Muthoottu Mini, Second Agraharam, salem Gold Loan and Micro Finance Branch in Second Agraharam, salem, tamil nadu
INR https://branches.muthoottumini.com/muthoottu-mini/branch-in-salem/branch-in-second-agraharam/muthoottu-mini-in-second-agraharam-salem--399564a3-1e25-4f51-9566-3fdfc5ec242d/products/micro-finance--79c029fb-092b-4ec8-8f14-84d7a770d8e0 Muthoottu Mini No 89/43, First Floor, Rasi Plaza, Opposite Pattakovil Bus Stop, Second Agraharam, salem, tamil nadu - 636001
Muthoottu Mini Micro Finance
The Microfinance division was launched by Muthoottu Mini in 2016 with the aim of empowering women by providing financial independence. Using the Joint Liability Group (JLG) model, where members guarantee one another’s loans, we offer loans to support women’s entrepreneurial activity. In microfinance, individuals and small businesses that lack access to conventional banking and other services are targeted. Microfinance services are designed to reach excluded customers, usually lower segments of the population, possibly socially marginalized, or geographically more isolated, so that they can become self-sufficient. Microfinance aims to help individuals, low income households, small businesses and start-ups prosper as well as rebuild during times of crisis. People from economically backward communities can benefit from microfinance since it is easy to use and can make a positive difference in their lives. There are currently 86 branches all over Kerala with Assets Under Management (AUM) over 150 crores with 40,000 live clients. So far more than 1,00,000 loans were distributed to the women entrepreneurs since inception.
The product details are as given below
1. Microfinance loans are collateral free loans given to female clients having annual household income up to ₹3,00,000 on the basis of joint liability. Loans are repayable in equated instalments over a period of time .
2. Loans are given to groups of ladies for declared legal end use, like business expansion, working capital needs, purchasing raw material, purchasing animals etc.
3. The loan amounts are ranging from Rs.10,000 to Rs.1,20,000/- based on eligibility and repayment capacity.
4. Higher loan amounts for subsequent cycles are given based on repayment behaviour.
5. The loan tenure can be from 1 year to 3 years based on the loan amounts.
6. The clients will have weekly/fortnightly /monthly meetings in a designated place called centre where they pay back the loans to the field staff of the company.
7. All process and procedures are formulated based on RBI’s guidelines issued from time to time.