COVID19 Mahabank SHG Rahat Yojana
Target Group and Eligibility
Existing Self-Help groups (SHGs) with satisfactory track record and who have availed a minimum of one doses of credit.
To meet the emergent needs of SHG members in wake of COVID-19 outbreak.
Scheme will be valid up to 31.12.2020
Nature of facility
Quantum of Loan
- Rs. 7500/- per member. Maximum ceiling per group-
- Rs. 1,00,000/- (Max. for 20 members)
|Rate of Interest |
- In Category-I NRLM districts, ROI will be 7% for the combined limits (Existing loan + MahaBank SHG Rahat Yojana- COVID-19 Loan). Up to Rs. 3.00 Lakhs. & if total limit exceeds Rs. 3.00 Lakh, normal ROI for the amount exceeding Rs.3.00 Lakh will be applicable i.e. MCLR + 3.25% + 0.50% BSS. At present it will be 8.25% + 3.25% + 0.50% = 12.00%, subject to changes in MCLR.
- For other than Category-I Districts, ROI will be MCLR + 3.25% + 0.50% BSS. At present it will be 8.25% + 3.25% + 0.50% = 12.00%, subject to changes in MCLR.
|Period ||Term Loan should be repaid within 36 months with 06 months moratorium & 30 EMIs to be commenced after initial moratorium.|
|Security ||No collateral security|
|Processing Charges & other charges (Documentation charges, EM charges, Review charges, etc.) ||NIL (Like Documentation, Processing, visit fee etc.)|
|Review ||Annual basis|
- This facility is in addition to the existing facilities of the group.
- All the existing facilities should be in Standard category.
- The quantum is not linked to the thrift/savings of the group.
- Group resolution with specific request for the loan by the members to meet the emergent requirements in the wake of COVID-19 outbreak. (As per Annexure II).
- The group should not have availed loans from any other financial institution for the same purpose.
- The group member availing OD facility in her PMJDY account should not be eligible to avail this facility. The loan should be sanctioned excluding share of such members.
- The group should maintain separate record of loan & its repayment by each members at their end till full repayment of this loan to SHG.