ESAF Small Finance Bank Gold Loan Approval Process

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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	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.