How to Get a Personal Loan from Equitas Bank without Any Hassle

Personal loans are one of the most popular and convenient ways to meet your urgent financial needs. Whether you want to pay for your child’s education, medical expenses, home renovation, or any other personal purpose, a personal loan can help you out. However, getting a personal loan from a bank can be a tedious and time-consuming process. You may have to submit various documents, undergo credit checks, and wait for a long time to get the loan approval and disbursal.

But what if we tell you that there is a way to get a personal loan from a bank without any hassle? Yes, you heard it right. Equitas Bank, one of the leading small finance banks in India, offers you a hassle-free way to get a personal loan without any end-usage restrictions. You can use the loan amount for any purpose you want, as long as it is legal and ethical.

What is Equitas Bank Personal Loan?

Equitas Bank does not offer personal loans as a separate product. Instead, it offers two types of unsecured loans that can be used for personal purposes: MSME loans and Microfinance loans.

MSME Loans

MSME loans are offered as working capital loans and term loans to the self-employed applicants. You can use these loans to expand your business, buy new equipment, or meet any other business-related expenses. You can also use these loans for personal purposes, such as higher education, medical bills, or home improvement.

Equitas Bank offers MSME loans ranging from Rs. 50,000 to Rs. 5 crore, depending on your eligibility and requirement. The interest rate starts from 14.99% p.a. and the loan tenure can be up to 120 months. You can also avail cash credit and overdraft facility from Equitas Bank, which allows you to withdraw funds up to a certain limit and pay interest only on the amount used.

To apply for an MSME loan from Equitas Bank, you need to submit the following documents:

  • KYC documents (PAN card, Aadhaar card, etc.)
  • Business proof (GST registration, trade license, etc.)
  • Income proof (bank statements, ITR, etc.)
  • Property documents (if any)

You can apply for an MSME loan from Equitas Bank online or offline. You can visit the nearest branch of Equitas Bank or call their customer care number to get more details. You can also visit their website and fill up an online application form. Once you submit the application, the bank will verify your details and conduct a credit appraisal. If your loan is approved, the bank will disburse the loan amount to your bank account within a few days.

Microfinance Loans

Microfinance loans are small-ticket loans offered to the low-income customers who do not have access to formal banking services. You can use these loans to start or expand your micro-enterprise, such as a shop, a salon, a tailoring unit, etc. You can also use these loans for personal purposes, such as education, health, or household needs.

Equitas Bank offers microfinance loans ranging from Rs. 5,000 to Rs. 50,000, depending on your eligibility and requirement. The interest rate starts from 18% p.a. and the loan tenure can be up to 24 months. You can repay the loan in weekly, fortnightly, or monthly installments, as per your convenience.

To apply for a microfinance loan from Equitas Bank, you need to submit the following documents:

  • KYC documents (PAN card, Aadhaar card, etc.)
  • Income proof (bank statements, income certificate, etc.)
  • Group guarantee (if applicable)

You can apply for a microfinance loan from Equitas Bank through a group lending model or an individual lending model. In the group lending model, you need to form a group of 5 to 10 members who are engaged in similar or complementary activities. The group members act as co-borrowers and guarantee each other’s loans. In the individual lending model, you can apply for a loan on your own, without any group guarantee.

You can contact the nearest branch of Equitas Bank or their field officers to apply for a microfinance loan. The bank will conduct a field verification and a credit assessment of your profile. If your loan is approved, the bank will disburse the loan amount to your bank account or in cash, as per your preference.

Why Choose Equitas Bank Personal Loan?

Equitas Bank personal loan offers you several benefits, such as:

  • No end-usage restriction: You can use the loan amount for any personal or business purpose, as long as it is legal and ethical.
  • Flexible loan amount and tenure: You can choose the loan amount and tenure as per your requirement and repayment capacity.
  • Competitive interest rate: You can get a personal loan from Equitas Bank at a competitive interest rate, depending on your credit profile and loan scheme.
  • Minimal documentation: You can get a personal loan from Equitas Bank with minimal documentation and hassle-free process.
  • Quick approval and disbursal: You can get a personal loan from Equitas Bank within a few days of applying, subject to verification and approval.

FAQs

Q1. What is the minimum and maximum age to apply for a personal loan from Equitas Bank?

A1. The minimum age to apply for a personal loan from Equitas Bank is 18 years and the maximum age is 65 years.

Q2. What is the minimum and maximum income to apply for a personal loan from Equitas Bank?

A2. The minimum income to apply for a personal loan from Equitas Bank depends on the loan scheme and the location of the applicant. The maximum income is not specified by the bank.

Q3. What is the processing fee and prepayment charge for a personal loan from Equitas Bank?

A3. The processing fee for a personal loan from Equitas Bank ranges from 1% to 2% of the loan amount, depending on the loan scheme and the loan amount. The prepayment charge for a personal loan from Equitas Bank is 4% of the outstanding loan amount, if the loan is prepaid before 12 months from the date of disbursal.

Q4. How can I check the status of my personal loan application from Equitas Bank?

A4. You can check the status of your personal loan application from Equitas Bank by visiting their website and logging in with your loan application number and mobile number. You can also call their customer care number or visit their branch to get the status update.

Q5. How can I contact Equitas Bank for any queries or complaints regarding my personal loan?

A5. You can contact Equitas Bank for any queries or complaints regarding your personal loan by calling their toll-free number 1800-103-1222 or emailing them at customerservice@equitasbank.com. You can also visit their branch or write to their nodal officer or principal nodal officer. You can find their contact details on their website.

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