The success of ‘Axis Sahyog ’, program
in Rural Bharat has led to Axis Bank to roll out this program to the urban
areas too.
The aim of ‘Axis Sahyog’, is to offer small ticket, unsecured loans to economically
active poor women.
The End to end processing – from
customer on-boarding to disbursement and servicing, is faster, seamless and paperless.
The loans will be disbursed at the
doorsteps of the borrowers, through cash, bank account or card.
Axis Sahyog is aimed at Joint Liability
Group (JLG) borrowers.
The app has the capability to reduce the
TAT to 5 days from the present 12 days.
Key
features of Axis Sahyog are:
- Quick approval loans
- Doorstep delivery
- Collateral free loans
- Nil Processing fees
- Insurance for Customer and Spouse
- Option for cash / Saving account /
Card based disbursement
Besides Uttar Pradesh, the Axis Sahyog
programme is hinterlands of Bihar, Madhya Pradesh, Maharashtra, Orissa,
Karnataka andJharkhand.
Today Axis Bank unveiled this program for
the urban poor at Pune, under the Bank's
flagship microfinance programme and the services will be delivered via its
technology driven 'TAB based lending' solution.
As these loans will be disbursed under the
Joint Liability umbrella, these loans will be collateral free.
The lender plans to commence urban
microfinance operations in 85 branches across Bengaluru, Chennai, Kolkata and
Mumbai, in addition to Pune. The loans disbursed to self-employed women, part
of Joint Liability Groups (JLGs) are for income generating purposes like
tailoring, catering, running kirana shops etc, with an average loan size of Rs
15,000. Axis Bank is currently providing small loans to around 8 lakh
households with a total throughput of Rs. 1500 crores.
The bank has also introduced a first-of-its
kind concept of 'Map module' under which the villages as well as customer touch
points such as meeting place and individual households will be geo tagged and
displayed on a map. This feature will help in tracking locations and delivering
financial services on time and with accuracy.
Axis Bank is currently providing small
loans to around 8 lakh households with a total throughput of Rs 1,500 crore and
has a presence in states such as Bihar, Uttar Pradesh, Madhya Pradesh, Orissa,
Karnataka, Jharkhand, West Bengal and Tamil Nadu.
Under this, the loans will be disbursed to
self-employed women, part of Joint Liability Groups (JLGs) small businesses
like tailoring, catering and running grocery
shops with an average loan size of Rs 15,000.
According to Microfinance Institutions
Network (MFIN) data, a self-regulatory organization for the industry, the loan portfolio of microfinance
institutions (MFIs) stood at Rs 53,233 crore as of 31 March 2016, up from Rs
28,940 crore a year ago.
In April 2015, RBI eased rules for MFIs,
raising total indebtedness limit of a borrower to Rs 1 lakh, double the
previous limit of Rs 50,000. The new rules state that MFIs can disburse loans
to a borrower in urban or semi-urban regions, the annual income limit has been
raised to Rs 1.6 lakh from Rs 1.2 lakh.
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