Janalakshmi Financial Services

Janalakshmi Financial Services Pvt Ltd was a root of an initiative called Sanghamitra Urban Programme set up by a rural NGO called Myrada, Mysore Resettlement and Development Agency. The small core team aims at understanding the aspiration and challenges of urban poor and help them script their successes. Janalakshmi Financial Services Pvt Ltd promises to provide superior financials and robust risk management, strong customer focus and value additions, deep and diverse human capital and cutting-edge operations and technology. Janalakshmi Financial Services Pvt Ltd offers loans for individuals, enterprises and third party products and services.

Janalakshmi Financial Services Pvt Ltd Products

Following are the products offered by Janalakshmi Financial Services Pvt Ltd:

1. Small Batch Loans:

   This is a core product of Janalakshmi Financial Services Pvt Ltd. This loan is provided to individuals in a group comprising of a minimum 5 and maximum of 25 women. The women in the group should guarantee the other. This structure has 5 loan cycles. After completing each of those cycles, the customer can borrow the same amount or move to the next level.

   The features of this loan are as follows:

   • Purpose: To generate income for any use.

   • Loan size:

     Cycle 1: Rs.15,000 – Rs.30,000

     Cycle 2: Rs.20,000 – Rs.40,000

     Cycle 3: Rs.30,000 – Rs.50,000

     Cycle 4: Rs.50,000

   • Loan tenure: Loan tenure for the first cycle ranges from 12 – 24 months and tenure for the other cycle loan is 24 months.

   • Security: every member is jointly liable.

   • Interest rate: 23.72% per annum.

2. Nano Loans:

   Nano loan is an individual business loan that will allow budding entrepreneurs to finance their working capital requirements and to invest in equipment’s. This loan is offered to those who have a good credit history and have completed 2 years in small batch loan scheme.

   The features of this loan are as follows:

   • Loan size:

     Loan amount ranges from Rs.60,000 to Rs.2 lakh.

   • Loan tenure: Loan tenure offered is up to 36 months.

   • Interest rate:

     For new Nano Loan customer - 26% per annum

     For repeating Nano Loan customer - 25% per annum

3. Home Improvement Loans:

   Home improvement loans are offered to speed up the process of minor improvements of your house for which you might have to wait till you have saved up enough money. This loan can be used to improve your house, extend, repair or renovate your house. The loan is offered to those who have a good credit history. The person applying for the loan must also have completed 2 years in a small batch loan scheme.

   The features of this loan are as follows:

   • Loan size:

     Loan amount ranges from Rs.60,000 to Rs.1 lakh.

   • Loan tenure: Loan tenure offered is up to 24 months.

   • Interest rate: 26% per annum

4. Jana Kisan Loan:

   This loan is offered to marginal and small farmers and to leased land cultivators to have enough capital and enhance farm productivity. The loan covers agricultural and allied activities. It also covers dairy farming, vegetable cultivation, sericulture, poultry and maintaining tractors and other farm machinery.

   The features of this loan are as follows:

   • Loan size:

     First cycle: Up to Rs.50,000

     Second cycle: Up to Rs.1 lakh

   • Loan tenure: Loan tenure offered is up to 24 months.

   • Interest rate: 22% per annum

5. Super Nano Loan:

   This loan aims at supporting the growing credit requirement of micro and small enterprises that belong to the existing Nano loan customers. This loan is also offered to customers in open market who have a good credit rating.

   The features of this loan are as follows:

   • Loan size: Rs.2 lakh to Rs.6 lakh

   • Loan tenure: Loan tenure offered is up to 60 months.

   • Interest rate:

     Minimum - 23% per annum

     Maximum - 24% per annum

6. MSME Loan:

   MSME loan is offered to the micro, small and medium enterprises in who are seeking working capital and term loans.

   The features of this loan are as follows:

   • Loan size: Rs.2 lakh to Rs.5 lakh

   • Loan tenure: Loan tenure offered ranges from 12 months to 48 months.

   • Part payment facility and top-up loan facility is available.

   • Interest rate:

     Minimum - 18% per annum

     Maximum - 26% per annum

7. Long Term Business Loan:

   This loan is to the micro, small and medium enterprise entrepreneurs whose capital is locked in real estate. Loan facility is offered against self-owned and occupied property. EMIs offered are affordable.

   The features of this loan are as follows:

   • Loan size: Rs.5 lakh to Rs.50 lakh

   • Loan tenure: Loan tenure offered is up to 60 months.

   • Interest rate:

     Minimum - 18% per annum

     Maximum - 26% per annum

8. Equipment and Machinery Finance:

   This loan is offered to the micro, small and medium enterprises to purchase a new or used machinery or to upgrade their technology to achieve greater economies.

   The features of this loan are as follows:

   • Loan size: Rs.2 lakh to Rs.5 lakh

   • Loan tenure: Loan tenure offered is up to 60 months.

   • Interest rate:

     Minimum - 18% per annum

     Maximum - 26% per annum

Note: The interest rate on all the products were as on 5^th January, 2016. The interest rates are subject to change at the discretion of Janalakshmi Financial Services Pvt Ltd.