The Bank started its retail microfinance operations through its branch network under flagship program Axis Sahyog in Feb, 2013.
The program aims to lend small ticket unsecured loans in the range of Rs 10k to 50k to economically active poor women individually or under Joint Liability Group (JLG). JLG lending is a proven microfinance model wherein the social collateral or the peer pressure of the group members ensures healthy credit discipline. These loans help the women to expand their existing businesses or take up new livelihood activities. As a part of bundled product offering, the Bank provides insurance to women clients and their spouse to save them from financial stress in case of exigencies. The program is presently operational across 17 States and 1 Union Territory namely Assam, Bihar, Chhattisgarh, Goa, Gujarat, Jharkhand, Karnataka, Kerala, Madhya Pradesh, Maharashtra, Odisha, Pondicherry, Rajasthan, Sikkim, Tamil Nadu, Uttar Pradesh, Uttarakhand and West Bengal.
| Loan Size |
Rs. 12000 to 50000 |
| Rate of Interest |
20.15% linked with 1 year MCLR rate with no reset
|
| Loan Tenure |
18 months |
| Collateral |
Unsecured loans |
| Applicable charges |
Processing fee of up to 1% of the sanctioned amount for amounts above Rs. 25000 |
| Insurance coverage |
Client and spouse both covered against the loan amount. Insurance premium to be borne by the customer |
| Purpose of loan |
Income generating activities |
| Other Features |
Customers have to form a Joint Liability Group to avail the loan. Each group member assumes the liability for the loans of all other members in the group.
|
| Applcation form |
Click here for Application form |
| Agreement |
Click here for Agreement form |
| Customer redressal toll free no |
1800-419-5577 |
| penal interest |
Nil |
| Channels |
Axis Bank branches |
| Eligibility |
Individuals those are eligible for Sahyog loans are
- Rural and semi urban women
- Age greater than 18 years and less than and equal to 59 years
|
