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

22.33% reducing, effective 01 October 2020

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