RBL's center based loan is an Individual Loan with a joint liability (JL) among center members and is intended for low income economically active women who are between 18 to 58 years of age, belonging to the same socioeconomic backgrounds.
Loan amounts range from INR 18,000 to INR 50,000 for a period of 18 and 24 months respectively.
Micro and Small Enterprises in India which are by and large excluded from the formal financial sector and either directly or indirectly face barriers to access because of requirements of documentation and collateral that they are unable to meet therefore RBL FinServe provides convenient, affordable access to credit for this segment.
The product features are flexible and specially designed for the specific needs of small businesses. The flexibility of features permits the loan to be tailored to suit different requirements of a range of businesses. Although loans are offered to both male and female entrepreneurs, special benefits are given for women led / women impacted businesses to encourage larger participation of women in entrepreneurial activities.
Loans are offered from INR 75,000 to INR 25,00,000, for a variety of purposes and accordingly tenures. These can be secured or unsecured, depending on the circumstances.
All micro loan clients are given the benefit of no-frill savings account with a Rupay debit card. This enables clients to grow savings safely in the bank.
All micro loan clients are given the benefit of credit-linked life insurance. The sum assured for a client is equal to the loan amount. In the event that a client suffers a natural or accidental death over the course of his/her loan term, his/her nominee is released from the burden of repayment of loans and is also entitled to receive the principal amount already repaid by the client.
As an added benefit, spouse insurance (with a separate insurance fee) is also being offered to all clients for the same amount from the client.