WHAT WE DO
WHAT WE DO
We provide loans to individual as well as group members in poor regions of India for a range of income-generating activities. SHUBH LABH FINANCE also offers emergency loans.
money transfers and gold loans to its members. Sonata serves thousands of poor people across villages and urban slums in India. By providing the poor this range of economic tools, we are looking forward to the eradication of poverty.
Our Products and Services
INCOME GENERATING LOANS
In the initial growth period, SHUBH LABH FINANCE only offers one basic loan product, which is strictly restricted to income generating activities. During the first cycle and on average, clients apply for a loan of a maximum Rs. 8,000 (the minimum amount is Rs. 2,000). During each cycle thereafter, the client has the option of applying for up to 120% of the previous loan amount.
The basic loan is repaid in equal Monthly installments at “center meetings” held in the local communities. Prepayment of principal is possible but only if the client settles the entire balance of the principal outstanding.
The Centers are the heart of SHUBH LABH FINANCE operations as this is where all transactions take place: loan application, initial approval (from group members), and collection of the deposit slips.
SHUBH LABH FINANCE provides Individual Loan lending for individuals. Rest of the procedure is same as in group lending procedure.