Microfinance

Loans to JLGs/Individuals – AXIS SAHYOG

Axis Bank provides microfinance, specially designed for economically active poor women, in the form of loans to JLGs, under the Axis SAHYOG scheme. Axis SAHYOG also provides loans to individuals to help expand their existing business or take up new livelihood activities.

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 6k to 100k to economically active women having annual household incomes up to Rs. 3,00,000 under the Joint Liability Group (JLG) model. 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.Bank also provides insurance to women clients and their spouse/blood relative to save them from financial stress in case of exigencies if customer opts. The program is presently operational across 24 States and Union Territories, PAN India.

Loan Size	Rs. 6000 to Rs. 100000
Products Offered	IGL- Income Generation Loan MTL- Mid Term Loan
Rate of Interest	Maxium interest rate – 23.75% Minimum interest rate – 22.75% *Interest rate linked with 1 year MCLR with no reset
Loan Tenure	6 to 36 Months
Collateral	Unsecured loans
Applicable charges	Processing fees is 1% applicable GST, rounded down to nearest 10 to be charged to the customers for all the loans above Rs.25000. No Pre-payment or Foreclosure charges
Insurance coverage	Customer and spouse/blood relative both covered against the loan amount if customer opts. Insurance premium to be borne by the customer.
Hospicash coverage	Customer and/or Spouse or close relative covered for hospitalization for specific period & Amount in a year, if customer opts for the Product. Applicable Insurance Premium to be borne by the customer.
Stamp Duty & other statutory document charges	As per applicable laws of state
Purpose of loan	Income generating activities and Social needs like housing, education, marriage, sanitation, etc.
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.
Application 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 & urban women Age of the customers should be Minimum 18 years and maximum 60 years till the end of loan tenure.
Fair Practice Code for Retail Microfinance	Click here for FPC