Micro Finance Back

Purpose
Purpose of the loan is to provide financial assistance to weaker section of the society for starting or augmenting income generation activities. The illustrative nature of income generating activities is given below :

• Small business/trade
• Tiny/cottage industry or service activity
• Artisan activities
• Agricultural and allied activities
• Transport sector activities

• Eligibility
• Weaker section of the society or persons engaged seasonal activity
• Documents Required
• KYC compliance
• Income proof of the applicants (if any)
• Other relevant applicable documents.
• Rate of Interest
• As per Bank’s Loan policy from time to time. click here for rate of interest
• Extent of Loan
The maximum amount of loan to a beneficiary will be limited to Rs.50,000/- (Rupees Fifty Thousand only).
• Repayment
• Entire loan to be repaid within maximum period of 5 years in 60 equated monthly installments.
• Condition
• Processing / Scrutiny Charges : 1.15% of the loan amount or as per the sanctioned terms.
• Share linking - Borrower will be required to purchase the shares of the Bank (as per sanction terms)
• Other Conditions
• Other terms and conditions as per Sanctioned Terms