WE ALWAYS TRY TO GIVE BEST RETURN TO OUR VALUED CUSTOMERS - WE GIVE MINIMUM OF 15% TO 21% PER ANNUM (LESS GOVT. WE MAKE ALL OUR TRANSACTION BY WAY OF CHEQUE/RTGS/NEFT. ONE CAN COME AND VISIT US ANYTIME BY PRIOR APPOINTMENT AND CONFIRMATION TO AVOID ANY INCONVENIENCE. OUR MISSION IS TO GIVE PEACE OF MIND AND REASONABLE RETURN ON TIME. AND WE ACCEPT AMOUNT ONLY UPTO 10.0 LACS AS MICRO FINANCE. AND P
ERIOD MAY BE VARY FROM 2 MONTHS TO 36 MONTHS. WE ARE HAVING OUR CLIENTS AT VARIOUS PLACES IN INDIA. PROJECT PROFILE FOR MICROFINANCING:
The Business:
This activity involves helping out people who do not have easy access to credit and loan facilities, with minimum formalities. This activity can be carried out by the “arbitragor” either using their own funds or by borrowing funds and lending the same, taking only arbitrage fee. In the first instance, the lender lends his own funds at a predetermined rate of interest. In the second case the Lender, acts as a middle man and recovers his arbitrage charges for carrying the full risk of recovery. Operations:
It is suggested that the business be done under the cover of a company, preferably a public limited company. This gives a level of confidence to people who may like to lend money through the “arbitragor”. The business can be carried out by an individual or even by a partnership. But there are a number of legal restrictions and hurdles in that situation. The company would borrow funds on a short term basis as allowed under law. The company would then give the same to borrowers. The present rate of lending is 3.5% on reducing balance method. From this an amount of 2 % is paid to the lender or investor. The balance is kept by the company. This is to cover arbitrage and risk. At present we are collecting 7 % as processing fee and Rs. 1000 as verification fee, if the borrower and guarantor are within Mumbai Municipal limits. Else we take Rs. 1000 for each verification. Methodology:
The Applicant can approach directly or preferably through a reference. He has to submit a form giving his details and the details of the guarantor. All information required is as given below. The basic criteria is total loan should not exceed 4 months of his salary, and the EMI should not be more than 33.33 % of his monthly income. The period of loan should not be more than 24 months. A provision is made in the promissory note that in case of delay the borrower would pay 4 % as penal interest. As an example, if a person borrows Rs. 100,000 he would pay almost Rs. 8,000 up front (Rs. 7,000 as processing fee and Rs. 1,000 as verification fee). This amount is deducted at the time of disbursement of the loan. 26 post dated cheques of the principal borrower and 2 undated cheques are taken from the guarantor. In case the funds are received from some third party for investment the “arbitragor” should be willing to give his cheque for monthly interest and for the repayment of the principal amount. Normally the “arbitragor” should be able to refund the amount within 3 months from when the investor raises a demand…but this is subject to mutually agreed terms. A proforma of the form, the requirements of documents and the pronote are enclosed herewith. DOCUMENTS REQUIRED FOR PERSONAL LOANS:
01. 2 Photographs of both borrower and guarantor
02. Bank statement and signature verification of both borrower and guarantor
03. Income Proof
04. Pan Card
05. Mobile Nos
06. Address Proof
07. Names of other dependants
08. Cheque for processing fees to confirm signature is valid.
09. 26 cheques from borrower and 2 from guarantor.
10. Email id
