This is the mainstay among the basket of products offered by Adhikar mF. Women not able to access formal loans but needing financial services to improve their living standard are the main customers. Women having similar sets of strengths and weaknesses are encouraged to form Self Help Groups(SHGs) or Joint Liability Groups (JLGs). These groups are taken through a process of capacity building and hand holding until they reach certain stage of maturity and stability. They are provided loan with provision for repayment suitable to their paying capacity and volume of loan. The repayment period and loan amount varies based on the need and utility of the loan. The entry point customers are encouraged to access higher loan as per their need at later stages after they repay the initial loans successfully. The repayments are collected from the doorsteps of the customers through our credit officers spread across the clientele groups. The following table highlights the type of Loans and rate of interest.
|Loan type||Cycle||Tenure||Amount||Rate of interest||LPF||Insurance charges|
|Income generation loan||1st||12 months||10000, 15000 & 20000||24.50% reducing||1.0%+GST (18%)||0.94% -12 month|
|2nd||12 -18 months||20000, 25000 & 30000||24.50% reducing||1.0%+GST (18%)||0.94% -12 month, 1.4% – 18 month|
|3rd and on wards||24 months||30000 , 35000 & 40000||24.50% reducing||1.0%+GST (18%)||1.85% for 24 month|
|Top up loans||6 month Onwards||12 months||5000 , 10000 & 15000||24.50% reducing||1.0%+GST (18%)||0.94% -12 month|