Asirvad Microfinance Loan
Asirvad Microfinance was established in the year 2007 to provide financial assistance to the down-trodden section of society, helping them reach financial independence. The main aim of establishing Asirvad was to empower members of such sections of the society, bringing about economic inclusion and thus helping the country develop. Registered under the Companies Act of 1956, Asirvad is today worth over Rs 100 crore. The company was recently taken over by Malappuram Finance Limited, which has an 85% stake in Asirvad now. It adheres to norms laid out by the Reserve Bank of India when it comes to providing microfinance solutions to its customers.
Products offered by Asirvad Microfinance
Asirvad Microfinance provides to poor women the following products and services.
Income Generation Loan
Individuals, who are unable to access credit through formal banking system, can get financial help through income generation loan. Poor people, who are involved in micro businesses to support their family, are identified and given credit assistance. Asirvad Microfinance provides loan amount as per the repaying capacity of the borrower. If the customer has diligently repaid the loan, she is encouraged to borrower more to expand the business.
Under this scheme, the borrowers can get loans up to INR 35,000 at 23% interest rate with the maximum tenure of 2 years.
Product Loan
Product loan scheme provided by Asirvad Microfinance company enables the borrowers to purchase materials for houses and personal use. The loan under this scheme can be repaid in 2 years at the interest rate of 24%.
SME Loan
Individuals or a group of people who want to start small or medium enterprises can avail SME loan from Asirvad. The maximum loan amount that can be acquired is INR 10 Lakhs at 24% of interest rate. The loan can be repaid within 5 years. No collateral is required for loans up to INR 2 Lakhs. The applicant may have to pay a fee of 1% of the loan amount for processing the loan.
Advantages and Features of Asirvad Microfinance
- Aimed at empowering poor men and women and their livelihood
- To improve the living conditions of the marginalised people
- To fund the small and micro business entrepreneurs
- Loan for low-cost house building
- Loans to generate income for the poor people
Conditions to avail a micro loan
These micro loans can be availed by individuals from the economically weaker sections of society who wish to enhance their condition by engaging in a business, service or trade. A clear idea and plan of action is needed in order to avail this money. Self-help groups and organisations can also apply for micro loans to develop their business.
Interest rate of Asirvad Microfinance
All loans offered by Asirvad Microfinance have an annual interest of 26%, making it competitive in the microfinance world.
Tenure
Loans offered by Asirvad have tenures ranging from 12 months to 24 months, depending on the amount borrowed and repayment capacity of borrowers.
Overview of Asirvad Micro loans
| Bank | Interest Rate Range | Processing Fee Range | Loan Amount | Tenure |
|---|---|---|---|---|
| Rs 10,000 | 1 year | 26 % per annum | Every month | 1 % |
| Rs 10,000 | 18 months | 26 % per annum | Every month | 1 % |
| Rs 15,000 | 1 year | 26 % per annum | Every month | 1 % |
| Rs 15,000 | 18 months | 26 % per annum | Every month | 1 % |
| Rs 15,000 | 1 year | 26 % per annum | Every fortnight | 1 % |
| Rs 20,000 | 2 years | 26 % per annum | Every month | 1 % |
| Rs 25,000 | 2 years | 26 % per annum | Every fortnight | 1 % |
Note: The interest rates mentioned above are for December 2021 and these are subject to change. Individuals should check the rates before applying for a microloan.
Asirvad Microfinance Customer care:
To apply for a loan with Asirvad Microfinance, you can contact them at their branches or the head office located in Chennai.
Corporate office Address
1st, Floor, Lemuir Building,
10, GN Chetty Road,
T. Nagar, Chennai-600 017.
Registered Office:
47, Whites Road 1st Floor,
Deshabandu Plaza,
Royapettah, Chennai, TN, 600014.
You can also reach them out to register your feedback, complaint, grievance or query at info(at)asirvadindia(dot)org.
Grievance Redressal Mechanism at Asirvad Microfinance
Asirvad Microfinance aims to provide resolution to their customers in a fair and timely manner. All the passbooks are provided with the telephone number of branch managers in order to contact them for any query and complaints. Customers can also call the toll-free number 1800 270 1164 for registering any complaint or grievances.
Step 1: Complaint Register
The customers can directly walk in to the branch office and register the complaint by filling up the complaint form available. The complaint is sent to the respective department and it will be responded in 2 working days.
Step 2: Grievance Officer
If the complaint is not redressed within the timeline, it can be escalated with the Grievance Redressal Officer of Asirvad Microfinance. The Grievance officer can be contacted at the following address
Grievance Officer,
Asirvad Microfinance Limited
1st, Floor, Lemuir Building,
10, G.N. Chetty Road,
T.Nagar, Chennai -600 017.