Multiple banks. Different interest rates. Call it a "conflict of interest".
Mahasemam Trust Microfinance is a registered non-banking financial company established in 1999, serving the microfinance needs of self-help groups and entrepreneurs in Tamilnadu. Loans offered by the company serve to help out the local population in terms of livelihood, healthcare and sundry expenses. The headquarters of the company are in Madurai, Tamilnadu.
Starting off in Dindigul and now having a base in the temple-adored city of Madurai, Mahasemam Trust Microfinance is spread over 5 districts and conducts its microfinancing activities through its 41 branches over Tamilnadu. With nearly 142000 members, the company offers non-financial services as well as microfinancing.
Mahasemam microloans are lent to the local population of the regions it caters to, so that they can meet recurring, obligatory, and one-time expenses like:
Mahasemam Trust provides loans that are not specifically named or titled per se but cater to a particular need or group of needs and they are the following -
A loan amount ranging from INR 7000 to INR 15000 can be provided to the borrower based on the need and credit rating for a period of a maximum of 50 weeks at a diminishing interest rate of 26% per annum. These loans can help in setting up home-based businesses or sundry enterprises. Additional security might be required by the trust.
This short term loan can be availed at zero percent interest for a period of 20 weeks. Aimed to provide a helping hand in a small business, this working capital fund can be of a maximum of INR 3000. The only payment required on behalf of the borrower will be the processing fee.
Ranging over a period of 150 weeks, this loan facilitates the purchase and maintenance of livestock like cows, buffaloes and other farm animals. This comes as a much needed help for those aiming to conduct business based on animal produce. With a low diminishing interest rate of 17.5% per annum, the loan amount can go up to INR 25000.
There are two sub-schemes under this category and both are aimed at providing loans for getting facilities set up towards a humanitarian cause.
With a loan tenure as long as 2 years, this loan can help out in urgent house repairs or modifications. The loan amount can be a maximum of INR 12500. While loans up to INR 7500 are interest free, any amount over and above the amount will be charged a diminishing interest rate of 26% per annum.
*All amounts, tenures, repayment requirements, interest rates, charges, ceilings, requirements, criteria, exclusions, terms and conditions are as of December, 2015. Mahasemam Trust Microfinance reserves the right to modify, replace, or add to or subtract from any of the above, in any way, at any time, and at its own discretion.
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