
Saviya – Microfinance
A broad range of financial services such as deposits, loans, payment services, money transfer and insurance designed for low income households and their micro enterprises.
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- Maximum Repayment Period up to 3 Years
- Applicant must be a permanent resident of the area
- Age between 18 to 55 years and economically active. If above 55 years, applicant can apply for the credit facility jointly with an immediate family member
- Should have an existing micro / small business or the capacity to develop a new one with potential customers. Applicant needs to present a small business plan included in the application which contains a marketing plan for the products / services
- An equity contribution of the estimated cost of the activity towards starting a new project or expansion/diversification of the existing project/business as follows;
- New projects – 25% (minimum)
- Expansion / diversification – 15% (minimum)
- Be able to satisfy the bank that the proposed activity has a sound cash flow and a good repayment capacity beyond doubts
- Applicant should undertake to save a minimum of Rs.500/- as a monthly saving and same to be held under lien as an additional security
- Grama Sevaka certificate
- Customer loan application
- Copy of NIC/DL/PP
- Business plan & sales and purchases for 6 months for existing business activities
- Accounts for performance for past 6 months (if any)