 |
| Education Loan: |
| The Particular Rising Costs of Higher Education Coupled with the Stress of Paying Student Education Loans are putting increasing Force on Students. Education Loan is Rs. 10,000 and is paid back in equal weekly and fortnightly installment. |
| Self-Business Loan: |
| The small scale sector is assuming greater importance every month. 1 to 5 of people start their own businesses every month, and untold more dream about the possibility of becoming their own Support.laghu Udhog Loan is Rs. 20,000-30,000 and is paid back in equal weekly installment. |
| Self-Employed Loan: |
| Self Employed Loans are Loans which are offered to those who find themselves employed themselves. Earlier it was difficult for these people to get loans regarding various reasons. Self-Employed Loan is Rs. 15,000-20,000 and is paid back in equal weekly installment. |
|
| Laghu Udhyog Loan: |
| The small scale sector is assuming greater importance every day. 1 to 5 of people start their own Udhog every month, and untold more dream about the possibility of becoming their own Support.laghu Udhog Loan is Rs. 15,000-25,000 and is paid back in equal weekly installment. |
| Daily Loan: |
| This is more beneficial for its customers. By daily loan scheme you can gat a safe loan which is easier to pay in day by day. Avail daily loan scheme a
\short term loans for business funding with benefits like daily collection facility. |
| Emergency Loan: |
| A special product is also offered by GK to take care of client emergency requirement of loan to smoothen their house hold cash flow. By providing clients with emergency loans, the impact of borrowing on their main assets would be lower. Clients can avail the loan during emergencies such as death/sudden illness or any such emergency. It must be repaid within twenty five weeks with same interest rate. The maximum cap for this loan is INR 10,000/- and tenure of the loan is 12 fortnightly / 6 monthly installments. |
| Eligibility Criteria |
| Terms and conditions of the Loans |
| The major terms and conditions of the loan products offered by GK are given below: |
| 1. KYC Documentation: As per the KYC policy of the company, all members have to provide copies of Ration Card and Photo identity card for availing the loan products of the Company. |
| 2. Joint Liability: The members of each group cross guarantee the loans borrowed by the other members in the same group. |
| 3. Borrowings from other MFIs: High Mark provide MFI-specific credit bureaus. The credit report taken from such information bureau along with Sales Officer’s declaration will be the basis for determining an applicant’s exposure to other MFIs. The applicant should not have any live loans at more than 1 other MFI. |
| 4. Loan Disbursement: All loans are disbursed at the GK Branch Offices. After identifying the borrowers with their photograph identity cards in the presence of their centre Leader, the loans are disbursed by cash. |
| 5. Borrowers shall come in person: At the time of loan disbursement, all members who have applied for loan shall compulsorily be present at the GK Branch Office, for receiving the loan amount. |
| 6. Passbooks: A passbook will be issued to each of the members detailing the amount of loan, date of installment, principal and interest amount payable till the completion of loan account, rate of interest and insurance charges. |
| 7. Duration of loan: The duration of loan will be as per the loan product availed by the customer. |
| 8. Income Generation program purposes only: GK sanctions micro finance loans only for supporting and enabling the members for undertaking income generation activities. |
| 9. Repayment at Centre Meetings: All the members shall repay the loan only at respective centre meeting. Receipt will be issued by the Relationship Officer to the members. |
| 10. Utilization of loan Funds: The assets purchased/ created if any, would be verified by the field risk officer on a random basis. |
| Collateral |
| This model is based on the joint group liability. The collateral is social i.e. the members of the group together assure the repayment of the loans. |
| Documentation |
| • ID/Address proof: Voter ID card/driving license /Bank passbook copy /ration card /adhar card/elec. bill etc. |
| • Photo of self and husband / nominee |
| • Membership application form |
| • Loan application & sanction form |
| • Demand promissory note |
| • Loan passbook |
