Lending Rates Charged On Microfinance Loans
24.79
Average Lending Rate of Last Quarter Ending Sep 2023
22.90
(minimum board approved rate is 21.00%)
(minimum board approved rate is 21.00%)
Minimum Lending rate
24.98
(maximum board approved rate is 25.00%)
(maximum board approved rate is 25.00%)
Maximum Lending rate
24.00
(As per Board Approved Policy)
(As per Board Approved Policy)
Base rate
Processing Fees
0.75% - 1.5% on loan amount (Excluding GST)
SCNL has the right to levy penalties on clients for delayed payment of installments. Penalty, if any, for delayed payment can be applied only on the overdue amount and not on the entire loan amount. No claims for refund or waiver of penal charges will be entertained by the company. Penalty, if charged, shall be treated as “Penal Charges” & shall not be levied in the form of penal interest that is added to the rate of interest charged on advances.
Frequency
Weekly/Bi-weekly/Monthly (as per Borrowers’ choice)
Our Products
Our business is based primarily on the Joint Liability Group model, enabling us to provide collateral-free, microcredit facilities to economically active women in rural, semi-urban and urban areas, who otherwise have limited access to mainstream financial service providers.
| Name | Customer Profile | Loan Size | Loan Tenure | Rate of Interest (On Reducing basis) |
|---|---|---|---|---|
| Income Generation Loan- IGL | Uplifting the economically weaker section of the society by providing loans for income generating purposes like Agriculture, Transportation, Trading, and Production related business activities. | INR 10,000 – 80,000 | 12 – 30 months | 21-25 % |
| WATER & SANITATION (WASH) | Enhance quality of life of members with loans for safe water & sanitation facilities | INR 10,000 – 35,000 | 12 – 24 months | 21-25 % |
| MSME Loan | Loan offered to merchants, retailer, wholesaler, manufacturing, service providers, salaried, self-employed professional and Agri business. Loan offered to Self Employed Professional, Self-employed Individual / Non Individual Entities (Business Enterprise) | INR 1 – 15 Lacs | Max 10 Years | 20% – 27% |
| Lending to Corporate Institutions & Micro Finance Companies | Loan offered to Corporate Institutions & Micro Finance Companies | INR 1 – 10 Cr | Max 3 Years | 12% – 22% |
At SCNL, we have made social charter an integral part of our corporate culture, with community enrichment central to our business growth. In our quest to make a difference in the quality of the lives of our clients, we have developed and are offering customised loans to facilitate access to clean energy, better mobility, safe water and sanitation facilities, in addition to the business loans.
| Name | Customer Profile | Loan Size | Loan Tenure | Rate of Interest (On Reducing basis) |
|---|---|---|---|---|
| SOLAR | Strengthen our members with prolonged light facilities in electricity deficient areas for household and business | INR 2,200-INR 4,000 | 6-9 months | 21-25 % |
| CYCLE | Helping the members to enhance the efficiency and reducing the time of travel to earn their livelihood | INR 5,600-INR 7,000 | 6-12 months | 21-25 % |
| HOME APPLIANCES (Induction & Pressure Cooker) | Enhance the quality of life of members & to provide a substitute for cooking purposes and improve life style. |
INR 2,100 – INR 32,000 | 6-24 months | 21-25 % |
| MOBILE | To Upgrade client’s livelihood & to enhance communication bridge | INR 11,499 – INR 21,499 | 12-24 months | 21-25 % |