Services
SUWS is presently serving the members in nine districts of West Bengal through 91 branches and providing financial support for various activities for generation of employment, production entrepreneurship, developing resources of the community and income generating activities. Credit is extended to the female individuals of SHGs on easy terms so far the rate of interest and loan repayment are concerned. Repayment of loan is allowed on 52-weeks term with interest at 13%(flat). While disbursing the loan society collects insurance fee and customer mentoring charges from its SHG members. Following the RBI guidelines no security deposit is taken from the borrowers against the micro-credit loan.
Product Highlights:
Type of Loan | Lending to SHG Members | |
Loan Size | Rs. 2000 to Rs. 20000 | |
Loan Period | 52 Weeks | |
Rate of Interest | 13% (24.83% on reducing balance ) | |
Repayment Frequency | Weekly | |
Security Deposit | NIL | |
Collateral | NIL | |
Other Fees | Insurance Fee 1% and Customer Mentoring charges – 1%, on the loan amount. |
Insurance
In order to secure the loan in case of death of borrower or her spouse and to ensure refund/adjustment of loan in such case, principal loan amount is got covered under Group Insurance Scheme. In such case, loan amount is got adjusted out of the claim amount settled by the insurance company and the balance amount is refunded to the borrower or her spouse, i.e. survivor.
Micro Finance
Microfinance is a form of financial services for entrepreneurs and small businesses lacking access to banking and related services. It was a movement whose object was a world in which as many poor and near-poor households as possible have permanent access to an appropriate range of high quality financial services,
Though credit plays an important part for the human development especially in a country like ours and self-employment is the only option available to the larger community for their livelihood, at times funding of any project was quite difficult for the general people. In fact, arrangement of funding from mainstream financial institutions was very much difficult for the poor people mainly for their inability to provide collateral for the loan and as such, the poor and marginalised sections were being deprived of the financial support. Though it was being considered at that time that such loans are not commercially viable options for the mainstream financial institutions, in practice it was observed that little credit inputs can create a bigger impact and develop the target community to a large extent. Microfinance has become a real means of reducing poverty by improving both people’s standard of living and economic self-sufficiency
Micro-Credits are mainly offered to :
Right from the beginning SUWS has been working with mission to strengthen the socio-economic condition by empowering the downtrodden and disadvantaged people through a platform based on financial and other supports. SUWS has been providing financial support to the poor and under-privileged members of the microfinance program of the society for different kinds of income generating activities like Agriculture and agro-Processing Job, tailoring, embroidery, zari work, handicraft, manufacturing of soft toys, vegetable vending, fishing, rice husking, animal Husbandry, small Business including various trading activities and many more enabling the beneficiaries to earn their livelihood.