Micro Finance
my title page ஆசிர்வாத் மைக்ரோபைனான்ஸ் லிமிடெட்          Asirvad Micro Finance Limited          आशीर्वाद माइक्रोफिनॅन्स लिमिटेड         ആശിർവാദ് മൈക്രോഫിനാൻസ് ലിമിറ്റഡ് ಆಶೀರ್ವಾದ್ ಮೈಕ್ರೋಫೈನಾನ್ಸ್ ಲಿಮಿಟೆಡ್ ਅਸਿਰਵਾਦ ਮਿਕਰੋਫਈਨਂਸੇ ਲਿਮਿਟੇਡ ଆଶୀର୍ବାଦ ମଇକ୍ରୋଫାଇନାନ୍ସ ଲିଃ আশির্বাদ মাইক্রো ফাইনান্স লিমিটেড

At present, Asirvad Micro Finance Limited caters to three type of loans such as Income Generation Program Loan (IGP), Product Loan and Mid Term Loan (MTL).

The process of gradation of risk and interest determination is done in a uniform format by considering factors such as cost of funds, liquidity risk premium, operation expenses, margin, and credit risk premium.

inner-img
Income Generation Program

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.

Size

₹1,000 – ₹80,000

Tenure

24 months

Interest

25%

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.

 

 

 

Mid Term Loan

The Mid Term Loan is available to clients after 06 instillments repaying their IGL loan. A client is eligible for a MTL Loan subjective to maximum of 25% of IGP loan.

Size

₹1000 – ₹20,000

Tenure

12 – 18 months

Interest

25%

Salient Features

•Ticket Size: 1000 – 20,000
•Loan Tenure: 12-18 months
•Interest Rate: 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- 13-20 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.

Product Loans

The Company facilitate Product Loan facility covering some of the household products which are of value to the customers to improve their quality of living and is based on the choice of the customers. The product range includes like consumer durable goods like water purifier, pressure cookers etc chosen by client. Provision of product loans will be subject to explicit option of the customers for the loan and the choice of product.

Size

₹1,000 – ₹15,000

Tenure

12 to 24 months

Interest

25%

Eligibility

The customers who have active loans are eligible for Product Loans. It is provided as an additional loan over and above the original loans.

Loan type

Individual/JLG Microfinance Loan

Loan Amount

Cost of the product selected by the borrower, ranging 1000-15000.

Loan Tenure

For Loans up to Rs.30,000 – Maximum 2 year
12 to 24 months, subject to the tenure of Product Loans shall complete along with current loan tenure.

Processing fee

A Processing fee up to 2% (+GST) of the loan amount will be added along with the loan amount to arrive the gross loan amount.

Insurance

Actual cost of Insurance will be added along with the loan amount to arrive the gross loan amount.

Penal charges

2.5% p.m. on overdue amount.

Loan Interest

Interest @25%

No non-credit product shall be sold as a pre-condition for the loan product.

Start typing and press Enter to search