Want to do business but do not have the finances to support you? Do you belong to the urban poor category and want to start your own enterprise? Do you dream to become one of the entrepreneurs? Well, everything is possible now. There is the institution which is established to support such people who are financially deprived and belongs to the urban poor category. Janalakshmi business loan is one such product that is designed so that the people who belong to these class can easily apply for the loan and realize the dreams.
Janalakshmi is one of the Non- Banking Financial company which finances to various customers to fulfill their dreams. It is the microfinance company which was set up under the initiative Sanghmitra Urban program (SUP) which was formed under the NGO named Myrada (Mysore Resettlement and Development Agency) in Bengaluru. It was one of the first microfinance company which helped the people who belong to urban poor category so that they can sustain the changing scenarios. It makes sure that it provide the help to make them financially independent and strong so that they can lead healthy and happy life.
There are three types of loan product that the company offers to its customers. They are the loan for an individual, loan for enterprises and Public finance for urban infrastructure. It offers the loan accordingly on the basis of requirements.
The loan for enterprises is the business loan that the company offers to its customers. It does offer it at good rates so that they can earn and make a living for themselves. They give preferences to the innovative ideas and let them live their dream and give them a chance by providing the best support to cherish the dreams.
Types of business loans scheme:
Under the product named loan for the enterprise of the business loan, they provide four types of scheme. The detailed description of the scheme is mentioned below:
Super Nano loan– It is the type of loan which supports the small and medium enterprises in the need of more credits. It is given to that customer who has already availed the Nano loan. It also offered to the customer who has proven creditworthy to other bank or NBFC. The loan amount given in this scheme is ₹2,00,000 to ₹6,00,000. The tenure of repayment is up to 60 months.The minimum interest rate on this type of loan is 23% p.a and the maximum interest rate is 24%p.a.
MSME loan– It is also known as the micro, small and medium enterprises loan. It is the type of loan given to people seeking working capital and term loan.The loan amount is ₹ 2,00,000 to 50,00,000 and the tenure of repayment is flexible of 12 to 48 months with part payment facility. The minimum rate of interest is 18% p.a and the maximum interest rate is 26%p.a.
Long term business loan– It is provided to the people who have their own business or occupied business. It provides the capital to the entrepreneur whose capital has been locked in the real estate but are not considered attractive for financing by the traditional lender. The loan amount ranges from ₹5,00,000 to ₹ 50,00,000. The tenure of repayment is up to 60 months. The interest rate ranges from 18% to 26% p.a.
Equipment and Machinery financing– The loan is given to buy the new technology or to upgrade the existing machinery. The loan amount given ranges from ₹ 2,00,000 to ₹ 50,00,000. The tenure of loan repayment is 64 months. The minimum interest rate is 18% p.a and the maximum interest rate is 24% p.a.
The loan that is offered to the people by the company depends on the requirements of the customers as well. It makes sure that the borrower is well informed about the loan they are taking. It makes sure that they are aware of the amount and all the fine prints. Most of the customer seeking help are not well qualified, hence the company makes sure that they take the loan under the amount that they are capable of paying. Also, they are dealt with utmost respect and they have the policy to treat them with respect. They make sure that they offer the best rates to the customers and also pass on the price benefits to them directly. Thus, Janalakshmi business loan is one of the ways to achieve the dreams as they provide the platform which can make them financially independent.