Description

IGLs are provided to our customers to start a new microenterprise or to expand an existing one. Many members also utilize IGLs to fund their working capital requirements. Each such loan is guaranteed by the Joint Liability Group (JLG) mechanism.

The loan tenor is decided based on the loan amount.

Income Generation Loan (IGL)
Loan Amount (Rs) Min: 5000 Max: 50000
Loan Tenor (Weeks) 52 to 104
Repayment Frequency Weekly, Fortnightly, Monthly
Annual Interest Rate (%) 23.85
Penal Interest Nil
Processing Fee 1% of loan amount
GST on Processing Fee 9% CGST, 9% SGST
Member Insurance 0.5% of loan amount for 52 weeks tenor loans and 0.9% for 104 weeks tenor loans
Guarantor Insurance 0.5% of loan amount for 52 weeks tenor loans and 0.9% for 104 weeks tenor loans
Moratorium Period Moratorium would be equal to the periodicity of the loan (i.e. 7 days for weekly, 1 calendar month for monthly etc.)