Equitas Small Finance Bank offers a variety of loan options designed to meet the needs of both individuals and businesses. They focus on serving those who might be underserved by traditional banks, providing financial inclusion through microfinance loans and supporting micro, small, and medium enterprises (MSMEs) with dedicated loan products.
Interest rates for Equitas Bank loans depend on the specific loan type and individual circumstances.
Table of Contents:
- ⇾ Equitas Small Finance Bank Loan
- ⇾ Details of Equitas Bank Loan
- ⇾ Equitas Bank Loan Rate & Charges
- ⇾ Types of Equitas Bank Loan
- ⇾ Loan EMI Calculator
- ⇾ Eligibility Criteria of Equitas Bank Loan
- ⇾ Documents Required To Apply For Equitas Bank Loan
- ⇾ Steps To Apply For Equitas Bank Loan
- ⇾ Frequently Asked Questions
Equitas Bank Loan Details
The table provided below clearly outlines the details of the Equitas Bank loan.
| Feature | Details |
|---|---|
| Loan Types | Microfinance Loans, MSME Loans |
| Target Audience | Individuals with lower income brackets, Micro, Small & Medium Enterprises (MSMEs) |
| Purpose | Personal needs (medical emergencies, home improvement), Business needs (expansion, working capital) |
| Interest Rates | Microfinance Loans: 18% to 26% p.a. (varies based on individual) MSME Loans: Not publicly available, likely linked to FBIL 3-month Treasury Bill rate |
| Benefits | Designed for underserved markets, offers diverse loan options for various needs. |
| Additional Information | Specific interest rates may vary depending on individual circumstances. |
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Equitas Bank Loan Interest Rate & Charges
The table below provides a quick overview of Equitas Bank's loan rates and charges to help you make an informed decision. It shows interest rates, processing fees, and other associated costs for different loan types.
| Microfinance Loans | 18% to 26% p.a. |
| MSME Loans | As per the bank |
| Feature | Rates & Charges |
|---|---|
| MSME Loans | Processing fee up to 2% of the loan amount |
| Microfinance Loans | Processing fee up to 1% of the loan amount (applicable for loans above Rs 25,000) |
| Early Loan Repayment | Working capital: 4% of the Sanctioned loan amount Term Loan: 4% of the principal outstanding loan amount |
| Early Part Repayment of Term Loan | 4% on the Term loan principal amount Prepaid |
| Proposal login fee (non refundable) | ₹500 |
| Renewal/Review Fees for Existing cases | Up to 2% of the loan amount |
| CERSAI charges | ₹100 per security |
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Types of Equitas Bank Loan
Equitas Bank offers a variety of loan products to meet the needs of its individual and business customers. Here are some of the most popular types of Equitas Bank loans:
- Microfinance Loans: Microfinance loans are designed for low-income households earning up to ₹3 lakh annually. However, this loan can only be used for income-generating activities.
- MSME Loans: Self-employed borrowers can choose between Equitas' short-term working capital loans and long-term term loans. The bank also offers the facility of Cash Credit and Overdraft Accounts for its MSME loan customers.
- Home Loan: Equitas Home Loans are designed for the needs of salaried and self-employed borrowers.
- Loan Against Property (LAP): This loan can be availed against property that is self-occupied or rented out. The loan amount is determined by the market value of the property.
- Car Loan: Equitas Bank offers car loans for both new and used cars. The loan amount can be up to 90% of the on-road price of the car.
- Commercial Vehicle Loan: Equitas Bank offers commercial vehicle loans for both new and used vehicles. The loan amount can be up to 90% of the on-road price of the vehicle.
- Merchant OD (Overdraft): This is a current account facility that allows businesses to withdraw funds over and above their account balance. The limit is sanctioned based on the creditworthiness of the business.
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Loan EMI Calculator
Calculating the EMI for your loan is essential to planning your finances efficiently. In this process, make the best use of an EMI calculator, which will help you in your EMI calculation. Enter the loan amount, loan tenure, and interest rate to get your monthly EMI.
| Monthly EMI | ₹86 |
| Principal Amount | ₹1,000 |
| Total Interest | ₹32 |
| Total Amount | ₹1,032.00 |
Equitas Bank Loan Eligibility Criteria
The eligibility criteria for Equitas Bank loans vary depending on the type of loan you're applying for.
- Microfinance Loans: This loan is specifically for individuals with a household income of up to ₹3 lakh annually. The loan must be used for income-generating activities.
- MSME Loans: You'll need to be self-employed to qualify for this type of loan.
- Home Loan: Equitas Bank offers home loans to both salaried and self-employed individuals. There will likely be minimum income requirements depending on your employment status.
- Loan Against Property (LAP): There's no mention of specific income requirements, but the loan amount is based on the market value of the property you're using as collateral.
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Documents Required to Apply For Equitas Bank Loan
The required documents will vary depending on the specific loan you're applying for. However, there are some general categories of documents you can expect to be required across most Equitas Bank loans:
- Know Your Customer (KYC) Documents: These documents verify your identity and address. Examples include Aadhaar card, PAN card, Voter ID card, Driving License, and Passport.
- Loan Application Form: This form will include details about yourself, your loan request, and your income.
- Proof of Income: Depending on your employment status, this could include recent salary slips, Form 16, or Income Tax Returns.
- Address Proof: This could be recent utility bills (electricity, phone), bank statements, or lease agreements.
- For Secured Loans: Pension Book, Pension ID, 6 months bank account statement.
Steps to Apply for Equitas Bank Loan
You can visit the Equitas Bank website for any updates or contact their customer care for guidance on applying online. Or you can visit your nearest Equitas Bank branch and speak to a representative and express your interest in the loan. They will guide you through the application process and assist you with filling out the forms.
- Step 1: Fill out the application form and submit it to the bank representative or the online portal along with the required documents.
- Step 2: The bank will process your application and assess your eligibility based on your creditworthiness and income. You'll be notified of the approval decision within a reasonable time frame.
- Step 3: Upon loan approval, the bank will disburse the sanctioned loan amount as per your chosen method.
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Frequently Asked Questions
Equitas Bank loan eligibility varies by loan type, but generally requires income verification (salary slips/ITR) and meeting minimum income thresholds (higher for salaried individuals compared to microfinance loans).
The loan amount you can borrow from Equitas Bank depends on the loan type. They offer Microfinance loans up to ₹ 50,000 for income-generating activities, while Home Loans can go up to ₹ 3 crore.
The documents required for Equitas Bank loans include KYC documents (Aadhaar card, PAN card, etc.), proof of income, address proof, and for secured loans, collateral documents (property papers/vehicle RC).
Equitas Bank loan interest rates vary depending on the loan type and your creditworthiness. Microfinance loans range from 18% to 26%, while home loan rates can be as low as 9.5%.
Yes, Equitas Bank charges processing fees for their loans. The fee varies depending on the loan type but can be up to 2% of the loan amount for some products.
Yes, self-employed individuals can apply for Equitas Bank loans. They offer MSME loans specifically designed for self-employed borrowers, along with other loan options that may be suitable depending on the individual's circumstances.
Equitas Bank offers multiple repayment options for their loans, including online payment facilities through platforms like BBPS, debit cards, net banking, UPI, and cash payments at their branches.
Equitas Bank charges prepayment fees for some loans. There are no prepayment charges for Equitas Home Loans during the floating interest rate period, but there might be charges during the fixed interest rate period.
Missing an Equitas Bank personal loan repayment can result in late payment fees and damage to your credit score.
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