The Income Generating Loan is used for a variety of activities that generate income for their families. Clients submit a loan application and based on approval receive the loan with in a one week. Loans are paid in 26 equal for weekly installments. And group guarantee will be taken.
Salient Features
•Loans are paid in 26 equals, for weekly instalments. And group guarantee will be taken
•Ticket Size: 1,000 – 80,000
•Loan Tenure: 24 months.
•Interest Rate: @25%
•Nature of Interest Rate: Diminishing
•SMS Alerts: Available at time of disbursement, and 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
Disbursement and Repayment
•Disbursement Mode: Through Savings Bank account
•Disbursement Frequency: 1 Transaction
•Repayment Frequency: For weekly
•Mode of Repayment: Centre meeting Collection /Online Payment.
•Foreclosure option: Available – Client can pre close loans at any point of time within the tenure of loan without any penalty Charges
•Processing Fee: A Processing fee @ 2% (+GST)
•Life Insurance (Credit Shield): Available – rates applicable to the insurance scheme•Prepayment- No charges.
•Repayment- 26 instalments with 28 days cycle.
Penal charges- @ 2.5% p.m. on Overdue amount.
No non-credit product shall be sold as a pre-condition for the loan product.