Asirvad Microfinance was established in the year 2007 to provide financial assistance to the down-trodden section of society, helping them reach financial independence. The main aim of establishing Asirvad was to empower members of such sections of the society, bringing about economic inclusion and thus helping the country develop. Registered under the Companies Act of 1956, Asirvad is today worth over Rs 100 crore. The company was recently taken over by Malappuram Finance Limited, which has an 85% stake in Asirvad now. It adheres to norms laid out by the Reserve Bank of India when it comes to providing microfinance solutions to its customers.
Asirvad Microfinance offers micro loans to eligible borrowers, following the norms stipulated by the RBI. These micro loans can be used to enhance the income of borrowers by utilising it for business, trade or service. The company offers loans ranging from Rs 10,000 to Rs 25,000, depending on the need of individual customers.
These micro loans can be availed by individuals from the economically weaker sections of society who wish to enhance their condition by engaging in a business, service or trade. A clear idea and plan of action is needed in order to avail this money. Self-help groups and organisations can also apply for micro loans to develop their business.
All loans offered by Asirvad Microfinance have an annual interest of 26%, making it competitive in the microfinance world.
Tenure
Loans offered by Asirvad have tenures ranging from 12 months to 24 months, depending on the amount borrowed and repayment capacity of borrowers.
| Bank | Interest Rate Range | Processing Fee Range | Loan Amount | Tenure |
|---|---|---|---|---|
|
Rs 10,000 |
1 year |
26 % per annum |
Every month |
1 % |
|
Rs 10,000 |
18 months |
26 % per annum |
Every month |
1 % |
|
Rs 15,000 |
1 year |
26 % per annum |
Every month |
1 % |
|
Rs 15,000 |
18 months |
26 % per annum |
Every month |
1 % |
|
Rs 15,000 |
1 year |
26 % per annum |
Every fortnight |
1 % |
|
Rs 20,000 |
2 years |
26 % per annum |
Every month |
1 % |
|
Rs 25,000 |
2 years |
26 % per annum |
Every fortnight |
1 % |
Note: The interest rates mentioned above are for December 2015 and these are subject to change. Individuals should check the rates before applying for a microloan.
A GST rate of 18% will be applicable on banking services and products from 01 July, 2017.
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