Equitas Small Finance Bank (ESFB) has recently announced the launch of its Digital Personal Loan offering, meant for salaried professionals. In the run-up to Diwali, which typically leads to a spike in demand for credit, the bank is enabling customers to access instant, paperless personal loans at competitive interest rates starting from 10.49% per annum, with a nominal 1% processing fee.
This would ensure a seamless and digital borrowing experience, allowing personal loan borrowers to apply online and receive in-principle approval on a real-time basis. These are some of the key highlights of the personal loan offered by Equitas.
Personal loan for salaried professionals
1. Completely online application with real-time in-principle approval based on the applicant’s credit profile
2. This is meant for salaried professionals who have a monthly take-home salary of ₹40,000 or above
3. The offer is given only to those applicants who have a credit score of 730 and above.
4. The loan amount would start from ₹2 lakhs, with a flexible tenor of up to 60 months, i.e., five years. One can decide the tenor based on how much EMI you can afford to pay. Check the EMI calculator here to know more about this.
5. There are attractive interest rates starting from 10.49% per annum.
6. The small finance bank charges a flat 1% processing fee. The bank’s website also says that maximum interest rate on personal loan is 13.25%, minimum interest rate is 10.49% and average interest rate is 11.07%.
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