Presently Village Financial Services has two (2) broad microloan products against which loans are disbursed.
The general eligibility criteria for availing the loans as listed below:
- Only women borrowers are eligible
- The borrower must be a member of a Joint Liability Group (JLG)
- The loan is meant to be used for income generating activity only
- Household Annual Income of the borrower should not exceed Rs. 1,00,000/- or Rs. 1,60,000/- in rural area and non-rural area respectively
- Disbursement of the loan amount has a maximum limit Rs. 1,00,000/-
- Loan should not exceed Rs. 25,000/- in the first cycle
- Total indebtedness of the borrower should not exceed Rs. 1,00,000/-
- Other terms and conditions will be applicable as per RBI regulations
|Name of Product||Briddhi Loan||Sri Briddhi Loan|
|Clientele (group, individual)||JLG member||JLG member|
|Purpose||Income generating activities||Income generating activities|
|Age limit||18-55 years||18-55 years|
|Loan Size||Upto Rs. 30,000/-||Upto Rs. 1,00,000/-|
|Loan tenure||12 months||24 months|
The other key features of VFS products are:
- No penalty is charged for delayed payment.
- Borrower and her spouse are covered under insurance.
- Prepayment of the loans are allowed without penalty
- Loans are granted without any collateral
- Loans are repayable by weekly, fortnightly or monthly installments at the choice of the borrower/group.