- Individual having low annual Households income.
- Collateral-free loans irrespective of end use and mode of application/ processing/ disbursal
- No requirement of keeping any deposit /collateral/primary security
- Nil Margin / Nil borrower’s contribution
- Maximum repayment tenure up to 36 months
- Quick disposal of the loan
- Nil processing charges Up to Rs.50,000/-
- Low rate interest.
- Maximum limit up to Rs. 2.00 lakhs per Individual
- No penalty on prepayment of loan at any time
TAT
Upto Rs.160000/- | Above Rs.160000/- |
---|---|
7 business days | 14 business days |
- Individual having annual Households income up to Rs.3.00 lakhs.
- Only one loan to be granted per household as Microfinance loan.
- Monthly loan obligation of both Microfinance loan as well as non-microfinance loan should not exceed the ceiling of 50% of monthly income.
- NBFC/NBFC-MFI are eligible under Co-lending/Pool Buy out model. In such case individual beneficiary should meet aforesaid eligibility criteria as per definition of Microfinance loan.
DOCUMENTS
- Application
- Proof of identity (any one): PAN/Passport/Driver Licence/Voter ID
- Proof of Address (any one): Passport/ Driver Licence/ Aadhar Card/ Latest Electricity Bill/ Latest Telephone Bill/ Latest Piped gas bill
- Proof of Income (any one):
For Salaried: Latest 6 Month Salary/Pay Slip and One year ITR/Form16
For Self-employed: Last 3 years ITR with CA certified Computation of Income/Profit & Loss Account/Balance Sheet/Capital Account Statement
For non ITR customers: Based on the predefined information parameters, local inquiries, other relevant documents (SB transactions, CIC reports etc.), annual family / Household income etc.
Rate of interest will be linked with Repo Based Lending Rate (RBLR), as under:
Minimum | Maximum |
---|---|
4.00 Over RBLR | 5.00 Over RBLR |
Proposal Processing charges
- Up to Rs.50,000/- :- Nil
- Above Rs.50,000/- :- All inclusive (PPC, Documentation, Inspection charges) @ 1% of sanctioned limit.
Review Charges
- Up to Rs.50,000/- :- Nil
- Above Rs.50,000/- :- Rs.250/- flat.
These service charges are excluding the GST and subject to changes issued by Head Office from time to time.
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