Savings Account Interest upto 7%
Fixed Deposit Interest at 9.25% for senior citizens
Business Loan
Features
Salient Features
- Ticket Size: Up to 25,000
- Loan Tenure: 6-24 Months
- Interest Rate: Will be applicable as per extant rates as advised by ALCO
- Nature of Interest Rate: Fixed
- Passbook/Loan card/Loan Statement: Available
- SMS Alerts: Available at time of loan sanction, disbursement, instalment payment
- Loan Schedule: View option available through mobile apps
Note: Loan features may vary depending on geography to manage risk.
Security
- Type: Unsecured Loan
- Group guarantee: Mandatory
- Demand Promissory Note
- Loan sanction cum agreement
Disbursement and Repayment
- Disbursement Mode: Cashless
- Disbursement Frequency: 1 Tranche
- Repayment Frequency: Weekly/Fortnightly/Monthly/Bullet
- Mode of Repayment: Sangam Meeting/Agent Banking/Direct account debit
- Loan utilization check: Yes
- Foreclosure option: Available -Client can pre close loans at any point of time within the tenure of loan but repeat loan can be availed only after 50% of loan tenure is completed
- Repayment holiday: Available; However approval SBU head is necessary for providing this facility to the customers
Charges
- Processing Fee: Up to 1.5% (Nil if loan amount is less than Rs. 25,000)
- Life Insurance (Credit Shield) : As applicable
- Penalty for late repayment/prepayment based upon the ALCO
Basic Features
Eligibility Criteria
- Age Limit: 18 – 70 years (Age at the time of entry in the group should not be more than 65 years)
- Domicile Status: Own / Rented
- Domicile Status: Minimum 1 Year
- Potential customers with banking relationship with other MFIs will be preferred
- Should not belong to Geography/Industry/Profession mentioned in negative list
- No Co-applicant/guarantor required pre-sanction Document List
- Photograph
- Two Id proofs will be required.
- Aadhar and Voter ID will be preferred KYC
- Address proof as per KYC policy
- Please refer to KYC policy for requirement of any other KYC document (PAN Card, Driving License, Passport)
Credit Assessment
- Credit Bureau Check
- Address proof verification
- Business Venue Verification (for applicable cases only)
- Group Recommendation: Mandatory
- Total indebtedness for the customer (as per credit bureau report) should not exceed the limits specified by RBI norms for JLG loans.
