Checklist of Documents Required for Women Group Loan
Women Group Loans are designed to empower women by providing easy access to funds for starting or growing businesses. These loans come with flexible repayment terms and competitive interest rates. They encourage financial independence and support women in becoming successful entrepreneurs. This initiative helps women achieve their goals while contributing to community development.
Documents Required for Women Group Loan:
Primary ID: Aadhaar Card
Secondary ID: PAN Card
Third ID: Bank Passbook and Photo
(In case of non-availability of PAN Card, submit Voter ID / Ration Card)Residence Proof: Any valid KYC document
Charges:
- Rate of Interest: 2.25%
- File Charges: ₹3720.00 (Security amount; ₹3000 will be refunded with the loan amount)
- Documentary Fees: ₹720.00 (Non-refundable)
For Terms and Conditions, please contact the IMFL
Steps to Apply for a Women Group Loan:
Eligibility Check: Ensure that your group meets the eligibility criteria, such as being a women-led group or cooperative.
Prepare Documents: Gather the required documents such as:
- Primary and Secondary IDs (Aadhaar, PAN Card, etc.)
- Residence proof (KYC document)
- Bank Passbook and photographs
Fill Out the Application: Complete the loan application form accurately with the necessary details about the group and its purpose for the loan.
Submit the Application: Submit the completed application along with the documents to the lender or bank. Ensure that all documents are properly verified.
Loan Review & Approval: The lender will review your application, verify the documents, and assess your group’s financial standing before approving the loan.
Loan Sanction & Disbursement: Upon approval, the loan amount will be sanctioned and disbursed to the designated account, as per the agreed terms and conditions.
