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    Equitas Microfinance

    Overview about Equitas Microfinance Pvt Ltd

    Equitas Micro Finance Pvt Ltd was formerly known as Singhvi Investment and Finance Pvt. Ltd. They are a microfinance company that offers commercial vehicle loans, loans against property and loans for small industries. The company - based out of Chennai, Tamil Nadu - was started in 1994 and operates as a wholly owned subsidiary of Equitas Holdings Pvt. Ltd.

    Equitas Micro Finance Pvt Ltd was formed with the purpose of extending micro credit to people who face difficulties in acquiring finance from mainstream or recognised banks or financial institutions. The aim of the company is to make finance available at reasonable cost to such customers and to achieve reasonable returns on investment in order to continuously attract mainstream capital.

    Equitas Micro Finance Pvt Ltd offers Income Generating Loans and Emergency Loans aimed at borrowers in different phases of a borrower’s life cycle. Based on the client’s demands and business needs, higher loan amounts are offered at different phases of the borrower’s life cycle.

    Features and benefits of Equitas Microfinance Pvt. Ltd Income Generating Loans

    Income Generating Loans issued by Equitas Micro Finance Pvt Ltd showcase the following features and benefits:

    For loan amounts disbursed in cash

    • During cycle 1 of the borrower’s life cycle the loan amount disbursed can range from Rs 13,000 to Rs 20,000
    • During cycle 2 the loan amount disbursed can range from Rs 13,000 to Rs 25,000
    • During cycle 3 the loan amount disbursed can range from Rs 13,000 to Rs 30,000
    • During cycle 4 the loan amount disbursed can range from Rs 13,000 to Rs 35,000
    • The loan tenure lasts for two years
    • The repayment frequency can be either weekly, fortnightly, once in 28 days or monthly
    • The interest rate per annum is 22%
    • No pre-closure charges
    • A processing fee of 1% of the loan amount will be charged at the time of sanctioning of the loan

    For loan amounts disbursed into the applicant’s bank

    • During cycle 1 of the borrower’s life cycle the loan amount disbursed can range from Rs 13,000 to Rs 22,000
    • During cycle 2 the loan amount disbursed can range from Rs 13,000 to Rs 27,000
    • During cycle 3 the loan amount disbursed can range from Rs 13,000 to Rs 30,000
    • During cycle 4 the loan amount disbursed can range from Rs 13,000 to Rs 35,000
    • The loan tenure lasts for two years
    • The repayment frequency can be either weekly, fortnightly, once in 28 days or monthly
    • The interest rate per annum is 22%
    • No pre-closure charges
    • A processing fee of 1% of the loan amount will be charged at the time of sanctioning of the loan

    Features and benefits of Equitas Microfinance Pvt. Ltd Emergency Loans

    1. The loan amount disbursed in case of emergency is Rs 5,000, either in cash or into the borrower’s bank account
    2. The loan tenure lasts for one year
    3. The repayment frequency can be either weekly, fortnightly, once in 28 days or monthly
    4. The interest rate per annum is 22%
    5. No pre-closure charges
    6. A processing fee of 1% of the loan amount will be charged at the time of sanctioning of the loan

    Eligibility Criteria and Terms & Conditions of Equitas Microfinance

    Equitas Micro Finance Pvt. Ltd outlines the following eligibility criteria and terms & conditions for their loan products:

    • Loans are offered to joint liability groups (JLGs) comprising of poor women in rural and urban areas and within the boundary of the branch offices
    • All members have to provide copies of their ration card and photo identity in order to avail the loan products from the company
    • The membership size of each joint liability group shall be 5. The minimum number of members in a centre is 10 and the maximum is 30
    • The centre meeting of the JLGs will be facilitated by Equitas staff members and the installments will be collected during the meeting
    • The members of each JLG must cross guarantee the loans borrowed by the other members of the group
    • The applicant should not have any running or existing loans from more than one other microfinance institution
    • All loans will be disbursed at the Equitas branch offices
    • All applicants should be compulsorily present at the Equitas branch office at the time of loan disbursement
    • Passbooks will be issued to each member detailing loan amounts, installment dates, interest payable etc
    • Loans will be disbursed only for members looking to undertake income generating activities
    • The duration of the loan will be as per the loan product availed by the applicant
    • All members shall repay their loans at their respective centre meetings
    • Assets purchased or created after utilisation of loan funds will be verified by the field risk officer on a random basis

    Documents Required for Equitas Microfinance

    To avail of loans from Equitas Micro Finance Pvt Ltd, the following documentation is required:

    1. ID and Address Proof : Voter ID / Bank passbook copy / ration card / gas bill etc
    2. Photo of self and husband / nominee
    3. Completed membership application form
    4. Completed loan application and sanction form
    5. Demand promissory note
    6. Loan passbook
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