Product Criteria we engage with
Our microcredit to revenue-producing endeavors which ranges from INR 15,000 to INR 25,000 initially, depending on the underserved individuals' and communities' needs and creditworthiness. FMF serves the Basic Product to the new potential customers and progresses to higher levels after successfully completing their first Cycle.
- Eligibility:A group will be formed with members having a common interest and neighbors to each other in a group. The group should have a minimum of 5 members and a maximum of 10 members. The group meetings are regular and all books of accounts are maintained and updated regularly.
- Quantum:The quantum is need-based and is linked to the repaying capacity, based on the household cash flow. The first cycle limit is Rs.15000/- and increases by Rs.10000/- in consecutive cycles, subject to the repayment and cash flow.
- Tenure:The Repayable installment is on a Monthly Basis. Depending on the repayment capacity, the maximum tenure will be 6 months.
- Interest rate:The Basic Product of FMF's interest rate is 22% per annum of the quantum. Interest is on reducing balance and not in compounded effect.
Product Guidelines
FMF is complying with all the guidelines as prescribed by RBI. It is sanctioned for supporting and enabling the members to undertake income-generation activities.
- Prepayment is allowed without penalty.
- Admission fees will not be taken.
- Collateral-free micro-credit.
- Security deposit is not taken at the time of disbursement.
- The repayment is in monthly installments.
Product of FMF
The products of Finclub Microcare Foundation are tailored to the development of our target clientele's household cashflows, the nature and extent of their investments in worthwhile assets, and their instantaneous emergency fund demands.
- Business Development
Financial access to customers to support their businesses (for example fruit/vegetable vendor, flower seller, petty shop owner, tailor, etc.)
- Agriculture Development
Specially designed for small farmers. All types of Agriculture, Animal husbandry, Fisheries, Poultry, Dairy, etc., can be funded under this product.
- Family Development
Includes home improvement, social and religious obligations, consumer durables, health care, etc..
- Higher Education
Loans can be taken for students studying in any class in any school/college. The loan can be taken for the education of the customers’ children, and grandchildren.
- Emergency Fund
Unforeseen medical emergency requirements of customers for self and/or family members.