Multiple banks. Different interest rates. Call it a "conflict of interest".
Multiple banks. Different interest rates. Call it a "conflict of interest".
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  • Personal Loan BYTES FROM OUR KITCHEN

    SKS Microfinance (Bharat Financial Inclusion)

    Apply for Personal Loan

    Overview about SKS Microfinance

    SKS started off in 1997 as an NGO dedicated to the economic and social empowerment of the rural population. In the year 2000, it won the CGAP Pro-Poor Innovation Award for its work pioneering a pilot SmartCard project, and subsequent awards, accolades, and grants until in 2004, ICICI bank forwarded a partnership loan of Rs.20 crore to SKS, setting it on the path to even greater achievements.

    SKS Microfinance has loan products on offer today that are specifically aimed at providing the economically weaker sections of society a way to build a sustainable livelihood.

    SKS Microfinance Income Generation Loan (IGL) Aarambh

    • Minimum loan amount for the first loan: Rs.9,100.
    • Maximum loan amount for the first loan: Rs.20,010.
    • Subsequent loan will be disbursed for higher amounts.
    • Maximum loan amounts depend on the borrower’s credit history and past performance with repayment.
    • Loan amounts are increased in set increments for eligible borrowers.
    • Maximum loan amount under this scheme: Rs.29,565.
    • Term: 50 weeks.
    • Repayment frequency: Weekly.
    • Interest rate:19.75%.
    • Processing fee: 1%.
    • The loan can be taken for the purpose of:
        • Starting and running kirana stores.
        • Raising livestock.
        • Providing tailoring and related services.
        • Providing other services that can generate a sustainable income and require running capital / investment for asset acquisition.

    SKS Microfinance Mid-Term Loan (MTL) Vriddhi

    • Minimum loan amount for the first loan: Rs.9,100.
    • Maximum loan amount for the first loan: Rs.15,010.
    • Subsequent loan will be disbursed for higher amounts.
    • Maximum loan amounts depend on the borrower’s credit history and past performance with repayment.
    • Loan amounts are increased in set increments for eligible borrowers.
    • Maximum loan amount under this scheme: Rs.15,010.
    • Term: 50 weeks.
    • Repayment frequency: Weekly.
    • Interest rate: 19.75%.
    • Processing fee: 1%.
    • The loan can be taken for the purpose of:
      • Starting and running kirana stores.
      • Raising livestock.
      • Providing tailoring and related services.
      • Providing other services that can generate a sustainable income and require running capital / investment for asset acquisition.
    • The loan is available between the 19th and 46th weeks of the Income Generation Loan Cycle, and between the 19th and 96th weeks of the Long Term Loan Cycle.

    SKS Microfinance Long Term Loan (LTL)

    • Minimum loan amount for the first loan: Rs.30,915.
    • Maximum loan amount for the first loan: Rs.38,635.
    • Subsequent loan will be disbursed for higher amounts.
    • Maximum loan amounts depend on the borrower’s credit history and past performance with repayment.
    • Loan amounts are increased in set increments for eligible borrowers.
    • Maximum loan amount under this scheme: Rs.49,785.
    • Term: 2 years 104 weeks.
    • Applicants must have already successfully completed two Income Generation Loan (IGL) cycles.
    • Repayment frequency: Weekly.
    • Interest rate: 19.75%.
    • Processing fee: 1%.
    • The loan can be taken for the purpose of:
      • Starting and running kirana stores.
      • Raising livestock.
      • Providing tailoring and related services.
      • Providing other services that can generate a sustainable income and require running capital / investment for asset acquisition.
      • Increasing working capital for members’ businesses.
    1. Biomass cook-stove loan:
      • Minimum loan amount: Rs.1,799.
      • Maximum loan amount: Rs.5,290.
      • Tenure: 25 weeks.
      • Interest rate:
        • Minimum: 19.60% p.a.
        • Maximum: 19.70% p.a.
      • The loan can be taken for the purpose of purchasing a biomass cook-stove to improve their income generation capabilities and / or enhance productivity.
    2. Solar Light loan:
      • Minimum loan amount: Rs.1,799.
      • Maximum loan amount: Rs.5,290.
      • Tenure: 25 weeks.
      • Interest rate:
        • Minimum: 19.60% p.a.
        • Maximum: 19.70% p.a.
      • The loan can be taken for the purpose of purchasing a solar light to improve their income generation capabilities and / or enhance productivity.
    3. Water Purifier loan:
      • Minimum loan amount: Rs.1,799.
      • Maximum loan amount: Rs.5,290.
      • Tenure: 25 weeks.
      • Interest rate:
        • Minimum: 19.60% p.a.
        • Maximum: 19.70% p.a.
      • The loan can be taken for the purpose of purchasing a water purifier to improve their income generation capabilities and / or enhance productivity.
    4. Mobile Phone loan:
      • Minimum loan amount: Rs.1,799.
      • Maximum loan amount: Rs.5,290.
      • Tenure: 25 weeks.
      • Interest rate:
        • Minimum: 19.60% p.a.
        • Maximum: 19.70% p.a.
      • The loan can be taken for the purpose of purchasing a mobile phone to improve their income generation capabilities and / or enhance productivity.
    5. Bicycle loan:
      • Minimum loan amount: Rs.1,799.
      • Maximum loan amount: Rs.5,290.
      • Tenure: 25 weeks.
      • Interest rate:
        • Minimum: 19.60% p.a.
        • Maximum: 19.70% p.a.
      • The loan can be taken for the purpose of purchasing a bicycle to improve their income generation capabilities and / or enhance productivity.
    6. Sewing Machine loan:
      • Minimum loan amount: Rs.1,799.
      • Maximum loan amount: Rs.5,290.
      • Tenure: 25 weeks.
      • Interest rate:
        • Minimum: 19.60% p.a.
        • Maximum: 19.70% p.a.
      • The loan can be taken for the purpose of purchasing a sewing machine to improve their income generation capabilities and / or enhance productivity.
    7. Swarna – Pushpam Gold Loan:
      • Minimum loan amount: Rs.2,000.
      • Maximum loan amount: Rs.2,00,000.
      • Loan processing fee: 0.5% of the disbursed value.
      • There are no fees or charges for late payments.
      • There are no fees or charges for pre or part closures.
      • There are 2 Swarna – Pushpam plans – SP3 and SP4:
        • SP3 scheme has a maximum exposure of 68% of the loan to the gold value for that day.
        • SP4 scheme has a maximum exposure of 75% of the loan to the gold value for that day.
      • Tenure:
        • SP3: 365 days.
        • SP4: 270 days.
      • Interest rate:
        SP3
        Tenure 0 – 30 days 31 – 90 days 91 – 180 days 181 – 360 days
        Interest rate 15% 20% 22% 24%
        SP4
        Tenure 0 – 30 days 31 – 90 days 91 – 180 days 181 – 360 days
        Interest rate 19.20% 21% 24% 26%
      • The company will charge additional interest in the form of overdue interest if the loan has not been repaid on the same terms as it was taken on, within the applicable tenure.
      • Repayment method: Bullet repayments are allowed, with the flexibility to repay and amount at any time till the total outstanding has been paid off, within the tenure.
      • Documents required:
        • Identity Proof: A proof of identity issued by a competent and legitimate government authority.
        • Address Proof: A proof of address issued by a competent and legitimate government authority, or any proof of address that contains the borrower’s name.
        • Age Proof: A document that testifies to the applicant’s age.
        • Other documents as may be required on an individual basis from the bank after assessment of candidate.
      • The purpose of this loan is to help borrowers meet liquidity needs with a loan against the security of the borrower’s gold.
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