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JOINT LIABILITY GROUP LOAN

Joint Liability Group is a homogeneous group of micro entrepreneurs with affinity among themselves, voluntarily formed to save whatever amount they can conveniently save out of their earnings and mutually agree to contribute to a common fund of the group from which small loans are given to the members for meeting their productive and emergent credit needs at such rate of interest, period of loan and other terms as the group may decide.

Rs. 50,000 - 2 Lac

Rs. 50,000 - 2 Lac

Loan Amount

12/18/24 Months

12/18/24 Months

Period

PF - 3% + GST

PF - 3% + GST

Charges and Fees

Features and Benefits

  • All resident Individuals Self-employed can avail as a Group
  • To build mutual trust and confidence between the bankers and the rural/ urban poor.
  • To encourage banking activity both on thrift as well as credit side in a segment of the population that the formal financial institutions usually find difficult to cover.
  • To meet the credit needs of the poor by combining flexibility, sensitivity and responsiveness of the informal credit system with the strength of technical and administrative capabilities and financial resources of the formal credit institutions.
  • Simple Documentation. Easy EMI payments Option.
  • Pre-Mature Closure is allowed, subject to applicable charges.
  • CIBIL deviation allowed on satisfactory justification

Terms and Conditions

Loan Amount Minimum Rs 50,000/-  Maximum Rs 2.00 lakh
Repayment Tenor 12 Months / 18 Months / 24 Months
Processing Charges 3.00% on Loan Amount + GST
Foreclosure Charges 4% on Loan outstanding.
Primary Security Hypothecation of Stocks in favor of CITO Nidhi.
Guarantee Remaining members should stand as guarantors
Collateral Security Will be sought if required and based on quantum of Finance
Co-Applicant Co-Applicant should be Spouse or any Blood relative acceptable to Bank.
Other Terms & Conditions
  • JLG Group should consists of 5 individual members and should be self-employed persons only and will be in any petty business activity.
  • The members start thrift with the Bank for minimum period of 3 months. 
  • Post 3 months, Bank can visit the group and assess the value of finance to be recommended.
  • Own House proof Mandatory (for any one of the Group).
  • Loan amount will  be credited directly to the Group Savings Account or Individual SB accounts (as required)
  • Hypothecation of Assets created out of Bank finance with personal guaranty and Group guarantee. 
  • Required to execute Inter se Agreement by All members and articles of agreement by authorized members
  • Penal Interest of 2% and EMI bounce charges of 5% of EMI would be applicable as per Mortgage Loan policy on delayed payments
  • Its mandatory to become as a member of the CITO Nidhi Ltd, and Company will issue minimum 10 shares of Rs.10/- each with total value of Rs.100/- towards share capital
  • Interest will be calculated at the rate applicable for the period of the Loan has actually remained with the Bank. The rates are subject to change from time to time and same will be notified. 
  • All Guidelines applicable with regard to Sanction, Disbursement and Repayment of Loan will apply to the Loan Policy acceptance under this scheme.
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