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They boost your efforts to gain financial independence and help you fulfill all your aspirations. Facilitating your integration with mainstream banking in this way is helping us realize our vision of seeing every Indian with a bank account.<br><br>Click here to know more :- https://www.ujjivansfb.in/micro-loans
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The MFMI Initiative is the world's first financial inclusion program, which aims to bring the privilege of formal banking to the unbanked sections of Indian society. Our micro loans help integrate the hitherto underserved and unserved segments with all banking services. These loans are designed to provide you with solutions to meet your diverse needs. Products under microloans include individual loans and group loans. They boost your efforts to gain financial independence and help you fulfill all your aspirations. Facilitating your integration with mainstream banking in this way is helping us realize our vision of seeing every Indian with a bank account. We truly believe that your dream is our dream, and your goal is ours, and the fulfillment of your aspirations is our motivation to excel. Joint Liability Group (JLG) loans are available at moderate interest rates. You can choose from the following products:
Business Loan: A business loan for a fixed term of up to 36 months. Family Loan: For you and your family members, this is a great option for managing your debts. This loan has flexible terms and offers an easy repayment option. The minimum amount required is ₹50,000. Agriculture and Allied Loan: An agriculture loan that helps you cover all your expenses related to farming activities such as seeds, fertilizers, and other farm inputs. This loan has flexible terms and offers an easy repayment option. The minimum amount required is ₹25,000. Education Core Loan: For education purposes like school fees, uniforms, books, etc., this loan gives you financial assistance in form of a fixed monthly installment payment which will be paid for 6 months to 5 years depending upon the total eligible expenditure incurred on education-related activities like tuition fees, boarding fees, etc., as per the eligible expenditure guidelines set by RBI (Reserve Bank of India). This loan has flexible terms and offers an easy repayment option.
The GL Top-up Loan: This program is a way to help you get back on your feet when you need it most. With this loan, you can borrow up to ₹5,000 and pay back your balance over time. You can choose between an emergency loan and a long-term loan. The Emergency Loan: It's available for situations that require immediate financial assistance, such as paying off an emergency bill or covering unexpected expenses. The rate of interest will be 21% per annum on a reducing balance method (governed by the MCLR-based pricing policy of the bank). The Education Loan (Top-up) is designed for students who study in colleges and universities around India. It provides a top-up amount that can be used for tuition fees or books, depending on your needs. The interest rate will be 22% per year on a reducing balance method (governed by the MCLR-based pricing policy of the bank). Individual Loans: Your business or house can be the best in the world, but if you don't have the money to upgrade or repair it, it might not amount to anything. That's why we offer Individual loans - ranging from ₹51,000 to ₹3,00,000 - to meet all your financial needs. These are purpose-based loans, which are given to individuals without any group guarantee.
Based on your need, you can choose an option from the following products: Individual Business Loan (IBL) The Individual Business Loan is designed to help you complete your business plan and secure funding for a new business. The IBL program has two categories: small and large businesses. To qualify for an IBL, you must be able to demonstrate that your business plan will be profitable and will create jobs in your area. Individual Livestock Loan (ILL) The Individual Livestock Loan program is a great way to finance your livestock operation or ranching operation. After you have submitted your application, our team will help you determine what's best for your financial situation. HIL: Home Improvement Loan (HIL) This loan is for home improvement projects like the construction of a house or the installation of a fence or repair work on your roof.
IAL: Individual Agriculture Loan (IAL) This loan is for farmers who need money to buy seeds, fertilizers, and other agricultural supplies. It also covers any costs associated with planting or harvesting these crops. IBZL: Individual Bazaar Loan (IBZL) This loan is for individuals looking to expand their businesses in their bazaar by renovating their shops and markets. OMLL: Open Market Livestock Loan (OMLL) This is another type of agricultural-related borrowing option, but it differs from traditional loans because it provides payments based on how much profit each borrower earns rather than how much they owe the lender at any given time. The Open Market Livestock Loan helps farmers expand their businesses by allowing them to buy more livestock. To qualify for an EMI, your outstanding balance must be less than or equal to ₹1.00 Lakh. Interest is paid on a reducing balance basis.
Please note that the discount on the interest rate depends on the monthly EMI amount and period of the loan taken by you. Apply with a loan amount ranging from ₹1 lakh to ₹3 lakhs. The lending rate of interest is based on the Marginal Cost of Funds-based Lending Rate (MCLR) pricing policy of the bank. The processing fee is 1-2% of the loan amount excluding applicable GST. Late payment charges are 100 for each late EMI (including applicable GST). The pre-closure charge is 2% of your unpaid principal balance including applicable GST if you pre-close your loan after paying 80% of your loan installments. GECL (ECLGS) The GECL is a loan for which a 100% guarantee would be provided by the National Credit Guarantee Trustee Company (NCGTC) to Member Lending Institutions (MLIs), and which will be extended in the form of an additional working capital term loan facility in case of Scheduled Commercial Banks (SCBs) and Financial Institutions (FIs). The Principal Amount is up to ₹18,000 with a tenure of up
to 60 months (Principal moratorium till 24 months). The rate of interest is 9.25% p.a, linked to EBLR. The processing fee is not applicable. Franking charges/Stamp duty is not applicable. Service charges are nil. Documents are the same as Group Loans • PM SVANidhi • The Prime Minister's Street Vendor's AtmaNirbharNidhi (PM SVANidhi) is a Special Micro-Credit Facility launched by the Ministry of Housing and Urban Affairs, for providing affordable loans to street vendors. • This product offers loans of up to ₹10,000 for 12 months at an interest rate of 24% per annum. Processing fees and stamp duty are not applicable.
