DCB Bank offers mainly two loan products to serve Microfinance customers,
- Unsecured Individual Loans
- Unsecured Group Loans (JLG/SHG).
Features
- DCB Microfinance Loan is a collateral free Term Loan. (either Joint Liability Group Loan or unsecured individual loan)
- No penalty charges and no prepayment charges are applicable for the group loans
- Part prepayment and advance payment are permitted and without any charges
- No processing fee for loan up to ₹ 25,000
- Processing fee charged is 1 % on the loan amount above ₹ 25,000 for Joint Liability Group loan & 2% for the unsecured individual loan
- We offer insurance at very reasonable premium rates to cover the loan amount in the event of the unfortunate demise of the customer
- Rate of interest charged for Microfinance Loan.
Joint Liability Group Loan Minimum Interest Rate p.a. Maximum Interest Rate p.a. 26% 26%
Unsecured Individual LoanMinimum Interest Rate p.a. Maximum Interest Rate p.a. 24% 26% Loans Rate of Interest % p.a. Processing Charges % of Loan Amount Loan Fixed Interest INR 8,000 - INR 75,000 INR 50,000 - INR 1,00,000 INR1,00,001 – INR 2,00,000 1. JLG Loan 1 to 2 years 24.00 – 26.00 NA NA 1% for loan amount above INR 25,000 2. Micro Enterprise Loan - MFI 1 to 3 years NA 23.00 – 25.00 22.00 – 24.00 Up to 2% 3. Micro Enterprise Loan - Non MFI 1 to 3 years NA 23.00 – 25.00 22.00 – 24.00 Up to 2% - The timeline for credit decision after submitting all the details correctly to the Bank is T+1, provided that the details are shared before 4 pm on “T” day.
- Loan amount- Minimum INR 50,000 to maximum INR 2 Lakh (Micro Enterprise Loan)
- Loan tenure- Minimum 12 months to to maximum 36 months (Micro Enterprise Loan)
- Loan amount- Minimum INR 8,000 to maximum INR 75,000 (Joint Liability Group Loan)
- Loan tenure- Minimum 12 months to to maximum 24 months (Joint Liability Group Loan)
Eligibility:
- The borrower’s age should between 18 to 60 years for JLG Loan
- The borrower’s age should between 22 to 65 years for unsecured individual loan
- Annual household income should be less than or equal to ₹ 3,00,000
- Loan obligation limit shall be subject to a maximum of 50% of the monthly household income