Features and benefits of our microfinance group loan
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No part-prepayment or foreclosure charges
Repay a part of your loan in advance or pay the entire amount at no extra cost.
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Convenient tenures
Manage your loan conveniently with repayment tenures ranging from 12 months to 36 months.
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Loan of up to Rs. 1.5 lakh
Manage your expenses with loans ranging from Rs. 5,000 up to Rs. 1.5 lakh.
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No hidden charges
Our fees and charges are clearly mentioned both on this page and in our loan documents. Please read these in detail before applying.
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No collateral needed
You are not required to offer any security, such as gold jewellery or property documents.
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Eligibility criteria and documents required
Women applicants can get a microfinance group loan by meeting our basic eligibility criteria. You will be asked to submit a few basic documents.
Eligibility criteria
- Nationality: Indian
- Age: 18 years to 80 years*
- Gender: Female**
*Higher age limit is applicable at the time of loan maturity.
**Individuals belonging to low-income households
Documents required
- Valid KYC
- Bank account proof (bank passbook)
Interest rate and applicable charges
| Rate of Interest | ||
| Minimum | Maximum | Average rate of interest in last quarter (%) |
| 24% p.a. | 26% p.a. | 24.72% p.a. |
| Type of fee | Applicable charges |
| Processing fees | Up to 1.5% (inclusive of applicable taxes) of the total loan amount |
| Documentation charges | Not Applicable |
| Prepayment charges | Part-prepayment – NIL Full prepayment – NIL |
| Bounce charges | In case of default of repayment instrument, up to Rs. 50/- per bounce will be levied. |
| Penal charge |
Delay in payment of instalment for more than 7 days from the due date of instalment shall attract penal charge of up to Rs. 4/- per day for every delayed instalment, until the receipt of instalment |
| Mandate registration charges | Not applicable |
| Instalment Default Charge | Up to Rs. 50/- per month from the first instalment due date for mandate rejected by customer’s bank until the new mandate is registered. |
| Broken period interest/ pre-monthly instalment interest | Broken period interest/ pre-monthly instalment interest shall be charged for actual number of days from the date of disbursement. |
*Terms and conditions apply
For Micro Finance Loans, please note below:
Purchase of any non-credit product by the microfinance borrowers is purely on a voluntary basis.
Frequently asked questions
The annual interest rate (%) represents the expense incurred by the borrower for funds borrowed from the lender. This interest is calculated based on the principal loan amount and the chosen loan tenure. Bajaj Finance provides microfinance group loans, offering an interest rate ranging from 24% to 26% p.a., with the flexibility of repayment periods spanning from 12 months to 36 months.
*Terms and conditions apply.
To get a microfinance group loan, you only need to meet a few basic eligibility criteria:
- You must be between 18 years and 80 years* of age
- You must be a residing citizen of India
- You must be a female member of a low-income household.
To avail a microfinance group loan from Bajaj Finance, you will need to provide the following documents:
- Valid KYC
- Bank account proof (bank passbook)
You can borrow up to Rs. 1.5 lakh without pledging any collateral. We advise you to know our fees and charges in detail before applying.
*Terms & conditions apply.
Here are some reasons to choose the Bajaj Finserv Microfinance Group Loan:
- Flexible tenures of up to 36 months
- No guarantor or collateral needed
- No part-prepayment or foreclosure fee
- No hidden charges
*Terms and conditions apply.
