The applicant must be a woman aged between 18 and 65 years. She must be honest and respected in the community.
Applicants with income from at least two sources will be given first priority. Total household income must not exceed ₹3,00,000 annually. Applicants with higher income are not eligible for MFI loans.
Owning a house is preferred. In case of a rented house, prior approval from a senior officer is mandatory.
Applicants affiliated with syndicates will be disqualified.
A good Credit/CIBIL score is required to qualify for a loan.
A ₹10/- stamp paper is required per group. Loan documents must be signed by the applicant and her guardian.
₹1/- revenue stamp is required per member during loan disbursement.
A Group Resolution Khata must be purchased by every new group.
Members must attend regular weekly/bi-weekly centre meetings.
Eligibility for the first loan begins 2 weeks after enrolment and completion of compulsory 3-day group training.
Existing members must maintain 80% attendance and proper repayment history on existing loans.
Members must inform their husband/son/father/brother or nominee about their membership and loan obligations.
A signed consent from a family member (husband/son/father/brother) is required for both membership and loan application. This must be verified by Vinance Capital officers (BM/AM/DM/HO).
Group members must approve and pass a resolution to sanction any loan (new or existing) during centre meetings.
Loans must be used strictly for income-generating purposes (existing or new IGP activities). No collateral is required. Repayment is guaranteed through group accountability.
Funds must be used strictly for the purpose declared in the loan application.
During appraisal and verification, any mismatch in stated loan purpose may lead to rejection.
For new clients: Loan limit is ₹50,000 (Fifty Thousand only). For existing clients: Up to ₹1,50,000 (One Lac Fifty Thousand).
The member must not be associated with more than 3 MFIs/Banks or any other financial institution including Vinance Capital.
Loans must benefit the member’s own business or that of her husband/son/daughter, preferably supporting the family’s growth.
