Keshava Prabha Microfin Pvt Ltd. offers microfinance loans through Joint Liability Group (JLG) model to women from lower economic strata of the society. The loan repayments are done on weekly, fortnightly or monthly cycle, depending on the cash flow of the customer. The service is delivered through centers formed with 10 to 30 members per center. Each center is sub divided to groups which consist of 5 to 7 members each. The groups as well as centers have leaders elected from the members to regulate their functioning. The center meetings are conducted in a convenient location near the residences of the members.
The enrolment of members in the centers happens through our branches. A branch’s service area is limited a maximum radius of 15 KMs from the branch location. The members are enrolled into the center after undergoing a rigid training session conducted by the Field Officers of the company and a supervisory training session conducted by the Branch Manager. To ensure the members are from the same locality, the house visits to all the members’ homes are conducted by two different officials of the company.
Credit Bureau verification is done for 100% of customers before onboarding to ensure the quality of the customers. The members who have defaults in other financial institutions or who are over indebted are not given loans.
The company offers loans to each member depending on her need, indebtedness, repayment capacity and track record. Loan amounts range between Rs 500 and Rs 60,000.