| Product | Features | Benefits | |||||||||||||||||||||
| Income Generation Loans (IGL) - Aarambh | Loans range from Rs. 2,000 to Rs. 12,000 for the first loan; subsequent loan amounts determined by past credit history and increased each in set increments upto a maximum of Rs. 14,000 Term of the loan is 50 weeks with principal and interest payments due on a weekly basis 12.5% flat interest rate / 24.55% annual effective interest rate and processing fee of 1% |
Provides self-employed women financial assistance to support their business enterprises, such as raising livestock, running local retail shops called kirana stores, providing tailoring and other assorted trades and services | |||||||||||||||||||||
| Mid-Term Loan (MTL) - Vriddhi | Loan amounts range from Rs. 2,000 to Rs. 10,000 in each annual cycle; subsequent loan amounts determined by past credit history and increased each in set increments upto a maximum of Rs. 14,000 Available any time after the completion of 20 weeks & before 40 weeks of an IGL cycle Term of the loan is 50 weeks with principal and interest payments due on a weekly basis 12.5% flat interest rate / 24.55% annual effective interest rate and processing fee of 1% |
Provides self-employed women financial assistance to support their business enterprises, such as raising livestock, running local retail shops called kirana stores, providing tailoring and other assorted trades and services | |||||||||||||||||||||
| Mobile Loans | Financing of mobile phones and telephone services Loan amounts range from Rs. 1,800 to Rs. 3,000 26.0% annual effective interest rate and loan processing fee of 1% Term of 25 weeks |
Provides financing for mobile phones and telephone services to our members | |||||||||||||||||||||
| Sangam Store Loans | Working capital loans ranging from Rs. 2,500.00 to Rs. 12,500.00 Interest free Term of the loan is 7 days |
Provides a working capital loan to fund the needs of our members who own and operate kirana stores The program allows these members to purchase their inventory of consumer goods and groceries from a national wholesaler at wholesale prices |
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| Housing Loans | Loans range from Rs. 50,000 to Rs. 150,000 Members must have completed at least 3 IGL cycles to qualify or one ILP to be completed Term of loan is 3 to 5 years with principal and interest payments due on a monthly basis 11.9% flat interest rate, 21% annual effective interest rate In addition, loan processing fee of 2% collected upfront |
Provides financial access to women for construction of new houses or improvement & extension of existing houses | |||||||||||||||||||||
| Funeral Assistance | "A funeral assistance of Rs.1000 is applicable only for members who have paid insurance premium, and is provided to family of the member if information is received within 14 days death. This amount is adjusted in the final payout of the principal amount." | ||||||||||||||||||||||
| Gold Loan | Loans range from Rs. 2,000/- to Rs. 100,000/- Nature of loan can be either Bullet or EMI and tenure can be opted upto 12 months Annual effective interest rate ranges from 12% to 30%, depending on the % of disbursement opted to net weight of gold jewelry. Membership fee of 0.5% on the first loan disbursed to non members SKS MICROFINANCE GOLD LOAN SCHEME CHART
*Interest rate are in proportion to loan to value provided to the customer for the gold pledged |
Provides personal or business loans to our members and non -members secured by gold jewelry to meet their short term liquidity requirements. |
Note 1: "In accordance with the RBI's circular dated May 03, 2011 on 'Bank loans to Micro Finance Institutions (MFIs) - Priority sector status', with effect from June 01, 2011, the Company plans to charge a processing fee of 1% (of the loan amount) on all microloans offered across India. The credit shield Insurance premium will be collected from the borrowers on actual basis without any administrative charges."
Note 2: Per RBI circular DNBS. 204/CGM (ASR)-2009 dated January 2, 2009, SKS’s Board of Directors has discussed and formally adopted an interest model based on cost of funds, operational costs, and risks involved for each product.
