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    Chaitanya India Microfinance

    Overview about Chaitanya India Microfinance

    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.

    Purpose – What can be Chaitanya India Fin Credit Pvt Ltd Loans be used for?

    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.

    Eligibility Criteria Chaitanya India Fin Credit Pvt Ltd Loans

    In order to be eligible for the microfinance offered by Chaitanya India Fin Credit Pvt Ltd, the borrower should fulfil the following criteria:

    • Age limit for customer: Minimum 20 years & maximum 57 years
    • Age limit for customer’s spouse: Minimum 20 years & maximum 59 years
    • Customer should not have more than one MFI (microfinance institution) loan and the amount should not exceed Rs. 50,000
    • Household income should not exceed Rs. 60,000 (rural areas) and Rs. 120,000 (non-rural areas)
    • Customer’s total loan amount not to exceed Rs 35,000 in first cycle and Rs 50,000 in subsequent cycles.

    Features ofChaitanya India Finance Credit Pvt Ltd Loans

    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.

    Documents Required forChaitanya India Fin Credit Pvt Ltd Loans

    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:

    • Driving license
    • Electricity bill
    • Landline phone bill
    • Municipal tax receipt
    • Gas Bill/Receipt
    • LIC Certificate
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