COVID19 Mahabank SHG Rahat Yojana

ParameterNorms

Target Group and Eligibility

Existing Self-Help groups (SHGs) with satisfactory track record and who have availed a minimum of one doses of credit.

Purpose

To meet the emergent needs of SHG members in wake of COVID-19 outbreak.

Validity

Scheme will be valid up to 30.09.2020

Nature of facility

Term Loan

Quantum of Loan

  • Rs. 7500/- per member. Maximum ceiling per group-
  • Rs. 1,00,000/- (Max. for 20 members)

Margin

Nil
Rate of Interest
  1. 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.
  2. 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
Others
  1. This facility is in addition to the existing facilities of the group.
  2. All the existing facilities should be in Standard category.
  3. The quantum is not linked to the thrift/savings of the group.
  4. 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).
  5. The group should not have availed loans from any other financial institution for the same purpose.
  6. 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.
  7. The group should maintain separate record of loan & its repayment by each members at their end till full repayment of this loan to SHG.