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Microfinance is the extension of small loans for underprivileged, who also get access to saving, credit, insurance and other financial services.
YES Bank :
| Particulars | loan product – 1 | loan product – 2 | loan product – 3 | loan product – 4 | loan product – 5 | loan product – 6 |
|---|---|---|---|---|---|---|
| Loan Amount | 15,000 | 15,000 | 20,000 | 20,000 | 25,000 | 30,000 |
| Loan tenor | 12 Months | 18 Months | 12 Months | 18 Months | 18 Months | 18 Months |
| Interest rate charged | 26% on Reducing Balance | 26% on Reducing Balance | 26% on Reducing Balance | 26% on Reducing Balance | 26% on Reducing Balance | 26% on Reducing Balance |
| Processing fee | 173 | 173 | 230 | 230 | 288 | 345 |
| Insurance charge | 154 | 318 | 205 | 424 | 530 | 636 |
IDBI Bank :
| Particulars | loan product – 1 | loan product – 2 | loan product – 3 |
|---|---|---|---|
| Loan Amount | 15,000 | 20,000 | 25,000 |
| Loan tenor | 18 Months | 18 Months | 18 Months |
| Interest rate charged | 24% on Monthly Reducing Balance | 24% on Monthly Reducing Balance | 24% on Monthly Reducing Balance |
| Processing fee | Not Applicable | Not Applicable | Not Applicable |
| Insurance charge | 318 | 424 | 530 |
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