The family loan is for spouses and/or children of borrowers who are engaged in small and medium scale businesses and other income generating activities but face liquidity problems, financial insolvency, and do not meet the requirements of obtaining loans from banks. This loan initiates the second circle of the borrower’s loan.
Loan amount | INR 10,000- 20,000 | ||
Instalments frequency | Weekly | Fortnightly | Monthly |
Number of instalments | 46 Weeks | 22 Fortnights | 11 Months |
Rate of interest | 21.89% (reducing), effective 1 January 2021 | ||
Processing fee | 1% of the loan amount plus applicable GST | ||
Insurance / loan processing fees | INR 4.50 for per INR 1,000 per year plus applicable GST | ||
Admission fee | NIL | ||
Security deposit | NIL | ||
Penalty for repayment/ late payment | NIL | ||