|Details of Loan Product : Janakalyan Consultancy & Services Pvt. Ltd.
||Loan Processing Fee
||KALYAN FORTNIGHTLY -10000 to 20000
|| 1 YEAR
||KALYAN MONTHLY -10000 to 30000
|| 1 YEAR
|Purpose: All the above loan product are being provided for income generate actives
Loan products for MFI/BC segment are as under:
- Individual Loans are provided through Group model.
- Loans are done primarily through on lending model and also BC of Banks/ NBFCs
- First cycle loan ceiling is normally fixed at Rs.15000
- The Second cycle loan ceiling is fixed at Rs.20000 or Rs.30000
- The Third cycle loan ceiling is fixed at Rs.30000 or Rs.40000 or Rs.50000
- The tenure of the loan products is as per RBI guideline such as products are fixed at Rs.30000 for 12 months and over Rs.30000 for 24 months.
The borrowers are offered choice to select repayment period such as monthly, fortnightly or weekly and also at the discretion of the funding agency. Normally, option is provided in the loan application form. Currently, all loans shall be repayable on a fortnightly/12 months basis.
Pricing : Fees/Taxes/Charges
All MFI/BC loans extended by Janakalyan have three elements:
- Interest rate: 24.80% (reducing method) approximately , subject to RBI norms
- Processing Fee: 1% + Service Tax as applicable (on an average)
- Insurance Premium (actual) plus Service Tax as applicable
We collect only the actual cost of insurance and pay premium to the insurance company on monthly basis. We offer all customers life insurance cover for both borrower and the co-borrower.
Loan Disbursement process:
- Age: 18 to 55 years of age (New members), max. of 58 years (Old members)
- Identification: Aadhar Card (Mandatory) & Any other address proof.
- Stability: Owns a house and if rented the members have 5 years residency.
- Max. No. of microfinance membership: 1
- Max. liability: Rs.100000 (Including applied amount)
Loan recovery details:
- Physical Verification: A visit by Field officer (FO) and Branch Head(BH) to the homes of the clients for Physical verification.
- Credit Bureau: Client credit bureau checking through E-Aadhar.
- CGT & GRT: FO to conduct CGT and BH to conduct GRT.
- Disbursement: Loan amount disbursed to the client
- Collection: Loans are collected at every group meeting.
- Meeting frequency: Fortnightly / Monthly.
- Group size : 10 to 30 ( in a centre )
- Attendance: FO takes the attendance of all members and collects the instalment.
- Passbook update: Every pass book of the group is updated.
- Default: FO to visit home of the defaulting member to pursue for the payment.