Financial Services

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Microfinance Services

STEP works mostly on urban slums. In order to provide financial accessibility STEP provide microcredit to the unbanked polulation.

STEP propose women to form a group of 5 to 7 women through which the loan is given to each indivual. Each partner has her own passbook and loan agreement. The group leader will take the responsibility of keeping the repayment and be an intermediary between STEP and the other group members.

The group members have the entire responsibility of managing the collection and providing true information regarding loan utilization, or any other necessary information. Regarding the financial liability, each member has an individual responsibility.

At present, STEP privide 4 different kind of loans. Details of loans and it’s features are as follows.

Business Loan

STEP Provides micro finance for the women for self employment (tailoring / vegetable vendors/ small grocery etc.) to fulfill the business needs such as working capital or business assets .

Features:

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Loan range: Rs. 1,000/-Rs 15,000/-
Interest rate: 13.25 % flat/year (26 % Reducing /year)
Repayment tenure: 52 Weeks
Processing fees: 1 %
Insurance fees: 1%
Repayment Freequency: Weekly
APR: 29 %

 

Entrepreneurship Loan

Entrepreneurship Loan is to encourage the borrowers to continue their business expansion. It is given to the partners who have already stasfactory borrowing relationship with STEP.

Features:

Loan range: Rs.16,000 Rs. 30,000entrepreneurship_img
Interest rate: 13.25 flat / year  (26 % reducing /year)
Repayment tenure: 104 weeks
Processing fees: 1 %
Insurance fees: 1 %
Repayment freequency: Weekly
APR: 26.5 %

 

Education Loan

To support child education of our existing borrowers, STEP started education loan. It is given for submition of school fees, buying books and stationary….etc.

features:

Loan range: Rs.1,000/- Rs 20,000/-education_loan

Interest rate: 12 % flat/year (23.5 % reducing/year)
Repayment tenure: 52/104 weeks
Processing fees: 1 %
Insurance fees: 1%
Repayment freequency: Weekly
APR: 27 % /24 %

Medical Loan

To support in urgency on health matter for our existing borrowers, STEP provides medical loan. It is mostly used on treatment, diagonosis, hospitalization…etc.

Features:
Loan range: Rs.1,000/- Rs 20,000/-medical_img
Interest rate: 12 % flat/ year  (23.5 % reducing /year)
Repayment tenure: 52/104 weeks
Processing fees: 1 %
Insurance fees: 1 %
Repayment freequency: Weekly
APR: 27 % / 24 %