Group Loan

Group Loan

Everyone dreams to be well established and financially independent in their life. But unfortunately many of us end up in compromising. We even fail to execute a simple idea of 'opening a shop' or getting involved in several other small activities. When it comes to women one of the biggest hurdles faced is raising funds for such ideas.

Most of the banks & firms refuse loans to the women owing to their low income. Understanding the situation and need of the women, AFPL offers solidarity Group loan to empower such women.  All such women can now form a group and avail the financial aid without worrying about their income. Our group loan is am opportunity for those women who want to fulfil their dream to become financially independent.

Features

  1. No security, no collateral.
  2. Option for co- applicant available.
  3. Maximum 3 unsecured loans running including the proposed one (loans with 6 months residual tenure may be excluded).
  4. Documents required are the same as for Personal loans –Salaried class.
  5. All other features of Personal Loan remain the same.

Eligibility Criteria

  1. Applicants must meet the following requirements to be eligible for the loan:
  2. Should fulfil KYC documents requirements
  3. Age should be between 21 to 65 years.
  4. Should not have an adverse credit record.
  5. Should meet the acceptable credit norms according to Adiloans.
  6. Should be part of a group of customers who are willing to guarantee each other for the repayment of loan.

Documents:

  1. Passport size photograph
  2. ID Proof such as Driving License / PAN Card / Form 60/61 / Passport Copy / Voter ID card / Aadhaar Card / Ration Card. Any one document needs to be submitted
  3. Address Proof such as Driving License / Voter ID Card / Ration Card / Aadhaar Card/ Utility bill (not more than 60 days old)

Eligibility

  • You should be in operational business for a minimum of 2 years.
  • You should have a self owned house or business premise.
  • Your annual income should be minimum Rs 3 lacs in last 2 financial years.
  • You should have a good CIBIL score & credit history.

Features

  • Loan is provided as Overdraft Facility,which reduce your interest cost.
  • Loan tenure of 6 months to 24 Months.
  • Loan amount from 50,000 to 5 lac
  • Fast disbursement : within 24 hours after completion of documents

Documents

  • KYC documents of the applicant and the organisation
  • ITR – Financial documents for the last 2 years
  • Bank statements for the last 12 months
  • Existing Loan or overdraft sanction letters ( if any)

Testimonials

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