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  • ESAF Microfinance

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  • 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.

    Products and Services Offered by ESAF Microfinance

    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)

    1. Income Generation Loan

    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.

    Loan amount
    Interest rate
    Processing fee
    Tenure
    1st cycle – Rs.20,000 2nd cycle – Rs.30,000 3rd cycle – Rs.40,000 4th cycle – Rs.50,000 5th cycle and above – Rs.60,000
    24.92% p.a. (diminishing basis)
    1% of the loan amount plus service tax
    Up to Rs.15,000 – 1 year Above Rs.15,000 – 2 years

    2. General Loan

    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.

    Loan amount
    Interest rate
    Processing fee
    Tenure
    1st cycle – Rs.15,000 2nd cycle and above – Rs.20,000
    24.92% p.a. (diminishing basis)
    1% of the loan amount plus service tax
    Up to Rs.15,000 – 1 year Above Rs.15,000 – 2 years

    3. Nirmal Loan

    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.

    Loan amount
    Interest rate
    Processing fee
    Tenure
    From Rs.4,000 to Rs.12,000
    24.92% p.a. (diminishing basis)
    1% of the loan amount plus service tax
    Up to Rs.6,000 – 1 year From Rs.7,000 to Rs.12,000 – 18 months

    4. Jeevandhara Loan

    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.

    Loan amount
    Interest rate
    Processing fee
    Tenure
    From Rs.2,000 to Rs.12,000
    24.92% p.a. (diminishing basis)
    1% of the loan amount plus service tax
    Up to Rs.6,000 – 1 year From Rs.7,000 to Rs.12,000 – 18 months

    5. Agriculture Loan

    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.

    Loan amount
    Interest rate
    Processing fee
    Tenure
    1st cycle – Rs.8,000 2nd cycle – Rs.10,000 3rd cycle – Rs.12,000 4th cycle and above – Rs.15,000
    24.92% p.a. (diminishing basis)
    1% of the loan amount plus service tax
    9 months

    6. Vidhyajyothi Loan

    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.

    Loan amount
    Interest rate
    Processing fee
    Tenure
    Up to Standard 10 – Rs.8,000 For Plus 1 and 2 – Rs.15,000 Above Plus 2/College – Rs.16,000 to Rs.50,000
    24.92% p.a. (diminishing basis)
    1% of the loan amount plus service tax
    Up to Rs.15,000 – 1 year Above Rs.15,000 – 2 years

    7. Suryajyothi Loan

    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.

    Loan amount
    Interest rate
    Processing fee
    Tenure
    From Rs.1,000 to Rs.10,000
    24.92% p.a. (diminishing basis)
    1% of the loan amount plus service tax
    Up to Rs.3,000 – 6 months Above Rs.3,000 – 12 months

    8. Grihajyothi Loan

    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.

    Loan amount
    Interest rate
    Processing fee
    Tenure
    From Rs.1,000 to Rs.10,000
    24.92% p.a. (diminishing basis)
    1% of the loan amount plus service tax
    Up to Rs.3,000 – 6 months Above Rs.3,000 – 12 months

    9. Mobile Loan

    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.

    Loan amount
    Interest rate
    Processing fee
    Tenure
    From Rs.2,000 to Rs.15,000
    24.92% p.a. (diminishing basis)
    1% of the loan amount plus service tax
    10 months

    10. Micro Enterprise Loan – Dairy (MELD)

    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.

    Loan amount
    Interest rate
    Processing fee
    Tenure
    Rs.25,000 Rs.50,000 Rs.75,000 Rs.1 lakh (fixed loan amounts)
    26% p.a. (diminishing basis)
    1% of the loan amount plus service tax
    For Rs.25,000 and Rs.50,000 – 35 weeks For Rs.75,000 and Rs.1 lakh – 50 weeks

    11. Ultra Poor Loan

    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.

    Loan amount
    Interest rate
    Processing fee
    Tenure
    1st cycle – Rs.2,000 2nd cycle – Rs.4,000 3rd cycle – Rs.7,000
    24.92% p.a. (diminishing basis)
    1% of the loan amount plus service tax
    For Rs.2,000 – 3 months For Rs.4,000 – 6 months For Rs.7,000 – 9 months

    12. Income Generation Loan (Dairy)

    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.

    Loan amount
    Interest rate
    Processing fee
    Tenure
    From Rs.20,000 to Rs.50,000
    24.92% p.a. (diminishing basis)
    1% of the loan amount plus service tax
    2 years

    13. Income Generation Loan (Special)

    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.

    Loan amount
    Interest rate
    Processing fee
    Tenure
    From Rs.10,000 to Rs.60,000
    24.92% p.a. (diminishing basis)
    1% of the loan amount plus service tax
    Up to Rs.15,000 – 1 year Above Rs.15,000 – 2 years

    14. Home Improvement Loan

    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.

    Loan amount
    Interest rate
    Processing fee
    Tenure
    From Rs.15,000 to Rs.50,000
    22% p.a. (diminishing basis)
    2% of the loan amount plus service tax
    Up to Rs.30,000 – 24 months Above Rs.30,000 – 30 months

    FAQs

    1. What does moratorium period mean?

    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.

    2. Are there any limitations for the financing received from the General Loan?

    No. ESAF Microfinance hasn’t defined the purpose of the General Loan and you can use the sanctioned loan amount for consumption purposes.

    3. How do the loan cycles work for an income generation loan?

    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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