ESAF Microfinance is a non-banking financial institution (NBFC) that was introduced in 1992, with the vision of accelerating economic development for marginalised communities. They offer a wide range of loan products, which cater to the several needs of individuals in India. As of 2016, they had over 2,500 employees and an incredible customer outreach of 1.2 million. ESAF Microfinance is one of the top NBFCs in India to receive an ‘in principle’ approval from the Reserve Bank of India.
This NBFC has an array of loans, which are designed to meet various purposes. Below you will find an overview of th e loans available at ESAF Microfinance:
| Loan name | Rate of interest |
|---|---|
| Income Generation Loan | 24.92% p.a. (diminishing basis) |
| General Loan | 24.92% p.a. (diminishing basis) |
| Nirmal Loan | 24.92% p.a. (diminishing basis) |
| Jeevandhara Loan | 24.92% p.a. (diminishing basis) |
| Agriculture Loan | 24.92% p.a. (diminishing basis) |
| Vidhyajyothi Loan | 24.92% p.a. (diminishing basis) |
| Suryajyothi Loan | 24.92% p.a. (diminishing basis) |
| Grihajyothi Loan | 24.92% p.a. (diminishing basis) |
| Mobile Loan | 24.92% p.a. (diminishing basis) |
| Micro Enterprise Loan – Dairy (MELD) | 26% p.a. (diminishing basis) |
| Ultra Poor Loan | 24.92% p.a. (diminishing basis) |
| Income Generation Loan (Dairy) | 24.92% p.a. (diminishing basis) |
| Income Generation Loan (Special) | 24.92% p.a. (diminishing basis) |
| Home Improvement Loan | 22% p.a. (diminishing basis) |
The purpose of this loan is to provide the applicant with working capital to generate income or create assets. The repayment frequency of this loan is weekly, fortnightly, and monthly. Depending on the repayment frequency, the moratorium period can be either 1 week, 2 weeks, or a month.
The financing from this loan can be used for personal consumption purposes. The repayment frequency is weekly, fortnightly, and monthly. Moratorium period will differ, depending on your repayment frequency. It can be 1 week, 2 weeks, or a month.
This loan is offered for those who require monetary assistance to construct latrines. You can choose a weekly, fortnightly, or monthly repayment cycle. The moratorium period changes, depending on your repayment frequency. It can be a month, 2 weeks, or 1 week.
This loan can be borrowed to pay for a water connection. You also have the option of choosing various repayment cycles—weekly, fortnightly, or monthly. A moratorium period of 1 week, 2 weeks, or a month will be set, depending on your repayment frequency.
The finances from this loan can be used to help farmers who wish to cultivate crops. There’s a bullet repayment mode at the end of the loan period.
Sangam Members can borrow this loan to fulfil the educational requirements of their children. The financing can be used for both tuition and non-tuition fees. The repayment cycle for this loan is weekly, fortnightly, or monthly. Moratorium period changes between 1 week, 2 weeks, and a month, depending on the repayment frequency.
The financing from this loan can be used to promote products like solar lamps. You can choose from three repayment cycles—weekly, fortnightly, or monthly. There’s a moratorium period of 1 week, 2 weeks, and a month, which changes based on your repayment frequency.
The sanctioned loan amount received can be used to promote energy-efficient cooking stoves. There are three repayment cycles available with this loan—monthly, fortnightly, and weekly. The moratorium period changes based on the repayment frequency you choose. It can be a month, 2 weeks, or a week.
This loan is available for ESF clients who wish to purchase mobile phones with the sanctioned loan amount. You can choose any one of the three repayment cycles—monthly, fortnightly, or weekly. There’s a moratorium period of a month, 2 weeks, and 1 week, which differs based on your repayment frequency.
Milk vendors and farmers can use the financing from this loan to manage their working capital needs efficiently. The repayment frequency for this loan is weekly with a moratorium period of one week.
This loan can be borrowed for livelihood development. There are various repayment cycles to choose from as well—monthly, fortnightly, and weekly. A moratorium period of a week, 2 weeks, or a month will be set, depending on your repayment frequency.
This loan is available for those who want to promote farmers in the dairy business. You can choose from three repayment cycles—weekly, fortnightly, and monthly. The moratorium period of a month, 2 weeks, and a week changes based on your repayment frequency.
The financing from this loan can be directed to working capital for income generation activities or to create assets. Repayment frequency of a week, 2 weeks, and a month available. The moratorium period of 1 week, 2 weeks, or a month will be set based on the repayment cycle.
Renovate your existing home or finance the repairs with the sanctioned amount from this loan. The repayment mode is on a monthly basis with a moratorium period of a month.
This is a period during your loan term when you’re not required to make any repayments. It’s like a waiting period before your EMIs begin. The moratorium period depends on the type of loan you have borrowed and the repayment cycle you have opted for.
No. ESAF Microfinance hasn’t defined the purpose of the General Loan and you can use the sanctioned loan amount for consumption purposes.
The amount you have borrowed from ESAF Microfinance will be distributed in a series of cycles. In the first cycle, the amount you receive cannot exceed Rs.20,000. Similarly, there are brackets for each of the cycles. Depending on your loan amount, the money credited to your account will differ in each cycle.
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