Loans for petty traders against group guarantee system.
i. Details of the persons formed into the group along with their Bio-data and particulars of their daily business and income they are earning in the past.
ii. Identity cards of the group members.
iii. Latest passport size photos 5.
iv. Estimated turnover from the members of the group per month.
vi. The group has to select their leader who in-turn should give guarantee for the members in the group to the Bank for the liability of the members in the group.
vii. Under this scheme each member is jointly and severally liable for the loans outstanding against the defaulted members in case of their default to the Bank.
Rate of Interest is 13.5% p.a.
Period of Repayment is 1 year