Product And Services
SV Creditline Limited (SVCL) offers credit facility for income generation activities. The target customer base are the people who are unable to avail credit facility from the existing banking system on account of lack of access or collateral security. The products are simple in design so that our customers find it easy to comprehend.
The field operation team works with a motto “Access, Affinity and Convenience”.
Customer Centric Products - JLG
Currently SVCL offers loans based on Joint Liability Group model, starting from Rs. 10,000/- to Rs. 35,000/-. The product detail is as under :-
|Product Name||1 Year Product||1.5 Years Product||2 Years Product|
|1.||Loan Amount||Rs.15,000/- To Rs.26,000/-||Rs.30,000/-||Rs.35,000/-|
|3.||Rate of Interest||24.7% (Reducing Balance)|
|4.||Loan Processing Fee||1% of Loan Amount + GST|
|8.||Penalty for delay in Repayment||Nil|
|9.||Insurance Premium||Actual As per Insurance Provider|
|10.||Insurance Tenure||1 - 3 Years (As per tenure)|
|11.||Insurance Coverage||Client and Spouse / Guarantor|
Note: To provide a financial cushion to borrower’s family and to avoid any sudden financial trouble, each borrower and their spouse/ guarantor are being insured through Insurance Companies by SVCL at an appropriate premium which is collected from the insured members and passed on to the Insurance Company.
This Service ensures that on the death of insured borrower or spouse/ guarantor, loan outstanding will be waived off and the nominee gets the sum assured amount. Insurance Claims are settled as per guidelines of Insurance Regulatory & Development Authority of India, 1999 (IRDA).
Customer Centric Products - SME
- E-rickshaw - With the growing literacy for non-polluting vehicles among the countrymen’s introduced the eco-friendly products in the Indian market. Among the basket of products introduced to curb pollution, there was electronic rickshaw which ran on battery and had no air pollution. As people were quick to shift their preferences from fuel run vehicles to battery run e-rickshaws so was the SVCL in identifying the cash crunch within the prospective buyers. To help these prospective buyers in their revolutionary move to save environment, SVCL introduced easy finance for e-rickshaw buyers within quick TAT and with easy documentation.
- Housing Loan - Families grow but houses don’t, until we construct them, and this becomes one of the reason in breaking of joint families which forces people to create nuclear families’ contrary to the Indian traditions. To help these nuclear families live together, SVCL introduced housing loan for those who either want to build their dream home from scratch or want to expand their house so that every member can have enough room for themselves.
- Short Term Individual Loan - There are times when people have urgent need of cash but there is no possibility of fund. We try to arrange funds for as low as 3 months tenure but it becomes challenging task for us to get that at competitive interest rates, quick time and for tenure less than 1 year. To help people come out of their tough times, SVCL introduced short term individual loan for as low as 3 months at an much lower interest rates from those of authorized and unauthorized lenders available in market. This loan is provided in quick time through simple app based application with the repayment of equated monthly instalment.
|Product Name||Housing Loan||Green Loan||Individual Loan|
|1.||Loan Amount||Rs.50,000/- To Rs.5,00,000/-||upto Rs. 1,20,000||upto Rs. 1,00,000|
|2.||Loan Tenure||upto 5 Years||12 - 24 Months||upto 9 Months|
|3.||Rate of Interest||24.7%||24.7%||30%|
|5.||Loan Processing Fee||2% of Loan Amount + Service Tax||1% of Loan Amount + Service Tax||6% of Loan Amount + Service Tax|
Note : In compliance with the RBI guidelines, SVCL does not take any security deposit, advance loan recovery, prepayment charges (except Individual Loan which is 5%) and penalty for delay in repayment from clients
For Housing Loan - SVCL provides insurance cover to both – the client and the co-applicants. This service ensures that on the death of either applicant or co-applicants, loan outstanding will be recovered from Insurance and the nominee will get the remaining amount
For Green Loan - SVCL provides insurance cover to the client. This service ensures that on the death of the client, loan outstanding will be recovered from Insurance and the nominee will get the remaining amount
For Individual Loan, there is no insurance cover.