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    Madura Microfinance

    Overview about Madura Microfinance

    Founded in 2006 in Tamil Nadu, the Madura Microfinance group is one of the leading financiers to micro-entrepreneurs in Tamil Nadu. The current numbers indicate that Madura Microfinance has provided microloan funding to the tune of Rs.9 billion, to around 5 lakh people, in 2,000 villages in the state of Tamil Nadu. Madura has an ace up its sleeve in the form of its intelligence bank, which contains ‘dark data’ or hard-to-acquire data and analytical information relating to the financial needs of the rural population, and the profitability in lending to this demographic.

    Madura Microfinance has a range of loan products designed specifically to address the financial needs of people in the rural sector, and women in particular.

    Madura Microfinance SHG – Entry Level Loan

    • Eligibility: Women’s Self-Help Groups (SHGs) with 12 – 20 members can apply for this loan.
    • Loan amount: Rs.12,000 per group member.
    • Tenure: 16 months from the date of disbursal.
    • Interest rate:
      • Will be charged at 24.6% p.a.
      • 0.60% p.a. rebate for prompt payment, which makes the interest rate 24.00% p.a.
    • Processing fee: 1.1236%.
    • Guarantee / Security for the loan is provided by the members standing as co-guarantors for each other.
    • Insurance coverage is provided to every loan taking member. Coverage is up to:
      • Rs.20,000 to Rs.40,000 life insurance cover.
      • Rs.50,000 coverage against accidental death.

    Madura Microfinance SHG – Activity Term Loan

    The Activity Term Loan has 5 cycles, each of which make the borrower eligible for progressively higher loan amounts that can be disbursed.

    • Eligibility:
      • Women’s Self-Help Groups (SHGs) with 12 – 20 members can apply for this loan.
      • Only SHGs that have successfully completed the Entry Level Loan can apply for this loan.
    • Loan amount varies depending on the Activity Term Loan cycle in a range from:
      • ATL – 1: Rs.18,000 per individual.
      • ATL –5: Rs.39,000 per individual.
    • Tenure: 36 months from the date of disbursal.
    • Interest rate:
      • Will be charged at 24.6% p.a.
      • 0.60% p.a. rebate for prompt payment, which makes the interest rate 24.00% p.a.
    • Processing fee: 1.1236%.
    • Guarantee / Security for the loan is provided by the members standing as co-guarantors for each other.
    • Insurance coverage is provided to every loan taking member. Coverage is up to:
      • Rs.20,000 to Rs.40,000 life insurance cover.
      • Rs.50,000 coverage against accidental death.

    Madura Microfinance SHG – Certified Activity Loan

    • Eligibility:
      • Existing SHG members who are currently in the Activity Term Loan (ATL) cycle.
      • Other SHGs that express interest in starting or developing their existing business activities.
      • SHG must have 3 to 5 women members.
      • Women members must be Madura Level 1 Microeducation Certificate holders with a minimum score of 60%.
    • Loan amount: Rs.10,000 per individual.
    • Tenure: 12 months from the date of disbursal.
    • Interest rate will be charged at 24.6% p.a.
    • Processing fee: 1.1236%.

    Madura Microfinance Retail Loan

    • Eligibility: Small retailers in rural areas.
    • Loan amount: Rs.25,000 per individual.
    • Tenure: 6 months.
    • Interest rate will be charged at 25.8% p.a.
    • Processing fee: 1.1236%.
    • The loan is provided to small retailers via their distributors.

    Madura Microfinance Abiviruthi Loan

    • Eligibility: Individual entrepreneurs for business expansion.
    • Loan amount: Rs.1,00,000 per individual.
    • Tenure: 12 months.
    • Interest rate will be charged at 25.8% p.a.
    • Processing fee: 1.1236%.
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