If you want to take a Mahila group loan, then there are several options available to you. These loans are aimed at helping women to build assets and create income sources. They have flexible guarantee parameters and quick disbursement.
Nirmala Kaur, a widow from Sangrur’s village Narinderpura, took microloans to run her cloth shop and buy cattle. But COVID-19 halted business, and she couldn’t repay her loans.
1. Business Loan
To provide working capital term loans to the intermediary organizations for backward and forward marketing linkage of products of Women SHGs/individual/group entrepreneurs and to fulfill the social objectives/responsibilities of the organization. This is an unsecured credit scheme; no collateral security is required. However, the borrowing organization should have a good track record of thrift and credit and should be capable of managing its financial health/management. It should have well-defined systems, processes, and procedures like internal audit, risk management, and timely MIS reporting to be eligible under this scheme.
RMK will decide the loan amount on a case-to-case basis and depending upon the need/project and the financial health/management of the borrowing organization. The maximum amount of loan to be provided under this scheme will be up to Rs. 2 crore per State. An organization can avail of the loan for a maximum of 3 States. It is also possible to avail of the second tranche of the loan after the completion of the first disbursement.
2. Personal Loan
With its illustrious past and current-day significance, Delhi is a hub of solid infrastructure, architectural wonders, and thriving markets. The city is home to professionals with a wide range of financial needs. This explains why there is a high demand for personal loans in the national capital. To cater to this need, Hero FinCorp offers a wide range of unique loan products at competitive interest rates.
The company’s streamlined eligibility and documentation processes allow it to offer hassle-free loans in a short time. This helps individuals avoid the stress of lengthy documentation and focus on utilizing the funds for their requirements. In addition, the firm offers flexible loan terms and budget-friendly EMIs that help them manage their debt without overburdening themselves.
Whether it is planning a fairy tale wedding, financing the dream vacation, or undertaking urgent repairs, Hero FinCorp’s Personal Loan can meet your diverse needs at affordable interest rates. Moreover, the company also offers home renovation loans to assist homeowners in their projects. Interested applicants can utilize this funding to renovate their bathroom, expand their balcony, or remodel the kitchen and other areas of their house.
3. Agri Group Loan
Agri Group Loan is a product that meets the financial requirements of farmers involved in the dairy business, horticulture, and other allied agriculture activities. The loan offers competitive interest rates and is available to existing Jana Small Finance Bank customers with a minimum of 6 months of vintage, an agricultural setup, and a minimum of 3 group members involved in agriculture.
Rabo Foundation, the corporate foundation of Dutch lender Rabobank, has partnered with three Indian lenders to offer loans to farmer-producer organizations. The funds will be complemented by technical assistance to focus on areas of business management and stronger linkages to markets.
To provide working capital term loans to women entrepreneurs / SHGs for backward and forward marketing linkage of their products, to establish a chilling plant, godown, local heat, etc. The organization must have availed loans from RMK in the past and repaid them as per schedule. The scheme is open to organizations having at least 1/3rd of women members.
4. Home Loan
Home loan is a great way for women to fulfill their dreams of owning a house. The government and leading banks are offering special schemes for women home loan borrowers to make the process of buying a house easier. These schemes include lower interest rates and concessions on property registration charges. These are designed to help women who would otherwise not be able to afford the high cost of purchasing a home.
To avail of this scheme, an NGO/IMO must have satisfied a bulk loan under any of the previous schemes of RMK. They must have promptly repaid 80% of the last loan without any default or delay. This will allow them to obtain a new bulk loan from RMK with the same terms and conditions as before. Moreover, the NGO/IMO must be in existence for the last two years to qualify. The maximum loan amount that can be obtained under this scheme is Rs 5 crore.
