Main Loan

The main loan is year loan with monthly repayments. Clients make monthly payments mostly during center meetings. A center is a meeting place, where group members perform their financial transactions such as repayment, withdrawals, deposit etc. Generally a group is composed of five members. The interest rate is 15% on declining basis if the clients pay the installment in center meeting. Before women can become members of SMFBS, and hence eligible for loans, they must complete the compulsory group training (minimum 3 days) and pass the group recognition test.

Year Max Loan Size Rs. Loan Term Annual Interest Rate on declining balance Repayment Frequency
1 Upto 100,000 Maximum 4 year 15.00% per annum Monthly/Quaterly
2 Upto 300,000 Maximum 5 year 15.00% per annum Monthly/Quaterly
3 Upto 7,00,000 Maximum 7 years 15.00% per annum Monthly/Quaterly

Agriculture Loan

This loan is used for seasonal opportunities like purchasing and selling of agricultural products and animals in festival seasons and is accessible to clients who have successfully completed one cycle of the main loan with good repayment performance.

S.No. Product Name Maximum Loan Size Rs. Loan Term Annual Interest Rate on Declining Balance Repayment Frequency
1. Seasonal Loan Upto 30,000 1 Year 15.00% per annum        Monthly
2. Tube-Well/Irrigation Loan Upto 1,00,000 2 Years 15.00% per annum        Monthly

Housing Loan

SMFBS uses a very specific targeting strategy to ensure that all first-time clients are very poor. As one of the targeting criteria is the absence of cement walls or ceiling in the client’s house, there is a strong demand for various types of housing loans. To access the housing loans the clients must have maintained strong credit discipline in the previous years, have improved economic condition from previous loans. SMFBS charges a interest rate of 15 percent on a declining balance with monthly repayments.

The loan size, loan term and other conditions for housing loans are as follows:

Loan Type Maximum Loan Size Rs. Loan Term Annual Interest Rate Repayment Frequency
House construction Upto 4,00,000 5 Years 15.00% per annum Monthly
House repair Upto 80,000 2 Years 15.00% per annum Monthly
Homestead purchase UPto 3,00,000 3 Years 15.00% per annum Monthly
Toilet/Laterine Upto 50,000 2 Years 15.00% per annum Monthly

Microenterprise Loan

This loan targets graduates of collateral free loans and others people of the society. The clients eligible for this loan must have taken Main Loan, maintained strong credit discipline, have improved economic condition from previous loans, submit collateral, and demonstrate an ability to operate a micro-enterprise and Individual Loan need collateral. The loan size, term and other conditions for this loan are as follows: The loan size, term and other conditions for this loan are as follows:

S.No. Loan Product Maximum Loan Size Rs. Loan Term Annual Interest rate Repayment Frequency
01 Individual Loan Upto 7,00,000 Upto 10 years 15.00% per annum Monthly / Quarterly
02. Micro Enterprise Loan UPto 7,00,000 Upto 10 years 15.00% per annum Monthly / Quarterly

Energy Loan

This loan is used for manufacturing bio gas, Solar plant As well as Inverter purees. Organization offers this loan to those clients who have livestock and have utilized Main loan with good repayment performance. The loan can be given with collateral and without collateral.

S.No. Loan Propose Maximum Loan Size Rs. Loan Term Annual Interest Rate Declining Repayment Frequency
01. Gobar Gas Upto 35,000 Upto 2 Years 15% per annum Monthly
02. Solar Upto 35,000 Upto 2 Years 15% per annum Monthly
03. Improving Cooking Stove Upto 35,000 Upto 2 Years 15% per annum Monthly
04. Panighatta Upto 35,000 Upto 2 Years 15% per annum Monthly
05. Solar Lamp/Generator / Motor Upto 35,000 Upto 2 Years 15% per annum Monthly
06. Energy Loan (Collateral Base) Upto 60,000 2-5 Years 15% per annum Monthly

Foreign Employment Loan

This loan is used for the family member of the client to go abroad for foreign employment. Organization offers this loan to those clients who have utilized General loan with good repayment performance.

Maximum Loan Size Rs. Loan Term Annual Interest Rate Declining      Repayment Frequency
1,00,000 Upto 1.5 years      15% per annum     Monthly/Quarterly

Education Loan

This loan is used for the children of the client to study and get degree of technical and vocational education. Organization offers this loan to those clients who have utilized Main loan with good repayment performance. This is collateral based loan.

Maximum Loan Size Rs. Loan Term Annual Interest Rate Declining       Repayment Frequency
1,00,000 Upto 3 Years      15% per annum            Monthly

Emergency Loan

This loan is used to cope the emergency situation happens to the client due to natural calamities. Organization offers this loan to those clients who have affected by natural disasters.

Maximum Loan Size Rs. Loan Term Annual Interest Rate Declining Repayment Frequency
40,000 Upto 2 years 13% per annum Monthly/Quarterly

Business revive Loan

This loan is used to cope the business purpose. Organization offers this loan to those clients who are willing to do their own business.

Year Max Loan Size Rs. Loan Term Annual Interest Rate on declining balance Repayment Frequency
1 Upto 100,000 Maximum 4 year 15.00% per annum Monthly/Quaterly
2 Upto 300,000 Maximum 5 year 15.00% per annum Monthly/Quaterly
3 Upto 7,00,000 Maximum 7 years 15.00% per annum Monthly/Quaterly