Product & Services

Products

Product and 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.

Group Loans

Loan range: Rs.15000/- To Rs.30000/- Interest rate (Reducing balance): 25.88% P.A. or within 12% of margin cap. Repayment tenure: 12 Months or Less Than 12 Months. Instalment Frequency: Weekly/ Fortnightly/Monthly. Processing fees: 1% of the loan amount (exclusive of all taxes)

Individual Loans

  Loan range: Rs.40000/- To Rs.100000/- Interest rate (Reducing balance): 25.88% P.A. or within 12% of margin cap. Repayment tenure: 24 Months. Instalment Frequency: Weekly/ Fortnightly/Monthly. Processing fees: 1% of the loan amount (exclusive of all taxes)

Microfinance Loans

“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 3-5 customers. A detailed individual family survey will be conducted to ascertain their family background, occupation, duration of their stay in the area, weekly-assured income levels, neighbourhood opinion etc., Residential proof of their stay in the locality will be ascertained with documentary evidences like 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 her spouse. 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. Loan disbursement and collections happen at group level on a mutually accepted date & time.

Insurance Services

In the unfortunate event of natural or accidental death of the customer/spouse/bread earner, the insurance amount helps the nominee/beneficiary to cover the existing loan as well as receive the benefits of a life cover. We have partnered with “Kotak Mahindra Old Mutual Life Insurance Ltd” to offer a Group Loan Insurance policy, based on loan type and repayment mode. The insurance premium and administrative charges if any as per IRDA guidelines will be recovered from the borrower at cost.

Loan amount Insurance Premium*
RS.15000 160
Rs.20000 213
Rs.30000 319
Rs.40000 425
Rs.50000 532

(*The Premium amounts are for per couple and are inclusive of all the taxes)