Vidya Jyothi Loan

Vidya Jyothi Loan is provided for funding the education of sangam members’ children. This loan will have the following 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

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

Processing fees:

Loan products	Processing fee
Microfinance loans	1.5% of loan amount plus applicable GST for loans above Rs. 50000

Life Insurance (Credit Shield): As applicable

Penalty for late repayment/prepayment based upon the ALCO

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

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.

Total indebtedness for the customer (as per credit bureau report) should not exceed the limits specified by RBI norms for JLG loans

INTEREST RATE