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Microcredit

New Products - april 2014

 

Income Generating Loan Income Generating Loan Live Stock Loan Enterprises Loan
Loan Amount (INR) 10000-15000 20000-25000 25000-35000 30000 - 50000
Repayment Frequency Weekly Weekly Forth nightly Forth nightly
No of Installments 12 Month 12 Month 24 Month 24 Month
Processing Fees (1%) + Service tax (12.36%) 1% 1% 1% 1%
Interest Rate (Reducing) 26% 26% 26% 26%

 

Micro Insurance

FIMS's each member and her guarantor is insured with BAJAJ Life Insurance Company. The insurance amount helps the nominee/beneficiary to cover the existing loan as well as receive the benefits of a life cover. We have obtained a general life cover with the aforesaid Insurance Company who has adequately insured the borrower and the guarantor at a very nominal premium which is collected upfront from the borrower. The product is so well designed that the burden of Loan is shared with our insurance partners. This cover guarantees that in the event of either borrower or guarantor is deceased, the loan amount will be waived off to help the member's family and the principal repaid till date will be refunded back to the member's family.

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