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    IDF Microfinance

    Overview about IDF Financial Services Pvt Ltd

    Initiatives for Development Foundation (IDF) is a non-profit organization founded by Developmental Bankers and Administrators. IDF Financial Services Private Limited (IDF FSPL) is dedicated to provide Microfinance and allied financial services. In order to scale and promote microfinance operations and generate adequate capital, microfinance division of IDF was delineated from its parent organization and registered as IDF FSPL, a Non-Banking Financial Company in April 2009 with its Registered Office in Bangalore & Administrative office in Dharwad. IDF FSPL is run by a dedicated team with rich technical, organizational and banking experience.

    IDF FSPL believes in diversity of credit needs of clients. Hence they offer customized loans that cater to different segments and different needs of the people. Besides meeting investment & consumption credit needs, IDF FSPL supports the members with short term emergency loans as well. IDF offers SHG loans and NGO-MFI loans based on the requirements of the borrowers.

    Purpose of IDF Financial Services Pvt Ltd Loans

    IDF provides loans in order to fulfil the following financial needs of its clients:

    Consumption Needs

    1. Education
    2. Health
    3. Clearance of Past Debts
    4. Small Emergencies
    5. Marriage Expenses
    6. Purchase of household assets like gas stoves
    7. Festival Expenses
    8. House Repairs – Electricity Connection

    Productive Purpose

    • Purchase of Animals
    • Purchase of Agricultural Inputs
    • Petty Business – Stock
    • Land on Lease
    • Public Small Transport Vehicles
    • Service Sector – Sewing Machines, Embroidery, Beauty parlour, Motor winding, Catering Services, Agarbatti Rolling

    SHG Loans

    Loans are provided to SHGs as general-purpose loans. The SHGs will on lend to their members for the following purposes:

    • Productive Purposes: Setting up/expansion of Micro Enterprises, service and business activities, Agri input purchasing, animal husbandry activities, etc,
    • Consumption Purposes: Children education, health care, repayment of past debts, religious functions
    • Asset Creation: Purchase of consumer goods, bicycle, repair of house/purchase of site

    NGO- MFI Loans

    IDF FSPL provides loans to small start-up NGOs or MFIs for on lending to SHGs/JLGs. However this facility is offered on a selective basis.

    Eligibility Criteria for IDF Financial Services Pvt Ltd

    • Annual family income – Up to Rs.60,000/- in rural areas and up to Rs.1,20,000 in urban areas
    • Age group 18 to 55 Average 30 to 40 years)
    • Occupation in case of rural sector – Farming, Animal Husbandry, Dairy, Farming, Sharecroppers, and Agri related labour works.
    • Occupation in case of urban sector – Petty Businesses, Household Works
    • Educational Qualification - Illiterate or semi-literate
    • Should be members of minority community (mostly Muslims) 18-20%; SC’s around 10-15%

    Features of IDF Financial Services Pvt. Ltd Loans

    Here are the features of SHG and NGO-MFI loans offered by IDF Financial Services Pvt Ltd.

    Loan Terms

    mSHG Loans

    Cycle 1

    Cycle 2

    Cycle 3

    Cycle 4

    Max. loan amount

    Rs. 12000-15000

    Rs 15000-20000

    Rs 20000-30000

    Rs 30000-40000

    Repayment period

    12 months

    24 months

    24 months

    12 months

    Rate of interest

    24%

    24%

    24%

    26%

    Service charge

    1%

    1%

    1%

    1%

    IDF FSPL NGO- MFI Loans

    IDF FSPL provides loans to small start-up NGOs or MFIs for on lending to SHGs/JLGs. However this facility is offered on a selective basis.

    • Maximum loan amount - Rs 75,00,000
    • Repayment period - 12 to 24 months
    • Rate of interest - 20%
    • Service charge - 1%

    Note - The rate of interest are subject to change, as per the financial institution's discretion. Always check before availing the loan facility.

    Documents required for IDF Financial Services Pvt. Ltd. Loans

    In order to apply for the loan facility scheme through IDF Financial Services, the applicants will be required to submit the following documents:

    • Identity Proof: A proof of identity such as driving license, Aadhaar card, PAN card, etc., issued by a competent and legitimate government authority.
    • Address Proof: Any proof of address that contains the borrowers’ names and is issued by a competent and legitimate government authority. Could be driving license, telephone/electricity bill, or gas bill (attested), etc.
    • Proof of income and bank statements
    • The bank may also require other documents on an individual basis after assessment of the borrower. This, however, will be declared on the financial institution’s discretion.
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