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    Overview about Fusion Microfinance

    Fusion Microfinance Ltd. was established in 2010 with the purpose of helping economically underprivileged women improve their standard of living (and that of their families) through establishing and maintaining sustainable sources of income.

    The organization has many income generating loan products which economically weaker sections of the society can use to purchase assets, etc. to set up income generating units.

    Fusion Microfinance has a presence in 7 Indian states, with over 125 branch offices and has disbursed loans to over 3,27,000 people as of November 2015.

    Loans from Fusion Microfinance

    Fusion Microfinance offers loan products at preferential rates of interest to those borrowers who have finished at least 1 or 2 loan cycles. The maximum loan amount also increases with the completion of loan cycles, through which the borrowers prove their credit-worthiness.

    General features of Fusion Microfinance loans

    • All loans from the Fusion Microfinance organization are covered under an insurance plan from Kotak Old Mutual Life Insurance Company, and Bajaj Allianz Life Insurance Company.
    • Insurance life cover: The nominee / beneficiary is enabled not only to cover the existing loan, but also enjoys the benefits of life insurance coverage.
    • Insurance loan cover: The cover also guarantees that the borrower’s / guarantor’s family will not have to face the burden of an unpaid loan in the event of the borrower’s / guarantor’s death.
    • Security: None of the loans require any kind of security or collateral.
    1. Income Generation Loan – Rs.12,000
      • Can be taken on the 1st loan cycle.
      • Tenure: 1 year.
      • Repayment frequency: 14 days.
      • Total number of instalments: 26 (with regular repayments every 14 days for the tenure).
      • Insurance:
        • Tenure: 1 year.
        • Fees including service tax (at 14.5%): Rs.108.
      • Processing fees (1%) + Service tax (14.5%): Rs.137.
      • Flat rate: 13.96%.
      • Annual interest rate: 28.06%
    2. Income Generation Loan – Rs.15,000
      • Can be taken on the 1st loan cycle.
      • Tenure: 1 year.
      • Repayment frequency: 14 days.
      • Total number of instalments: 26 (with regular repayments every 14 days for the tenure).
      • Insurance:
        • Tenure: 1 year.
        • Fees including service tax (at 14.5%): Rs.123.
      • Processing fees (1%) + Service tax (14.5%): Rs.172.
      • Flat rate: 13.91%.
      • Annual interest rate: 28.06%
    3. Income Generation Loan – Rs.15,000
      • Can be taken on the 1st loan cycle.
      • Tenure: 1.5 years.
      • Repayment frequency: 28 days.
      • Total number of instalments: 18 (with regular repayments every 28 days for the tenure).
      • Insurance:
        • Tenure: 1.5 years.
        • Fees including service tax (at 14.5%): Rs.340.
      • Processing fees (1%) + Service tax (14.5%): Rs.172.
      • Flat rate: 13.80%.
      • Annual interest rate: 27.60%.
    4. Income Generation Loan – Rs.20,000
      • Can be taken on the 1st loan cycle.
      • Tenure: 2 years.
      • Repayment frequency: 28 days.
      • Total number of instalments: 26 (with regular repayments every 28 days for the tenure).
      • Insurance:
        • Tenure: 2 years.
        • Fees including service tax (at 14.5%): Rs.328 / Rs.454.
      • Processing fees (1%) + Service tax (14.5%): Rs.229.
      • Flat rate: 10.34%.
      • Annual interest rate: 27.47%.
    5. Income Generation Loan – Rs.25,000
      • Can be taken on the 2nd or 3rd loan cycle.
      • Tenure: 2 years.
      • Repayment frequency: 28 days.
      • Total number of instalments: 26 (with regular repayments every 28 days for the tenure).
      • Insurance:
        • Tenure: 2 years.
        • Fees including service tax (at 14.5%): Rs.410 / Rs.567.
      • Processing fees (1%) + Service tax (14.5%): Rs.286.
      • Flat rate: 10.89%.
      • Annual interest rate: 26.88%.
    6. Income Generation Loan – Rs.30,000
      • Can be taken on the 3rd loan cycle and onwards.
      • Tenure: 2 years.
      • Repayment frequency: 28 days.
      • Total number of instalments: 26 (with regular repayments every 28 days for the tenure).
      • Insurance:
        • Tenure: 2 years.
        • Fees including service tax (at 14.5%): Rs.492 / Rs.680.
      • Processing fees (1%) + Service tax (14.5%): Rs.344.
      • Flat rate: 10.25%.
      • Annual interest rate: 26.95%.

    *All amounts, tenures, repayment requirements, time frames, interest rates, charges, fees, ceilings, requirements, criteria, exclusions, calculations terms and conditions mentioned above are as of January, 2016. All financial institutions mentioned above reserve all rights to modify, replace, or add to or subtract from any of the above, in any way, at any time, and at their own discretion.

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