Products
Activity Term Loan
This is generally Rs. 2.5 lakhs (US$ 6100) provided to a self help group (SHG) of 15 to 20 members for the purpose of income generating activities, where each member is allowed a maximum of Rs. 12,500. For a second cycle the limit per member is Rs.15,000 and for a third cycle it is Rs.20,000. The interest, charged on the diminishing balance with a 42+1 month EMI repayment period, is one of the lowest in the country.
Other terms include insurance coverage for four years (both for normal death and accident), a Term Deposit for a minimum amount of Rs.10, 000 maintained in the name of SHG with any commercial bank and a Recurring Deposit with a monthly remittance of Rs.500 opened with a commercial bank for four years (tenure of the loan) in the name of the SHG.
SHGs that have undergone the Basic Awareness Training provided by Microcredit Foundation of India, completed the 12 month meeting requirements and meet the group quality grading criteria are eligible for the Activity Term Loan.
Short Term Loan
The short term loan is a personal consumption loan of Rs. 50,000 (US$1220) per SHG of 15 to 20 members (up to a maximum of Rs 2,500 per member). The interest, charged on the diminishing balance with a six-month EMI repayment period, is one of the lowest in the country. Self Help Groups formed and maintained by Microcredit Foundation of India that are at least six months old, in good standing and hold a savings account with a commercial bank are eligible for the loan.
Term Loan
Rs.5, 000 per member for a period 12 months.
Note: On completion of six months, each SHG member has the option to choose the STL or TL depending upon their requirement.
SHG-Entrepreneur transition loan
This loan of up to Rs. 50,000 is provided to individuals or small groups of 2-5 people for the purpose of growing their business. SHG members whose groups have an exemplary repayment history of at least two years and who have demonstrated independent success in the running of their microenterprise are eligible. The loan allows these members to foreclose the SHG loan and transition to a larger loan that can meet their business’ growth needs.
Banking Correspondent (to be soon available):
By arrangement with commercial banks, MMFL will bring banking services through its branch offices to areas without banking facilities. These services will conform to the RBI model.
Insurance
MMFL provides general and life insurance to the rural population through an agency arrangement with Prudential ICICI and Bajaj Allianz..
Mutual Funds
Distribution of mutual fund products to the rural public.
This is generally Rs. 2.5 lakhs (US$ 6100) provided to a self help group (SHG) of 15 to 20 members for the purpose of income generating activities, where each member is allowed a maximum of Rs. 12,500. For a second cycle the limit per member is Rs.15,000 and for a third cycle it is Rs.20,000. The interest, charged on the diminishing balance with a 42+1 month EMI repayment period, is one of the lowest in the country.
Other terms include insurance coverage for four years (both for normal death and accident), a Term Deposit for a minimum amount of Rs.10, 000 maintained in the name of SHG with any commercial bank and a Recurring Deposit with a monthly remittance of Rs.500 opened with a commercial bank for four years (tenure of the loan) in the name of the SHG.
SHGs that have undergone the Basic Awareness Training provided by Microcredit Foundation of India, completed the 12 month meeting requirements and meet the group quality grading criteria are eligible for the Activity Term Loan.
Short Term Loan
The short term loan is a personal consumption loan of Rs. 50,000 (US$1220) per SHG of 15 to 20 members (up to a maximum of Rs 2,500 per member). The interest, charged on the diminishing balance with a six-month EMI repayment period, is one of the lowest in the country. Self Help Groups formed and maintained by Microcredit Foundation of India that are at least six months old, in good standing and hold a savings account with a commercial bank are eligible for the loan.
Term Loan
Rs.5, 000 per member for a period 12 months.
Note: On completion of six months, each SHG member has the option to choose the STL or TL depending upon their requirement.
SHG-Entrepreneur transition loan
This loan of up to Rs. 50,000 is provided to individuals or small groups of 2-5 people for the purpose of growing their business. SHG members whose groups have an exemplary repayment history of at least two years and who have demonstrated independent success in the running of their microenterprise are eligible. The loan allows these members to foreclose the SHG loan and transition to a larger loan that can meet their business’ growth needs.
Banking Correspondent (to be soon available):
By arrangement with commercial banks, MMFL will bring banking services through its branch offices to areas without banking facilities. These services will conform to the RBI model.
Insurance
MMFL provides general and life insurance to the rural population through an agency arrangement with Prudential ICICI and Bajaj Allianz..
Mutual Funds
Distribution of mutual fund products to the rural public.
Microcredit Foundation of India (MFI)
Positioning rural communities for sustainable economic prosperity
www.microcreditindia.org
Positioning rural communities for sustainable economic prosperity
www.microcreditindia.org
©2008 Madura Micro
Finance Ltd