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Vikaas Loans offer small amounts of money to groups of women. These loans often don’t require collateral and have an easy application process. They rely on mutual trust and social collateral, with repayment scheduled in small, manageable installments.
Eligibility for Vikaas Loans includes women in rural areas between the age of 20 and 60. Borrowers must belong to a Joint Liability Group (JLG) and demonstrate the ability to generate income to repay the loan. Eligibility may also include an assessment of the borrower's income-generating capacity and other factors.
To apply for a Rural Loan, certain eligibility criteria and documentation requirements must be met:
Documents:
- Aadhaar Card
- Voter ID / Ration card
Income Assessment:
- Based on the income-generating capacity of the customer and co-applicant.
Eligibility:
Customer Segment: Women borrowers
Age Criteria: 20 years - 60 years
Vikaas Loans provide many benefits, including access to funds for small rural businesses run by women entrepreneurs. They offer quick disbursement, flexible repayment terms, and usually do not require collateral. These loans also help build credit history and promote financial inclusion.
Yes, Rural Loans have a processing fee of 1.25% of the loan amount plus applicable taxes.
Repaying Vikaas Loans on time can positively impact your credit score by demonstrating financial responsibility and creditworthiness. Conversely, defaulting on repayments can negatively affect your credit score.
The maximum amount offered for Vikaas Loans by L&T Finance ranges up to ₹ 45,000.
The interest rate for Rural Loans ranges is 23.5%* p.a.
No, there are no foreclosure charges for Vikaas Loan from L&T Finance.
Yes, you can prepay your Vikaas Loan without any penalties.
