Equitas Small Finance Bank Personal Loan Features, Benefits, Eligibility, Documents Needed and How To Apply

Equitas Small Finance Bank Personal Loan | Features, Benefits, Eligibility, Documents Needed and How To Apply?

March 13, 2024 / Loan / By

Equitas Small Finance Bank Personal Loan: Having personal loans from validated banks is one of the crucial parts of city life. And personal loans provided by banks are important for all people, regarding many sorts of investments like purchasing gadgets, houses, cars, or starting a business, or for investing in a family ceremony, or for children’s education.

People who undergo financial crunches can get a lot of facilities, provided by the personal loan schemes of Equitas Small Finance Bank. The scheme is ordained masterfully, so that needy people can get privileges of the scheme easily, on various occasions mentioned earlier.

Curious to check other banks’ offered Personal loan features, eligibility, interest rates, tax benefits, and a repayment plan. Go with our one-stop Personal Loan Page & swipe out your doubts within no time.

This content will explore some crucial matters regarding this loan policy like Equitas Small Finance Bank personal loan eligibility, Equitas Small Finance Bank loan application process, and the contact number of Equitas Small Finance Bank personal loan.

Equitas Small Finance Bank

Features and some Benefits of Equitas Small Finance Bank Personal Loan

  1. Maximum Loan Amount- One can borrow the maximum amount of money on having a personal loan under Equitas Small Finance Bank.
  2. Multiple Options of Loan Repayment- There are multiple options and ways for repaying the loan the borrower has taken.
  3. Fast and Easy Processing of the personal loan application- The process of application is fast and easy, so it would be convenient for the borrower to have the facility.
  4. Quick approval of the application of the bank loan- The application gets approved quickly, so, the borrower can get privilege earlier and without facing many hazards.
  5. No Guarantor is to be insisted by the bank- No guarantor in the case of not repaying properly is insisted by the bank.
  6. Attractive and Competitive rate of interest- The rate of interest is very attractive as well as competitive so that the borrower would have the priority to repay on his/her convenience.
  7. Also offers special schemes and discounts to the employees of large companies- Employees of large private companies would get special privileges on the basis of offers and discounts on having this loan.
  8. Usually, no security is needed for availing personal loan- No security is to be required for having the benefit of this personal loan.

Application Process for Equitas Small Finance Bank Personal Loan

  1. Online Application Process- In the case of online application, one must apply through the official website of Bank and fill up his/her personal information, work information and attach the necessary documents.
  2. Offline Application Process- In the case of offline application, one can visit any branch of Bank physically along with the necessary documents which are required. Then the form is to be filled up and the loan approval process gets started.

Purpose of Having Personal Loan from Equitas Small Finance Bank

This personal loan helps to overcome all sorts of financial crunches. These include various issues like travel to an abroad trip, house shifting, children’s education, payment of credit card bill, the repayment of an existing loan, any medical emergencies, and many other. If the borrower have this loan, probably, he is there to come out of those problems.

Eligibility of the Borrower who would borrow money from Equitas Small Finance Bank

  1. Age- The borrower’s age must be from 21 to 58.
  2. Permanent Employment- The borrower must be a permanent employee under state/central Govt., Corporations, or in a private sector, or in a reputed company.
  3. Salaried/Self-employed with regular earning- The person must be salaried regularly so that s/he can repay the money.
  4. Number of year in the present job/business/profession- The borrower must have been employed for at least three years in his/her profession.

Documents Required for the Application

  1. Application Form- The application form must be filled up properly.
  2. Photographs- Passport sized photographs are needed to be attached to the mentioned place.
  3. Proofs of Identity- As proofs of identity, one must submit his/her passport, Voter ID card, Driving license, PAN Card, Aadhar Card, Govt. Department ID card.
  4. Proof of Income- Latest salary slip showing all deductions or Form 16 with salary certificate is to be submitted by employed or salaried individuals. For other individuals, Income tax returns of two previous financial years is to be shown.
  5. Proof of Address- As address proof, one can submit the latest electricity bill, latest telephone/mobile bill, latest credit card statement, or house lease agreement.
  6. Bank Statement- Bank statement or Bank Pass book of having entries of latest six months is to be submitted.

Repayment Schedule of Equitas Small Finance Bank Personal Loan

The repayment process starts from 12 EMIs. It majorly depends on the credit score of the borrower. Maximum 60 EMIs are allotted for repayment of the borrowed money.

Any one of the below can be a method to repay the money

  1. Standing instruction registration at the bank
  2. Via online banking solution
  3. Automated payment through ECS( Electronic Clearing Service)
  4. With the help of mobile banking app, if the bank agrees to provide

Top Three Reasons of Rejection of the Application

  1. Poor Credit Score- Poor credit score becomes a major problem of any borrower. It shows poor credit worthiness of the person to repay the loan. Many lenders reject the loan for this purpose only. A borrower must have credit scores of at least 750, to prevent the rejection of this loan.
  2. Higher Size of Existing Debt- If the ratio of loan and net income is above 40%, the procedure would be automatically rejected.
  3. Higher Loan Enquiries- When somebody apply for a credit, the lender asks for his/her credit report from the credit bureaus. This is called an enquiry. One should not have too much enquiries even if it is totally free of cost. Too many enquiries generally carry a negative impact on the credit score.

Regarding Some Myths of Personal Loans

  1. It is a myth that personal loan at lowest rate is the best, but it is not always true. Other components like processing fee, eligible amount, tenure of loan repayment, service issues, other terms of loan, define the best lender.
  2. When these in a hike interest rate, loans fixed at a single rate, would not work much for the borrower.
  3. It is also incorrect that your loan would be rejected if you do not have regular income. If you add a joint holder, and if s/he has a regular income, then the loan would get approval.

So, perhaps the content is truly exciting to the people who are looking for a support of having a personal bank loan. The scheme ordained by Equitas Small Finance Bank can help them a lot to get rid of economical crunches.

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