Microloans are short-range loans with small loan accounts that may be avail by startups, self-employed, small businesses, and micro-enterprises with lower capital needs. It is a kind of small finance offered to low wage group families and micro-entrepreneurs who have small access to lending institutions.
Microloans may utilize several businesses regarded as activities like maintaining cash flow, meeting working capital needs, starting a new business, maintaining cash flow and managing day-to-day expenses, and debt consolidation.
Objectives
Bandhan Bank
|
Microloans – 2022 |
|
|
Interest rate |
17.95% onwards |
|
Loan amount |
Min. Rs. 1,000 & Max. Rs. 25,000 |
|
Processing Fee |
Nil |
|
Repayment Tenure |
Up to 12 months |
|
Doorstep facility |
Available, under Dedicated Doorstep Service Center (DSC) |
Annapurna Microfinance
|
Group Loans – 2022 |
|
|
Interest rate |
21.90% onwards |
|
Loan amount |
Min. Rs. 10,000 & Max. Rs. 80,000 |
|
Processing Fee |
1% of the loan amount + GST |
|
Repayment frequency |
Weekly, Fortnightly or Monthly, as per the choice of the borrower |
BSS Microfinance
|
Micro loans – 2022 |
|
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Interest rate |
25% onwards |
|
Loan amount |
Min. 12,000 & Max. Rs. 50,000 |
|
Processing Fee |
1% of the loan amount on micro loans of amount above Rs. 25,000 |
|
Collateral |
Not required |
SKS Microfinance
|
Income Generation Loans (IGL) – Aarambh – 2022 |
|
|
Interest rate |
23.55% onwards |
|
Loan amount |
Min. Rs. 7591 & Max. 11,610 for the 1st loan, next loan increase set is of Rs. 14,959 determined by credit history |
|
Processing Fee |
1% of the loan amount |
To avail of the microloans, the applicant requires to simply visit the official site of the desired MFI and fill in the application form for the loan, then submit every needed certificate. After that, submit the form, and when the MFI is convinced with all submitted certificates, it will disburse the loan to the bank account of the applicants.
