In the age of rapidly shifting technology and market requirements, we need also to evolve dynamically both in terms of technology and products. Failing to sense the changes in the structure of demand on the ground and responding to such a change leaves our customers underserved. Realising this we looked at the growth cycle of individual members of joint liability groups. This search led us to interesting results.
We realised that our customers use their homes as their basic production centres. For any entrepreneur, keeping their production centres or office space upgraded is a necessary condition for maintaining efficiency and roductivity. Therefore our customers who depend on finance from us as the primary access to fund would also require a source of loans for maintaining their workplace. This requirement cannot be served through Briddhi or Sri Briddhi as the products are for Joint Liability Groups (JLG).There was also another reason for not including in the JLG segment. There was every possibility of a group refusing the onus of a member’s need for housing loan.
Similarly, we found that there are customers whose need for fund has outgrown the limits of Briddhi and Sri Briddhi products. However, given the other constraints, they would still find it difficult to get business loans from the formal banking channels. Given the fact that we are committed to foster growth and prosperity among our customers by encouraging spread of their business we decided to bring out another product specifically crafted to their investment needs. The SME loan thus fashioned straddles a need band of Rs50,000 to Rs3,00,000 repayable in 24 months.
We feel that the way the economy is moving, we need to focus on bringing out more innovative products to address the needs of our customers to help boost their activities.
|Name of Product||Briddhi Loan||Sri Briddhi Loan||SME Loan||Affordable Housing Loan|
|Clientele (group, individual)||JLG member||JLG member||Individual Loan||Individual Loan|
|Purpose||Income generating activities||Income generating activities||MSME/SME||House repairing, construction & purchase|
|Age limit||18-55 years||18-55 years||18-55 years||18-55 years|
|Loan Size||Upto Rs. 30,000/-||Upto Rs. 1,00,000/-||50,000-3,00,000||50,000-10,00,000|
|Loan tenure||12 months||24 months||24 months||1 – 10 years|