1. Village Loan

Village loan aims to provide credit to poor women in all areas for income generation activities. The credit facility is channelized through eligible and dedicated to needy women in a simple/flexible manner without insistence on any type of collateral.

Eligible Member/Group & Eligibility Norms

• Minimum 12 months only of saving account in RDMMSL
• Interest on loan amount Rs. 1.25p for 6 months, from 7th month will change to Rs.1/-
• It has to be 3 types..(1, 1.25 and 1.50) should be customize by ADMIN
• For Individual Members, the rate of Interest is Rs.1.50p
• The tenure of loan 10 12, 24 and 36 months now (Flexible Period)
• Every member in the eligible for loan based on their saving history.
• The other members in the group are guarantor the member loan
• If any member fails to pay the loan on loan date the rate of interest will be changed to Rs. 1.50p for all the other members who took the loan in the group.
• In case Group member can exit, should be replace with New member and it should be 5 members
• In case individual member or below 5 members group : loan can eligible 90% of Cumulative Savings

Security : RDMMSL does not take any collateral security for this loan only the other members are guarantors for the member in the group (Should loan disburse only Member Biometric verification only?).

Loan Limit : The RDMMSL can avail a maximum loan up to Rs. 5,000; in future it might be change this limit

2. Society Loan

Society loan aims to provide credit to saving individual and group member in all areas for income generation activities. The credit facility is channelized through eligible and dedicated to needy women in a simple/flexible manner without insistence on any type of collateral.

Eligible Member/Group & Eligibility Norms

• Minimum 12 months of saving account in RDMMSL
• Interest on loan amount Rs. 1.25p for 6 months, from 7th month will change to Rs.1/-
• For Individual members, the rate of interest is Rs.1.50p
• The tenure of loan 2412,24,36 months now (Flexible Period)
• Every member in the eligible for loan based on their saving history
• The other members in the group are guarantor the member loan
• If any member fails to pay the loan on loan date the rate of interest will be changed to Rs. 1.50p for all the other members who took the loan in the group.

Security : RDMMSL does not take any collateral security for this loan only the other members are guarantors for the member in the group

Loan Limit : The RDMMSL can avail a maximum loan up to Rs. 1 2 lakhs, (Only on approval of Head Office)

3. Special Loan

Special loan aims to provide credit to saving individual and group member in all areas for income generation activities. The credit facility is channelized through eligible and dedicated to needy women in a simple/flexible manner without insistence on any type of collateral.

Eligible Member/Group & Eligibility Norms

• Minimum 12 months of saving account in RDMMSL
• Interest on loan amount Rs. 1.25p for 6 months, from 7th month will change to Rs.1/-
• For Individual members, the rate of interest is Rs.1.50p
• The tenure of loan 36, 12,24,36 months now (Flexible Period)
• Every member in the eligible for loan based on their saving history
• The other members in the group are guarantor the member loan
• If any member fails to pay the loan on loan date the rate of interest will be changed to Rs. 1.50p for all the other members who took the loan in the group.
• Exit Policy: In case exit the savings member, the interest can be post on financial year ending. Here the ADMIN can repay with or without Interest on Principle.

Security : RDMMSL will take the Property documents under collateral security for this loan in case of loan given to Individual only otherwise the other members are guarantors for the member in the group (Document should be capture/upload, based on verification the loan has to be approved).

Loan Limit : The RDMMSL can avail a maximum loan up to Rs. 1.5 lakh, (Only on approval of Head Office)

4. Gold Loan

Gold loan aims to provide credit to saving individual and group member in all areas for income generation activities. The credit facility is channelized through eligible and dedicated to needy women in a simple/flexible manner with insistence on gold as collateral.

Eligible Member/Group & Eligibility Norms

• Only for members of RDMMSL
• The rate of interest is Rs.1.50p, can be customizable.
• Under Insurance, 0.3% will be charge on each loan
• Every member in the eligible for loan based on their saving history.

Security : RDMMSL will give loan on gold as per the market standards (Should capture the complete details of Gold ornaments Loan can disburse 60% of the Gold Value, should show the 60% eligible and can’t be excess).

Loan Limit : The RDMMSL can avail on Gold value

5. Other Loans

Other loan aims to provide only to the employees of RDMMSL. Only to issue at head office level.

Loan Types

• Personal Loan
• Vehicle Loan

Eligible Member/Group & Eligibility Norms

• Only for Employees of RDMMSL
• The rate of interest is Rs.1.50p