FAQ on Microfinance
Who can avail of Reliance Micro Loans?
One can avail if one- Micro Financing InstitutionsI(MFI are registered as Societies as per Societies Registration Act 1860 or state legislation and as Trusts as per Public Trust Act 1920 or Indian Trust Act 1882.Section 25 companies are registered as per the Companies Act(1956)with permission from central Government.)
- NBFC(Other legal forms including NBFCs registered as Section 25 companies,for profit NBFCs,Cooperative Banks and Local Area Banks are regulated by the Reserve Bank of India(RBI).Cooperatives are registered as per the State,National and MACS Acts and governed by the State Registrar of Cooperatives.)
What are the minimum and maximum loan amounts?
You can avail of loans ranging from Rs30,00,000/-to Rs 20,00,00,000/-depending on your eligibility,income and repayment capacity.
What are the loan tenure options?
The loan can be repaid over a period of 12 to 48 months.
Do I have to provide any security,collateral or guarantors?
Yes security,collateral are required for obtaining a Micro Loans.This would include Collateral amounting to 10%of the total loan disbursed in the form of a FD or Property with value greater than 10%of total loan disbursed or 100%Hypothecation of book debts.
How do I repay the loan?
You can repay the loan in Equated Monthly Installments(EMI s)through post-dated cheques favouring Reliance Capital Limited or by signing an ECS Mandate.