Microfinance Loan
Microfinance loans are collateral-free loans offered to individuals and households with low annual incomes, enabling them to meet various personal and business needs without providing any security.
Key Features
Individuals with low annual household income up to ₹3,00,000.
Collateral-Free: No deposit, collateral, or primary security required.
Flexible Repayment: Tenure of up to 36 months with a maximum loan amount of ₹2,00,000 per individual.
Quick Processing: Fast approval and disbursal process.
Zero Charges: No processing fees for loan amounts up to ₹50,000 and no prepayment penalty.
Low Interest Rates: Affordable interest rates as per lender policy.
Attractive interest rates.
Special concession in the rate of interest (ROI) for hallmarked jewelry.*
Turnaround time (TAT): 25 minutes.
Eligibility
- Income Limit: Annual household income should not exceed ₹3,00,000.
- Loan Limit Per Household: Only one microfinance loan per household is allowed.
- Monthly Obligations: Combined monthly loan obligations (microfinance and non-microfinance loans) should not exceed 50% of the household's monthly income.
- Co-lending Eligibility: NBFC/NBFC-MFIs can avail of loans under the Co-lending/Pool Buy-out model, provided individual beneficiaries meet the defined eligibility criteria.
Documents Required
- Application Form: Completed and signed.
- Identity Proof: Any one of PAN, Passport, Driver's License, Voter ID.
- Address Proof: Any one of Passport, Driver's License, Aadhar Card, Latest Utility Bills.
- Income Proof:Depending on the applicant:
- For Salaried:Last 6 months' salary slips and 1-year ITR/Form 16.
- For Self-employed: Last 3 years' ITR with CA-certified financial statements.
- For Non-ITR Customers: Relevant documents, local inquiries, SB transactions, CIC reports, etc.
Rate of Interest & Charges:
As per lender policy.
Apply for a Loan in Minutes!
Fast, easy, secure—get started with Bankwise today!