Sahayog Microfinance is a registered non-banking financial company serving the microfinance needs of self-help groups and entrepreneurs in and around Maharashtra, Madhya Pradesh, Gujarat and Chattisgarh. 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 Bhopal, Madhya Pradesh.
Sahayog Microfinance is spread over 75 branch locations across 41 districts conducting microfinancing activities through its many branches in north and central India. With nearly 130000 members, the company’s 500 employees work tirelessly to offer financial services that help out in business and personal needs. As of the end of 2014, the company disbursed around 687 lakhs in loans
Sahayog Microfinance loans are lent to the local population of the regions it caters to, so that they can meet recurring, obligatory, and one-time expenses like:
Sahayog Microfinance provides loans that are not specifically named or titled per se and are categorised as per qualifying and non-qualifying portfolios -
Known as JLG (Joint Liability Groups) Loans or Income Generating Loans, the loans are further divided into two categories as per the loan amounts are considered, but the rate of interest across these loans are basically the same, at 26% per annum on a reducing balance basis. The processing fees are 1% of the loan amount. The loan amount can be anything from INR 8000 to INR 40000 and the tenure could be within 12 months to a maximum of 2 years. A processing fee of 1% of the loan amount is charged on loan amounts. The repayment of the loan can be done on a monthly or fortnightly basis. Loan amounts of up to INR 15000 can be given for a year while any amount above that will have a 2 year repayment period.
These are long term loans meant for business or personal needs and are given to individuals only. These are again divided into two categories based on the loan amounts and are named Micro Enterprise Loans and Dairy Development Loans.
*All amounts, tenures, repayment requirements, interest rates, charges, ceilings, requirements, criteria, exclusions, terms and conditions are as of December, 2015. Sahayog 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.