Product & Services

RORS Finance Private Limited credit is one of the most important services rendered  by  the  company  to its clients who  largely belong  to  the  weaker  sections  of  the  society. Further, interest   income forms the single largest component of income to the company. As the company focused on Micro credit, there is a need to provide clear strategic direction in deployment of Credit. This Credit Policy attempts to provide a broad framework for deployment of credit under the guidelines forwarded by Reserve Bank of India from time to time.

“RORS Finance Private Limited is lending only to women and for income generation activities.” RORS Finance Private Limited follows a hybrid model of Joint Liability Group and Individuals. A JLG consists of 3-6 customers. A detailed individual family survey will be conducted to ascertain their family income, background, occupation, duration of their stay in the area, weekly-assured income levels, assets and liabilities etc., Residential proof of their stay in the locality will be ascertained with documentary evidences like aadhaar card, Election cards, ration card, Rent agreements, Electricity bill etc. Initially for 3 weeks all the details of the scheme will be explained to the member and to the family members. The members will submit a request to the RORS Finance Private Limited to provide them the loan indicating their acceptance to the terms and conditions of the scheme. The company verifies their eligibility by verifying the credit bereau report of the family. Loan disbursement and collections happen at group level on a mutually accepted date & time. Loan range: Rs.10000/- To Rs.200000/-. Rate of Interest (ROI): As per the Board approval rate of interest and the Company reserves the right to change the ROI in accordance with the borrowing rates. Repayment tenure: 12 Months to 24 Months. Instalment Frequency: Weekly/ Fortnightly/Monthly. Other charges: As per the Board Approval processing charges and applicable GST (presntly18%) on processing charges and actual insurance premium for both (client and bred earner). Penalty charges: RORS Finance Private Limited shall not charge any penalty on pre-closures. The Company proposed to collect delayed interest on the overdue amount not on the entire loan amount