Financing growth & transforming rural India.
Bank of Baroda, for rural India, with rural India.
Financing of Joint Liability Groups
-
Benefits
-
Features
-
Eligibility Criteria
-
Document Required
-
Fees & Charges
-
Most Important Terms & Conditions (MITC)
Financing of Joint Liability Groups : Benefits
- No collateral and margin is required for loans up to Rs 10.00 Lakhs
- Nil Pre-payment Charges
Financing of Joint Liability Groups : Features
Provides interest free loans to JLGs for their financial needs.
Financing of Joint Liability Groups : Eligibility Criteria
- iMembers should belong to similar socio-economic status, background and environment carrying out farming and Allied activities and who agree to function as a joint liability group. The groups should be homogeneous and organized by likeminded farmers/Individuals and develop mutual trust and respect.
- The members should be residing in the same village/ area/ neighbourhood and should know and trust each other well enough to take up joint liability for group/individual Loans.
- Members who have defaulted to any other formal financial Institution, in the past, are debarred from the Group Membership.
- More than one person from the same family should not be included in the same JLG.
Financing of Joint Liability Groups : Document Required
- KYC Documents (AADHAR, Voter ID, PAN Card, Driving License etc.)
- Passport Size photo
- Letter of Sponsorship from the Sponsoring agency.
- JLG Membership Form
Financing of Joint Liability Groups : Fees & Charges
No loan Processing fee/ Documentation Charges/inspection charges will be levied if the per member exposure is up to Rs. 25,000/-.
Financing of Joint Liability Groups : Most Important Terms & Conditions (MITC)
| Type of facility | Cash Credit/Term Loan |
| Quantum of Loan | Maximum Rs 10.00 Lakhs |
| Rate of Interest |
|
| Pre- payment and foreclosure | No prepayment penalty and foreclosure charges applicable |
| Security | No collateral and margin will be charged up to Rs 10.00 Lakhs |
| Repayment | Monthly |
