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.
INR 10,000- 30,000
12 or 24 months, depending upon the repayment ability and the borrower's choice as per RBI directives
For tenure/duration of 12 months
For tenure/duration of 24 months
Rate of interest
28.5% (reducing) from 20 March 2023 onwards.
2% of the loan amount plus applicable GST
0.6% of the loan amount plus applicable GST
Insurance / loan processing fees
INR 4.50 for per INR 1,000 per year plus applicable GST
NRs 25 inclusive of GST
Penalty for late payment
2% on the overdue amount plus applicable GST