Micro-Finance Loans
These are small collateral free loans provided to members of SHG, JLG and other individual wherein the credit facility is provided for income generation purposes.
Benefits
Interest Rates – Q4 – 2023-24
Product | Minimum | Mean | Maximum |
---|---|---|---|
Microfinance Loans | 22.17% | 23.6% | 25.13% |
Note : Interest rates offered may differ from product variant/scheme selected by the customers and may differ from BC to BC.
Annualized Percentage Rate (APR) – Q4 – 2023-24
Product | Minimum | Maximum |
---|---|---|
Microfinance Loans | 25.57% | 28.77% |
Fees & Charges
Processing Fee - 1% of loan amount plus applicable taxes. Processing fee is applicable only for loans above Rs.25000.
Credit Shield Insurance to be charged at actuals and to be paid by the customer if opted. Insurance is optional to the customer.
Note : Charges may differ from product variant/scheme selected by the customers and may differ from BC to BC.
Eligibility
- Individual (18-65 years).
- Have Officially Valid Documents as KYC.
- Residing within the operational area of Bank though BC.
*Customer final loan eligibility will be determined by the banks loan eligibility criteria set for the specific product.