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The ASA International India Microfinance Limited is a regulated micro finance institution that is active in the regions of Assam, West Bengal, Tripura and Bihar. The institution was founded in 2008 and is headquartered in Kolkata. With over 162 branches and a presence in 4 states, the ASA International India Microfinance Ltd has over 164,004 clients with active loans. The institute aims to uplift the backward classes with sound financial products that help bring an improvement in their standard of living. The institute offers loans to women from all classes and follows a customer centric approach
The microfinance institute is most well-known for its primary cum secondary loan whose purpose and features are described below
The purpose of this loan is 2 fold. The primary purpose of the loan is for income generation and the secondary purpose of the loan is for agriculture.
The borrowers of this loan can only be women. The household income of the borrower should be lesser than Rs 1, 20,000 and depending on the loan amount in some cases the household income needs to be lesser than Rs 60,000
This product is the staple form of loans offered across the 4 regions in which ASA International India Microfinance operates. The loan has a minimum loan amount of Rs 5000 and the maximum loan amount which can be availed by eligible borrowers is Rs 15,000. The shortest loan term that is offered is 12 months with the maximum available term being 24 months. The loan has an average grace period of 1 month.
The repayment frequency of the loan is either weekly or monthly and the interest rate charged on this loan ranges from 25.26% to 25.97% p.a. This interest is a reducing interest.
Apart from the loan disbursed, one should keep in mind there are other charges that go with the loan. There are processing charges which amounts to 1% of the loan amount availed and also charges an insurance premium of 0.5% of the loan amount availed.
The loan does not require any security in the form of a compulsory deposit either before or during disbursement of the loan.