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Features of Self Help Group

A SHG is a community-based group with 5 to 10 members.It acts as the mutually agreed contribution to the common fund and is used to provide loans to the members.

Tenure is 1 year

Pre-Payment Penalty 2%

ROI 26%

1

Aspects

  • Easy Loan Processing.
  • The motto of every group member should be “saving first – credit later”
  • Loan limit is Rs. 10,000 to Rs. 50,000.
  • Maximum loan tenure is 1year.
  • Pre-Payment Penalty : 2% Penalty charges.
2

ROI & Handling Charges

  • Rate of Interest is 26%.
  • Handling Charges : Half Yearly & Yearly.
3

Eligibility

  • Small businesspersons
  • Age : 18 to 55 years.
  • Each group should have only one member from one single family.
4

Documentation & Security

  • In case of new customer, applicant & guarantors need to open savings / current account
  • Duly filled form with :
    • Income Proof of Applicant & Guarantors
    • Residential Proof of Applicant & Guarantors
    • PAN Card of Applicant & Guarantors
    • KYC of Applicant & Guarantors
  • Two Acceptable Guarantors.
5

Share Holdings

  • Regular Membership fees is Rs. 10 & Share amount @ 10% of loan amount.

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