MFI

Q. What is a microfinance loan?

A. A microfinance loan is a financial solution designed to provide easy access to credit for individuals who are unserved or underserved. It supports income-generating activities, making it ideal for small business owners, farmers, and salaried individuals. This loan helps you achieve financial independence and invest in a better future.

Q. Who is eligible for a microfinance loan?

A. Microfinance loans are designed for economically active poor women, who have limited or no access to formal financial systems.

Q. What is the maximum loan amount I can get under a microfinance loan?

A. You can avail a loan ranging from ₹26,000 to ₹70,000. The exact amount you are eligible for depends on your eligibility criteria and repayment track record.

Q. What is the minimum and maximum tenure of the Joint Liability Group Loans?

A. The minimum repayment tenure for Joint Liability Group Loans is 18 months, with a maximum tenure of 24 months.

Q. What is the maximum interest rate under Joint Liability Group Loans?

A. The maximum interest rate is 27% P.A.

Q. What is the renewal loan available under Joint Liability Group Loans, and what are its terms and interest rate?

A. A renewal loan under Joint Liability Group Loans is available for existing borrowers who are paying their EMI regularly.

Q. What documents are required to apply for a microfinance loan?

A. The required documents typically include identity proof (Aadhaar card, PAN card, etc.), address proof, income proof, and any additional documents specified by the bank during the application process.

Q. Can I repay my loan earlier than the due date?

A. Yes, you can repay the loan at any time during the loan tenure.

Q. Do I need to pay any fees or charges for availing a Micro Finance loan from Shivalik Bank?

A. Processing Fee is maximum up to 2% of the loan amount, and insurance charges as applicable are to be paid.

Q. What is Group Guarantee?

A. Group Guarantee means all members of the group collectively share the responsibility for each individual member's loan. If one member defaults on their loan payment, the other members are obligated to cover the defaulted amount.

Q. Can I pre-close my microfinance loan?

A. Yes, you can pre-close your microfinance loan without any pre-closure charges.

Q. Who can I contact for more information or assistance with my loan application?

A. For more information or assistance, you can visit our nearest branch or contact our customer service team through the helpline number 1800-202-5333 or email customercare@shivalikbank.com.