Microfinance Group Loan

Starting at Rs. 5,000 | No collateral required | No hidden charges
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Trusted by 3 lakh+ customers

Microfinance Group Loan
Starting at Rs. 5,000 | No collateral required | No hidden charges
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Disbursal in 2 days*

Your bank account will be credited with your loan amount within 2 days* of the application.

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Collateral Free

No collateral or guarantor needed to get the loan.

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No part-prepayment charges

Make pre-payment of your loan at no additional charges

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No hidden charges

There are no hidden charges for your loan process

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Disbursal in 2 days*

Your bank account will be credited with your loan amount within 2 days* of the application.

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Collateral Free

No collateral or guarantor needed to get the loan.

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No part-prepayment charges

Make pre-payment of your loan at no additional charges

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No hidden charges

There are no hidden charges for your loan process

Features and benefits of our Microfinance Group Loan

  • No part-prepayment or foreclosure charges

    Repay a part of your loan in advance or pay the entire amount at no extra cost.

  • Convenient tenures

    Manage your loan conveniently with repayment tenures ranging from 12 months to 36 months.

  • Loan of up to Rs. 1.5 lakh

    Manage your expenses with loans ranging from Rs. 5,000 up to Rs. 1.50 lakh.

  • No hidden charges

    Our fees and charges are clearly mentioned both on this page and in our loan documents. Please read these in detail before applying.

  • No collateral needed

    You are not required to offer any security, such as gold jewellery or property documents.

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Eligibility criteria and documents required

Women applicants can get a microfinance group loan by meeting our basic eligibility criteria. You will be asked to submit a few basic documents.

Eligibility criteria

Nationality: Indian

Age: 18 years to 80 years*

Gender: Female**


*Higher age limit is applicable at the time of loan maturity.

**Individuals belonging to low-income households

Documents required

  • Valid KYC
  • Bank account proof (bank passbook)

How to apply for microfinance group loan?

Step-by-step guide to apply for microfinance group loan

  1. Click on the 'APPLY' button on this page.

  2. Enter your 10-digit mobile number and the OTP sent to your phone.

  3. Provide personal details like your full name, gender, date of birth, PAN details, and employment type.

  4. Now select the nearest microfinance branch.

  5. Click on the ‘SUBMIT’ button.

That is it! Your application is submitted. Our representative will connect with you and guide you through the next steps.

Interest rate and applicable charges

Rate of Interest

Minimum

Maximum

Average in Q3 FY 25

23% p.a.

25% p.a.

24.47% p.a.

Type of fee

Applicable charges

Processing fees

Up to 1.50% (inclusive of applicable taxes) of the total loan amount

Documentation charges

Not Applicable

Prepayment charges

Part-prepayment – NIL



Full prepayment – NIL

Bounce charges

Up to Rs. 50/- per bounce.
“Bounce charges” shall mean charges for (i) dishonour of any payment instrument; or (ii) non-payment of instalment (s) on their respective due dates due to dishonour of payment mandate or non-registration of the payment mandate or any other reason including non-payment on due date in centre meeting.

Penal charge

Delay in payment of instalment for more than 7 days from the due date of instalment shall attract penal charge of up to Rs. 4/- per day for every delayed instalment, until the receipt of instalment

Mandate registration

charges

Not applicable

Broken period interest/ pre-monthly instalment interest

Broken period interest/ pre-monthly instalment interest shall be charged for actual number of days from the date of disbursement.

*Terms and conditions apply

For Micro Finance Loans, please note below:

Purchase of any non-credit product by the microfinance borrowers is purely on a voluntary basis.

Additional cess/ taxes, if any, will be applicable on all charges as per the respective state laws as may be applicable from time to time.

Frequently asked questions

What is the repayment tenure and rate of interest of microfinance group loan offered by Bajaj Finance?

The annual interest rate (%) represents the expense incurred by the borrower for funds borrowed from the lender. This interest is calculated based on the principal loan amount and the chosen loan tenure. Bajaj Finance provides microfinance group loans, offering an interest rate ranging from 23% to 25% p.a., with the flexibility of repayment periods spanning from 12 months to 36 months.
*Terms and conditions apply.

What are the eligibility criteria for a microfinance group loan?

To get a microfinance group loan, you only need to meet a few basic eligibility criteria:

  • You must be between 18 years and 80 years* of age

  • You must be a residing citizen of India

  • You must be a female member of a low-income household.

What are the documents required for a microfinance group loan?

To avail a microfinance group loan from Bajaj Finance, you will need to provide the following documents:

  • Valid KYC

  • Bank account proof (bank passbook)

What is the maximum loan that I can get?

You can borrow up to Rs. 1.50 lakh without pledging any collateral. We advise you to know our fees and charges in detail before applying.

*Terms & conditions apply.

Why should you choose a Bajaj Finserv Microfinance Group Loan?

Here are some reasons to choose the Bajaj Finserv Microfinance Group Loan:

  • Flexible tenures of up to 36 months

  • No guarantor or collateral needed

  • No part-prepayment or foreclosure fee

  • No hidden charges

*Terms and conditions apply.

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Disclaimer

Bajaj Finance Limited has the sole and absolute discretion, without assigning any reason to accept or reject any application. Terms and conditions apply*.