Vidya Jyothi Loan
Vidya Jyothi Loan is provided for funding the education of sangam members’ children. This loan will have the following features:
Features
Salient Features
- Ticket Size: 5,000 – 50,000
- Loan Tenure: 6 Months – 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, and instalment payment
- Loan Schedule: View option available through mobile apps
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
- 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
- The customer should have an outstanding/running income generation loan/agriculture loan from the Bank.
- 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 (No. of Years): Minimum 1 Year
- Minimum vintage of client’s relationship with ESAF: 6 Months
- Shouldn’t belong to Geography/Industry/Profession mentioned in Negative List
- No Co-applicant/guarantor required
Pre-sanction Document List
- The customer should provide proof for admission to college/ schools/ preschools/ training institutes. He/ She should also provide fee schedule and ID card of institute.
Credit Assessment
- Credit bureau check
- 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
