Key Features
Term loans through Joint Liability Group (JLG)
Loan size - 35,000 to 1,10,000
Loan tenure- 24 months to 36 months
Easy monthly repayment schedule
Financing without any collateral security
Fixed processing fee of 1%
Interest rate @ 24%*
* Subject to change
Micro Loans - Small Ideas, Big Opportunities
An idea can come from anywhere, through anyone. But true progress means transforming the less privileged in low-income groups and creating an environment for them to flourish. Our focus is thus on those who lack the access to banking and related services, but who have the aspirations and find opportunities through adversities. We identify and service these small dreams and turn them into solid success stories through our deep network of professionals with access to the remotest parts of the country.
Micro Loans is a financial service aimed at providing small loans to low-income individuals and making them self reliant. These individuals can find support from Micro Loans lenders.
L&T Financial Services launched its Micro Loans operations in July 2008. We have since been actively involved in helping the Indian women get a sustainable livelihood through micro unsecured loans. L&T Financial Services now is one of the leading providers of Micro Loans in India.
Eligibility and Documentation:
- Age requirement: 20 years - 60 years
- We lend to women borrowers
| Documents | Micro Loan Borrower |
|---|---|
| Income Proof | We take into consideration income generating capacity to accept application for a micro loan. |
| Other Documents | Aadhar Card, Voter's ID card/Ration Card/MGNREGA Card |
Schedule of Charges
| Charge Type - Micro Loans |
Details |
|---|---|
|
Processing fees |
1% on Loan Amount + applicable taxes |
|
Repayment bounce charges |
Nil |
|
Late payment interest |
Nil |
|
Legal /Recovery charges |
As per actuals |
|
Foreclosure charges |
Nil |
|
SOA/RPS /FC letter & other documents |
Nil |