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