Urban Microfinance institution (MFI) Janalakshmi Financial Services has introduced a new facility for its existing customers. This facility has been named JanaOne.
Under the new facility, it will impart financial counseling, on savings and pension plans, to those customers who have been associated with the MFI for two years or more. Plus, the customers desirous of getting this financial advisory service must be having a successful repayment history of two group loan cycles.
The Bangalore based MFI will also provide individual loans to eligible customers between the amounts of Rs 50,000 to Rs 2 lakh, charging interest at the rate of 24% to 28%. Talking about the new service, the chief executive of Janalakshmi Financial Services said, "Rates charged will depend on the nature of the loan, the loan period and the security given. Ideally, we would prefer if the individual closes the group loan, which will allow us to aggregate the liability."
At present, the MFI is present in 12 states in the country. It has a total of 66 operating branches across these 12 states. To popularize its new service, the bank plans to set up three JanaOne centers in each branch.
In the last fiscal, Janalakshmi Financial Services provided loans worth Rs 420 crore to its customers. Its outstanding loan portfolio currently stands at Rs 330 crore.