Loans for SHG - JLG

Self-Help Group is a homogeneous group of micro-entrepreneurs with affinity among themselves. They are voluntarily formed to save whatever amount they can conveniently save out of their earnings and mutually agree to contribute to a common fund of the group. From that saved amount, small loans are given to the members for meeting their productive and emergent credit needs. The group decides the rate of interest, a period of the loan and other terms.

Features and Benefits

The loans availed through this scheme is

  • Flexible towards the poor.
  • Sensitive towards the people's situation.
  • Responsive towards informal credit system.
  • The group should be in active existence for at least a period of six months.
  • Have successfully undertaken savings and credit operations from its own resources.
  • Maintain proper accounts / records.
  • Work democratically wherein all the members feel that they have a say should be evident.
  • Be formed to reflect a genuine need to help each other and work together, and Branch Manager should be convinced that the group has not come into existence only for the sake of participation in the project and availing benefits thereunder.
  • Have members preferably with homogeneous background and interests.
  • To meet the credit needs of the poor by combining flexibility, sensitivity and responsiveness of the informal credit system with the strength of technical and administrative capabilities and financial resources of the formal credit institutions.
  • To build mutual trust and confidence between the bankers and the rural poor.
  • To encourage banking activity both on thrift as well as credit side in a segment of the population that the formal financial institutions usually find it difficult to cover.
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