan options including home loans, education loans, business loans, etc. and specific loans such as consolidation loans.

Consolidation loan helps people pay off all their debts and consolidate them into one loan which they can repay by choosing terms as per their preference. These can be unsecured loans like personal loans or secured loans like loans against property, gold or securities.

Like most banks in the country, the bank does not brand a specific loan scheme as a consolidation loan. However, there are quite a few loans that can be used to consolidate your debt. The loan scheme offered by North East Small Finance Bank that you can avail as a consolidation loan is: Demand Loan

Let’s take a look at it.


North East Small Finance Bank Demand Loan

This loan helps borrowers to get funds against Fixed Deposits (FDs) to meet their urgent financial needs including wedding expenses, travel expenses, medical expenses, etc. without liquidating the deposit. This scheme can also be repurposed into a consolidation loan to pay off their high-interest credit card debts and loans.

Features of North East Small Finance Bank (NESFB) Demand Loan

Why this Loan?

  • The North East Small Finance Bank Demand Loan is designed to help North East Small Finance Bank customers having a fixed deposit with the bank avail a demand loan against the deposits to meet their urgent financial needs
  • The funds availed from this scheme can be used for personal needs including child’s education expenses, wedding expenses, expenses for overseas or domestic travel as well as for consolidating debts

Important Note: North East Small Finance 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. This will also help you get a custom quote since many loan schemes are need-based and certain charges such as application charges, service charges, strategic premium, etc. may be decided on a case-to-case basis.


Interest Rate for North East 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 North East Small Finance Bank and the Spread factor applicable to the bank’s loans are not mentioned on the bank’s website. We suggest talking to a bank representative to get more details before applying for this loan

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.

Reference Facts

  • North East Small Finance Bank Website: www.nesfb.com
  • Headquarters: Guwahati, Assam
  • Call Centre Toll-free Number: 1800 121 1905