Terms & Conditions
Welcome to UDGAM URBAN AND GRAMIN MICROFINANCE!
These terms and conditions outline the rules and regulations for the use of udgam microfinance's Website, located at https://www.udgamfinance.com
By accessing this website, we assume you accept these terms and conditions. Do not continue to use UDGAM URBAN AND GRAMIN MICROFINANCE if you do not agree to take all of the terms and conditions stated on this page.
Key Loan Terms
- Interest Rates: Competitive rates calculated on a reducing balance basis, varying by loan product and creditworthiness.
- Prepayment Policy: No prepayment penalties; borrowers can repay loans early to reduce interest burden.
- Eligibility Criteria: Stable income source, age limit, and documentation requirements (e.g., proof of identity, residence, income proof).
- Documentation: Government-issued ID, proof of residence, income proof, and other specified documents ¹ ².
Loan Products
- Microfinance Loans: For individuals and small businesses.
- Business Loans: For entrepreneurs and small business owners to support business activities.
- Women Group Loans: Specialized loans for women groups to undertake entrepreneurial activities or social initiatives.
- Personal Loans: For individual financial needs.
Application Process
- Visit Udgam Microfinance's website and fill out the online application form.
- Provide basic personal information and required documentation.
- Submit necessary documents to complete the loan application process ¹ ².
I'll provide a detailed analysis of Udgam Microfinance's terms and conditions.
Introduction
Udgam Microfinance provides financial services to individuals and businesses, offering various loan products with specific terms and conditions. Understanding these terms is crucial for borrowers to make informed decisions. Group Loan Terms
- Minimum Civil Score: 600
- Maximum Loans on PAN Card: 3
- Loan Amount: ₹150,000
- Age: 18-59 years
- Meeting Attendance: All group members must attend meetings; if any member defaults, the entire group is liable
Other Loan Terms
- Minimum Civil Score: 700
- Maximum Loans on PAN Card: 3
- Loan Amount: ₹150,000
- Age: 22-55 years for personal loans
General Terms
1. Loan Disbursement: Cash payment only
2. Default Liability: If a group member absconds with loan amount, the entire group is liable
3. Property Requirement: Private property is mandatory for loan approval
4. Income Requirement: Minimum income of ₹15,000
5. Death Claim: Loan won't be waived until death certificate is provided; insurance coverage will settle the loan amount
6. Meeting Attendance: Regular monthly meetings are mandatory
7. Business Loan Requirements: 5-year shop agreement, GST registration, and civil score of 700
8. Personal Loan Requirements: Stable job or business and civil score of 700
9. Home Appliance Finance: Product can't be returned; it will be manufactured and delivered with a bill
10. Settlement: All settlements must be made at the branch
11. Late Payment Penalty: 4% penalty on EMI if payment is not made within 2 days of due date
Important Notes
- Fill out the loan application form carefully, ensuring you meet the eligibility criteria.
- All terms and conditions will be shared and explained before loan disbursement.
Analysis
Udgam Microfinance's terms and conditions are designed to ensure responsible lending and borrowing practices. The company requires borrowers to meet specific eligibility criteria, including minimum civil scores, income requirements, and property ownership. The terms also emphasize the importance of meeting attendance and timely loan repayment.
Conclusion
In conclusion, Udgam Microfinance's terms and conditions are comprehensive and designed to promote responsible lending and borrowing practices. Borrowers should carefully review these terms before applying for a loan to ensure they understand their obligations and responsibilities.
Recommendations
- Borrowers should carefully review the terms and conditions before applying for a loan.
- Udgam Microfinance should ensure that borrowers understand the terms and conditions before loan disbursement.
- The company should provide clear explanations of the loan products and terms to avoid confusion.
Detailed Explanation
Udgam Microfinance's loan products are designed to cater to the financial needs of individuals and businesses. The company provides group loans, personal loans, business loans, and home appliance finance, each with specific terms and conditions. Borrowers should carefully review these terms to ensure they understand their obligations and responsibilities.
Loan Products
- Group Loans: Designed for groups of individuals who want to borrow money for personal or business purposes.
- Personal Loans: Designed for individuals who want to borrow money for personal purposes.
- Business Loans: Designed for businesses that want to borrow money for business purposes.
- Home Appliance Finance: Designed for individuals who want to purchase home appliances.
Eligibility Criteria
- Minimum Civil Score: Borrowers must meet the minimum civil score requirement, which varies by loan product.
- Income Requirement: Borrowers must meet the minimum income requirement, which is ₹15,000.
- Property Requirement: Borrowers must own private property to qualify for certain loan products.
Loan Repayment
- Loan Disbursement: Loans are disbursed in cash.
- Meeting Attendance: Borrowers are required to attend regular monthly meetings.
- Late Payment Penalty: A 4% penalty is applied to the EMI if payment is not made within 2 days of the due date.
Here's a detailed analysis of the documents required for Udgam Microfinance's loan products:
Group Loan Required Documents
- 2 photos (Customer & guarantor joint)
- Aadhaar card
- PAN card
- Voter card
- Bank passbook
- Rental agreement/ticket
- Mobile number
Personal Loan and other All loans Required Documents
- 2 photos (Customer & guarantor joint)
- Aadhaar card
- PAN card
- Voter card
- Bank passbook
- Rental agreement/ticket
- Mobile number
- Agreement paper
- GST paper (for business owners)
- Salary slip (for employed individuals)
- Cheque
- Government agreement paper (specific requirements may vary)
Analysis
The documents required for Udgam Microfinance's loan products are designed to verify the borrower's identity, income, and creditworthiness. The company requires a range of documents, including government-issued IDs, proof of income, and proof of residence.
Importance of Documents
- Identity Verification: Documents like Aadhaar card, PAN card, and voter card help verify the borrower's identity.
- Income Verification: Documents like salary slip, GST paper, and agreement paper help verify the borrower's income and creditworthiness.
- Residence Verification: Documents like rental agreement/ticket and bank passbook help verify the borrower's residence.
Conclusion
In conclusion, Udgam Microfinance's document requirements are designed to ensure responsible lending practices and verify the borrower's creditworthiness. Borrowers should carefully review the required documents before applying for a loan to ensure they have all the necessary paperwork.
Conclusion
In conclusion, Udgam Microfinance's terms and conditions are designed to promote responsible lending and borrowing practices. Borrowers should carefully review these terms before applying for a loan to ensure they understand their obligations and responsibilities. By providing clear explanations of the loan products and terms, Udgam Microfinance can help borrowers make informed decisions and avoid confusion.