General Loan
Features
Salient Features
- Ticket Size: 10,000 – 100,000
- Loan Tenure: 1 – 3 years
- Interest Rate: Will be applicable as per extant rates as advised by ALCO
- 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 Tranche
- Repayment Frequency: Weekly/Fortnightly/Monthly
- Mode of Repayment: Sangam Meeting/Agent Banking
- Foreclosure option: Available - Client can pre-close loans at any point of time within the tenure of loan without any penalty
Charges
Processing fees:
| Loan products | Processing fee |
|---|---|
| Microfinance loans | 1.5% of loan amount plus applicable GST for loans above Rs. 50000 |
Basic Features
Eligibility Criteria
- Age Limit: 18 – 65 years
- Domicile Status: Own / Rented with Minimum 1 Year of stay
- No Co-applicant/guarantor required
- Nominee Required
Eligibility criteria may vary depending on geography to manage risk.
Pre-sanction Document List
- Photograph
- Valid KYC – Preferably Aadhaar card and Voter ID
Credit Assessment
- AML / Credit Bureau verification
- KYC Verification
- Total indebtedness for the customer (as per credit bureau report) should not exceed the limits specified by RBI norms for JLG/SHG loans.
