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- 30,000

Tenure/duration

12 or 24 months, depending upon the repayment ability and the borrower's choice as per RBI directives

Instalments frequency

Weekly

Fortnightly

Monthly

For tenure/duration of 12 months

46 instalments

22 instalments

11 instalments

For tenure/duration of 24 months

106 instalments

53 instalments

26 instalments

Rate of interest

24.50% (reducing) as of 1st April 2022 (The interest range is 23% to 27%)

Processing fee

2% of the loan amount plus applicable GST

Admin fee

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

Admission fee

NRs 25 inclusive of GST

Security deposit

NIL

Penalty for late payment

2% on the overdue amount plus applicable GST