Multiple banks. Different interest rates. Call it a "conflict of interest".

    Adhikar Microfinance

    With a strong presence in Gujarat and Odisha, the Adhikar Microfinance Pvt Ltd is fast emerging as a reliable micro financing institution that has its presence in across 4 districts and a network of 41 branches that is only set to increase. In a short span since its inception, Adhikar Microfinance has been able to build a client database of over 46,712 clients and has achieved a loan disbursed target of Rs 582.72 Crore

    The organization seeks to improve the standard of living of the people hailing from the weaker sections of society by providing financial solutions predominantly catering to the unorganized sector.

    Products of Adhikar Microfinance

    The loans available from Adhikar are an Income Generation loan and a sanitation loan. The income generation loan has 4 cycles with a 12 month repayment tenure for each cycle. These loans offer a loan amount of Rs 10,000 for the first cycle, Rs 15,000 for the second, third and fourth cycle each. The rate of interest charged on the income generating loan, regardless of the cycle is 26% reducing with a loan processing fee of 1% of the loan amount according to the cycle. This type of loan requires a guarantee from the group that is availing the loan.

    The Sanitation loan on the other hand has similar features. The loan amount available is Rs 15,000 for a tenure of 12 months after the second cycle. The loan processing fee is 1% of the loan amount availed and the loan charges an interest of 26% p.a. which is reducing.

    The credit services provided by Adhikar Microfinance offer are catered for the weaker sections of society and particularly benefit women and the physically challenged. Married women who hail from backward classes and below poverty line families can avail these loans. The loans are also applicable for unmarried women in the age group of 25 to 35 years and who consent to not get married out of choice and also widowed or divorced women above the age of 25 who have no intention of remarrying.

    These loans do not bar any caste or religion and will award the loans to whoever fits the criteria. Only a single member or person can take membership from a family and dual enrolment is strictly prohibited. If dual members are found, they will be disqualified from the program. Individuals acquiring membership should be a minimum of 18 years of age but should not exceed 55 years of age as at last birthday.

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