Starting as a non-profit organization in 2004, Chaitanya began its microfinance operations in October 2007 at Nayakanahatti village in Chitradurga district. For around two years Chaitanya carried out its microfinance operations as a NGO. Prior to becoming a microfinance organization, Chaitanya promoted small enterprises in rural areas and also worked towards primary education. After obtaining the Non-Banking Finance Company (NBFC) license from Reserve Bank of India, Chaitanya India Fin Credit Pvt Ltd. (CIFCPL) was registered as a microfinance company.
The microfinance offered by Chaitanya India Finance Credit Pvt Ltd. is aimed to promote economic development and self-sufficiency. The loans can be used as a finance for Joint Liability Groups, to buy gold or two wheeler.
In order to be eligible for the microfinance offered by Chaitanya India Fin Credit Pvt Ltd, the borrower should fulfil the following criteria:
Here is the list of loans, along with their features, offered by Chaitanya India Finance Credit Pvt Ltd.
The tenure of the loan is not less than 24 months. When loan amount exceeds Rs. 15,000 the borrower has right of prepayment without penalty.
Chaitanya India Finance Credit Pvt Ltd. collects KYC (Know Your Customer) documents from borrowers such as UID (Aadhaar card) or Voter ID for id proof and ration card as address proof. In case ration card is unavailable then one of the following can be used for proof of address: