ESAF Small Finance Bank

THE ESAF SMALL FINANCE BANK

 Introduction 

 Economic progress has been supported by financial inclusion because it gives everyone access to a variety of financial services. An Indian financial institution called ESAF Small Finance Bank has been important in promoting.

Full form of ESAF is" Evangelical Social Action Forum".

Founded By: Kadambelil Paul Thomas(K.Paul Thomas),Jacob Samuel And Mereena Paul

Headqauter At: Thrissur, Kerala, India.

It was granted the "Small Finance Bank" license by the Reserve Bank of India (RBI) in 2017.

 The ESAF Small Finance Bank's Biography:

The ESAF Small Finance Bank used to be known as ESAF Microfinance and Investments Pvt. Ltd. Established in 1992 by K. Paul Thomas, the company functioned as a non-banking financial company (NBFC) prior to changing into a small finance bank. The change was an important move that enabled ESAF to increase its customer base and offer more kinds of financial services.

Mission and Vision:

The fundamental goal of ESAF Small Finance Bank is to use money to encourage the betterment of society. Transparency, rules of conduct, empowerment, and financial sustainability make up the bank's fundamental principles. The objective of the bank is to establish itself as a prominent small finance institution, focusing mainly to the unbanked and underbanked community.

Services and Goods:

The target customer of ESAF Small Finance Bank includes individuals, micro and small businesses, and those who are poor sections of society. The bank provides a broad range of financial products and services specialized to their specific requirements. Some its main products are

Savings and Current Accounts: The bank offers a variety of savings and current accounts that cater to different customer segments.

Term Deposits: Customers can invest their savings in term deposits with attractive interest rates.

Loans: ESAF Small Finance Bank provides loans for various purposes, including home loans, business loans, personal loans, and agricultural loans.

Insurance Products: The bank offers insurance products to help customers secure their future and mitigate financial risks.

Remittance Services: With a focus on serving migrant workers, the bank offers efficient remittance services to facilitate the seamless transfer of funds.

Digital Banking: ESAF Small Finance Bank has embraced digital technology, making it easier for customers to access their accounts, conduct transactions, and avail services through mobile banking and internet banking.

Contributions to The empowerment and Financial Equality

The ESAF Small Finance Bank has made significant contributions to financial inclusion. Here are a few key characteristics of its impact:

Serving the Unbanked: By focusing on marginalized communities, ESAF Small Finance Bank has extended banking services to people who were previously excluded from the formal financial system.

Empowering Women: The bank actively promotes women's empowerment and has a significant number of women customers. It provides women-centric financial products and encourages entrepreneurship among women.

Livelihood Promotion: ESAF Small Finance Bank supports micro and small enterprises, helping them grow and generate income and employment opportunities in rural and semi-urban areas.

Financial Literacy: The bank conducts financial literacy programs to educate customers and communities about financial management, investments, and savings.

Sustainable Practices: ESAF Small Finance Bank follows environmentally sustainable practices in its operations, contributing to responsible banking.

ESAF BANK INTEREST RATE IS :

Interest rate for micro finance loans: Minimum Interest Rate: 25.05%, Maximum Interest Rate: 26.00%, Average Interest Rate: 25.53

 

ESAF FD INTEREST RATE IS:

  Normal Citizen FD Rate Senior Citizen FD Rate

2 months 30 days - 6 months 5.25% 5.75%

6 months 1 day - 11 months 30 days 6% 6.5%

1 year - 1 year 11 months 29 days 8% 8.5%

1 year 11 months 30 days - 2 years 11 months 29 days 8.5%9%