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Microfinance Services

  • STEP works mostly on urban slums. In order to provide financial accessibility STEP provide microcredit to the unbaked population.
  • STEP propose women to form a group of 5 to 7 women through which the loan is given to each individual. 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 7 different kind of loans. Details of loans and it’s features are as follows.

Prathama(Micro 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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  • Purpose:Business
  • Minimum Borrowing Relationship:No
  • Loan Amount:1,000-15,000
  • Loan Duration :9 Months
  • Maximum Amount(1st time borrower):15,000
  • Loan Processing Fees:1%
  • Rate of Interest Decline/year:26%
  • Insurance Premium/Year:1%
  • Annual Percentage Rate(APR):30.68%

Disha(Small Loan)

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

Features:

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  • Purpose:Business
  • Minimum Borrowing Relationship:1 Times
  • Loan Amount:16,000-20,000
  • Loan Duration:12 Months
  • Maximum Amount(1st time borrower):15,000
  • Loan Processing Fees:1%
  • Rate of Interest Decline/year:26%
  • Insurance Premium/Year:1%
  • Annual Percentage Rate(APR):29.15%

Pragati(Medium Loan)

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

Features:

  • Purpose:Business
  • Minimum Borrowing Relationship:2 Times
  • Loan Amount:21,000-30,000
  • Loan Duration:18 Months
  • Maximum Amount(1st time borrower):15,000
  • Loan Processing Fees:1%
  • Rate of Interest Decline/year:26%
  • Insurance Premium/Year:1%
  • Annual Percentage Rate(APR):27.53%

Sampurna(Entrepreneurship Loan)

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

Features:

  • Purpose:Business
  • Minimum Borrowing Relationship:3 Times
  • Loan Amount:31,000-50,000
  • Loan Duration :24 Months
  • Maximum Amount(1st time borrower):15,000
  • Loan Processing Fees:1%
  • Rate of Interest Decline/year:26%
  • Insurance Premium/Year:1%
  • Annual Percentage Rate(APR):26.50%

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:

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  • Purpose:Fees/Stationary/Computer/Printer
  • Minimum Borrowing Relationship:1st Time
  • Loan Amount:21,000-30,000
  • Loan Duration :18 Months
  • Maximum Amount(1st time borrower):15,000
  • Loan Processing Fees:1%
  • Rate of Interest Decline/year:26%
  • Insurance Premium/Year:1%
  • Annual Percentage Rate(APR):27.53%

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:

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  • Purpose:Treatment/Operation/(Exclusive List:to be Developed)
  • Minimum Borrowing Relationship:2nd Times
  • Loan Amount:31,000-50,000
  • Loan Duration :24 Months
  • Maximum Amount(1st time borrower):15,000
  • Loan Processing Fees:1%
  • Rate of Interest Decline/year:26%
  • Insurance Premium/Year:1%
  • Annual Percentage Rate(APR):26.50%

Housing Loan

Any Modification Housing,Electrification Sanitation.

features:

  • Purpose:Any Modification Housing,Electrification Sanitation
  • Minimum Borrowing Relationship:No
  • Loan Amount:5,000-20,000
  • Loan Duration:12 Months
  • Maximum Amount(1st time borrower):15,000
  • Loan Processing Fees:1%
  • Rate of Interest Decline/year:26%
  • Insurance Premium/Year:1%
  • Annual Percentage Rate(APR):29.15%