Loan
Group Loans (JLG)
A group loan is designed to extend loan facilities to members, helping them meet their financial / business needs.
At a glance
- Minimum loan amount: ₹20,000 and above
- Age of member: 18 to 60 years
- Loan period: 1 to 2 years
- Monthly / weekly EMI
Details
Terms and structure.
Eligibility
- Minimum loan amount: ₹20,000 and above.
- Age of member: 18 to 60 years.
- Loan period: 1 to 2 years (monthly / weekly EMI).
Prepayment & security
- Pre-closure / prepayment after 6 months permitted with penalty of 2% of the pre-paid principal amount.
- Security: Group (2 to 10 members).
- Customers are willing to guarantee each other the payment of a loan (mutual guarantee).
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