Offers need based products and services to its customers. Since the clients are from the economically weaker sections of the society, collateral free micro credit is provided.
The products are simple and designed to facilitate the transactions in synchronization with the operational model. The main thrust is on providing access to institutional credit for the poor families and scope for entrepreneurial activities. Though, the loans are utilised for 234 different types of income generating activities, a broad break-up is as below :-
Micro-loans are granted for Income Generation Programs (IGP):
Agriculture
Allied Agricultural Activities like Dairy, Sheep-rearing.
Small Business ventures like Tea shop, Tiffin stall.
Retail Trade like vegetable vending, grocery, fruit vending.
Self-employment ventures like cycle shop, watch repair.
Village & Cottage industries like carpentry, pottery, leather-goods.
Loans are also considered for consumption purposes (e.g. Marriage & other family functions)
Products
Tenor
Size (INR)
Effective Rate of Interest
Micro Loan(IGP)
50 Weeks/24 Months
5,000-50,000
26%
Additional IGP Loan
20 Weeks
2,000/3,000
26%
Small Loans
2 Years
50,000
26 %
Educational Loan
50 Weeks
up to 3,000 per child
26%
Special Purpose Loan
10 Days
up to 20,000
26%
Destitute Loan
Convenient installments
1,000
NIL
* Repayable in Weekly/Fortnightly/Monthly installments at the option of the borrower ** Processing fee of 1% also collected
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