Who can avail of Reliance Micro Loans?
For on-ward lending, the following can apply:
- NBFC and NBFC-MFI
- Sec 25 Co.
- Societies and Trusts involved in micro-finance activities
Direct Lending under Service Provider Model to:
- Women borrowers under JLG
What are the minimum and maximum loan amounts?
- For On-ward lending: Rs 50 Lakh to Rs 50 Cr.
- For Women Borrower (JLG Group): Rs 15K to 35K
- For Micro-entrepreneur: Rs 1 Lakh to Rs 10 Lakh.
What are the tenure options?
The loan can be repaid over a period of 12-48 months
Do I have to provide any security,collateral or guarantors?
Yes, security or collateral is required. For MF institutions up to 10% FD and 100% of Book Debts Hypothecation. For micro-entrepreneurs mortgage of property. For women borrower no collateral.
How do I repay the loan?
For MF institutions Equate Monthly Installment. For women borrower and micro-entrepreneurs repayment can be weekly, bi-weekly and monthly.
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