SHGs have helped immensely in reducing the influence of informal lenders in rural areas. Many big corporate houses are also promoting SHGs at many places in India.
SHGs help borrowers overcome the problem of lack of collateral. Women can discuss their problem and find solutions for it. What is the Purpose of JLG? To provide self-employment and increase production of agricultural products. What are the features of JLGs? Members should have a common activity. Members need not to have a land title. Members should be of the same village. Only One member of a family can become a member of JLGs.
Members should not be a defaulter of bank loan. Member should hold regular meetings. Mostly engaged in similar type of economic activity in Farm or Non-Farm sector and offer a joint undertaking to the Bank that enables them to avail loans. Type of loan Cash credit, short-term loan or term loan depending upon the purpose and tenor of loan.
Loan Limit As loan to be granted is against the mutual guarantee offered by the group, maximum amount of loan may be restricted to Rs. Margin Up to Rs. Rate of Interest - Please click here to know our latest interest rates Conditions apply For more details please contact our nearest branch. Internet Banking. EMI Calculator. Bank Holidays. For quick and timely disposal of credit, the branches may be delegated with the sanctioning power so that all JLG loans are sanctioned by the Branch Manager.
Financing of individuals in the JLG is proposed to be adopted under this framework. The loans may be disbursed preferably in cashless mode by credit to the savings bank account of the JLG member. The terms and conditions of sanction would be communicated highlighting the importance of on time repayment, by the branch manager.
The passbook will have all necessary details viz. Loan amount sanctioned and disbursed, EMI fixed, No. The JLGs through peer pressure will ensure loan utilization and timely repayment. All members will be collectively liable for any default. In case of default by one member, joint liability concept will operate and all the other members will contribute to make good the shortfall.
The center shall meet on monthly basis in a fixed place at a fixed day and time. Similarly, the Project Managers are required to maintain oversight on the activities of BCAs under him for which he may develop a suitable mechanism. Review of the JLG member account may be done periodically, at least once every month. Identification of members: The members of JLGs should be non-defaulting persons engaged in similar activity in the service area of BC agent.
The identification of JLG members would be done based on business mapping of the villages. The Branch Manager and the Project Manager will be closely involved in the potential mapping exercise. It would be desirable to look into the credit history of prospective JLG members.
In case the JLG member is already being serviced by some bank or MFI, it may be ensured that he will be able to service the loan being taken from the bank. Appraisal of JLG: A suggestive appraisal tool for use by the financing banks was circulated vide our circular no.
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