LOAN PRODUCTS
YVU Financial offers three types of loan products satisfying various needs of the people of Manipur. The three products that are currently being offered are:
Income Generation Loan – Group
Loan size : Rs. 5,000 to Rs. 60,000 (max. Rs. 35,000 for 1st cycle)
Interest rate : 24% p.a. calculated on reducing balance basis
Processing fee : 1% of the loan amount plus GST
Insurance : 0.50% of the sum assured amount plus GST for loan
tenure of 12 months and 1.00% of sum assured + GST
for loan tenure of more than 12 months
Loan tenure : 12 to 24 months (complies with RBI guidelines)
Description:
This loan is given to a group of 7 to 30 women members who carries out small business activities, petty trade, vegetables vendor etc. for financing diverse business needs such as capital equipment
Income Generation Loan – Individual
Loan size : Rs. 5,000 to Rs. 1,00,000 (max. Rs. 60,000 for 1st cycle)
Interest rate : 24% p.a (reducing balance)
Processing fee : 1% of the loan amount plus GST
Insurance : 0.50% of the sum assured amount plus GST for loan
tenure of 12 months and 1.00% of sum assured + GST
for loan tenure of more than 12 months
Loan tenure : 12 to 24 months (complies with RBI guidelines)
Description:
This loan product has been specially designed to cater to the needs of individual micro-entrepreneurs; our existing Borrowers, who have a running business and require funds for working capital or fixed assets. This loan is offered to Borrowers on an individual basis (i.e. is not guaranteed by the group) for the purpose of business improvement only.
Consumption Loan
Loan size : Rs. 5,000 to Rs. 50,000
Interest rate : 24% p.a. (reducing balance)
Processing fee : 1% of the loan amount plus GST
Insurance : 0.50% of the sum assured amount plus GST for loan
tenure of 12 months and 1.00% of sum assured + GST
for loan tenure of more than 12 months
Loan tenure : 12 to 24 months (complies with RBI guidelines)
Description:
This loan is given to individuals for personal and emergency purposes like hospitalization, house repairing, children education etc. Such facilities are given to clients who have good credit history with YVU Financial.
Insurance
In the unfortunate event of natural or accidental death of the customer, the insurance amount helps the nominee/beneficiary to cover the existing loan as well as receive the benefits of a life cover. We have partnered with Life Insurance Corporation of India to offer a Micro Insurance policy. Currently, YVU Financial is offering a single micro insurance, which provides security to our clients and their family, at very affordable cost. It is a Pure Term Plan with no Maturity benefits. On the death of the life assured, the beneficiary will get the Sum Assured.
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