| Institution Type | Non Bank Financial Institution |
| Is this institution regulated? | Yes |
| Website address | http://www.armanindia.com/ |
| Year established | 1992 |
| Head of Institution | Jayendra Patel |
| Regions active | Gujarat |
| # Branches | 24 |
| Total Portfolio (nat'l) | INR 28,042,700,000 |
| Total Portfolio (USD) | USD 529,107,547.20 |
| Active clients with loans | 41,503 |
| Approximate % female clients | 100% |
| Approximate % urban clients | 40% - 60% |
| Network affiliations | MFIN, Sa-Dhan |
| Product Name | Loan Size Range | Loan Term (months) | % Female | % Urban | Loan Purpose | Eligibility | Other Services | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Group Loan | INR 8,000 - 15,000 | 12 | 100% | 40% - 60% | Business, Housing, Education, Other | Women, Have home or land, Low HH Inc, Med HH Inc, Rural HH, Urban HH | Credit Educ, Group Mtgs, Credit Ins, Tech Asst Visits |
| Product Name | APR (int) | MFIN MFI Earning (Annualised) | MFIN Cost to Borrower (Annualised) | COMPLIANCE WITH RBI GUIDELINES ON INTEREST METHOD | COMPLIANCE WITH RBI GUIDELINES ON PROCESSING FEES | COMPLIANCE WITH RBI GUIDELINES ON INSURANCE PREMIUM | MFIN Transparency Index | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Group Loan | 24.4% - 25.4% | 26.3% - 27.3% | 29.1% - 30.2% | Yes | Info awaited | Info awaited | 99 |
| Product Name | Annual Nominal Interest | Fees | Insurance | Taxes | Compulsory Deposit | APR (int+fee) | Full APR | Transparency Index | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Group Loan | 24.5%-26.0% annual, Decl Bal | 1 Fee | 1 Ins | 12.36% fees | N/A | 26.3% - 27.3% | 29.1% - 30.2% | 83 |
| Outstanding portfolio (GHS) | GHS 70,000 |
| Portfolio (USD) | USD 35,532.99 |
| Active Clients with Loans | 200 |
| Approximate % Female Clients | 80% - 100% |
| Approximate % Urban Clients | 60% - 80% |
| Individual | |
| Solidarity group | x |
| Village banking | |
| Self help group | |
| Other |
| Any purpose | |
| Income generation | x |
| Mortgage/housing | |
| Consumer loan | |
| Agriculture | |
| Education | x |
| Other household finance | |
| Other | |
| Other (2) |
| Credit education | x |
| Group meetings | x |
| Credit insurance | |
| Workplace visits | |
| Business training | x |
| Other training | x |
| Other | HIV/AIDS Awareness Training |
| Other (2) | |
| No other services |
| Men | |
| Women | x |
| Must run a business | |
| Must own a home or land | |
| Must be a salaried worker | |
| Must be specific age group | x |
| Other | Must be 18+ years old |
| Other (2) |
| # Regions for this institution | 1 |
| # Regions for this product | 1 |
| Regions Active | Greater Accra Region |
| Currency | GHS |
| Minimum loan size | GHS 350 |
| Maximum loan size | GHS 500 |
| Loans less than GHS 1,000 | 100% |
| GHS 1,000-5,000 | 0 |
| GHS 5,000-7,500 | 0 |
| GHS 7,500-10,000 | 0 |
| GHS 10,000-13,000 | 0 |
| Greater than GHS 13,000 | 0 |
| Shortest loan term | 5.0 months |
| Longest loan term | 12.0 months |
| Approx average | 8.0 months |
| Loans 3 months or less | 0 |
| Between 4 and 6 months | 60% |
| Between 7 and 9 months | 40% |
| Between 10 and 12 months | 0 |
| Between 13 and 18 months | 0 |
| Longer than 18 months | 0 |
| Grace period usage | 90% |
| Average grace period | 8.0 months |
| Daily | |
| Weekly | x |
| Every 2 weeks | |
| Every 4 weeks | |
| Monthly | |
| Every 2 months | |
| Quarterly | |
| Every 6 months | |
| Every 12 months | |
| Single end payment | |
| Irregular payments |
| Lowest quoted nominal interest | 3.00% |
| Highest quoted nominal interest | 3.00% |
| Interest rate period | Monthly |
| Interest Rate Calculation Method | Flat |
| Subsidized by funder request? | No |
| Is rate fixed for entire loan term | Yes |
| Fee 1 | Fee 2 | ||
|---|---|---|---|
| Description | Application Fee | Processing Fee | |
| % of loan amount - min | 0 | 0 | |
| % of loan amount - max | 0 | 0 | |
| OR, Fixed amount - min | 10 | 10 | |
| Fixed amount - max | 10 | 15 | |
| Reason for variation | Only charged on first-cycle loans | 10 GHS for first-cycle, 15 GHS for multiple-cycle. | |
| Appears on Repayment Sched? | Yes | Yes |
| Required for | All |
| Criteria | N/A |
| Is deposit indicated on the repayment schedule? | No |
| Do borrowers control deposit in their group? | Yes |
| % loan amount deposited | 0 |
| or, Fixed-amount deposited | GHS 50 |
| % loan amount deposited | 0 |
| or, Fixed-amount deposited | GHS 2 |
| Conditions on access to deposit | Access During |
| Minimum interest rate paid | 6.00% |
| Maximum interest rate paid | 6.00% |
| Interest payment frequency | Annually |
| Are taxes charged on this product? | No |
| Sample 1 | Sample 2 | Sample 3 | |||
|---|---|---|---|---|---|
| Loan Amount | GHS 350 | GHS 400 | GHS 500 | ||
| Loan Cycle (1, 2, 3, etc) | 1 | 1 | 1 | ||
| Disbursement Date | 2012-10-26 | 2013-04-19 | 2013-04-12 | ||
| Loan Term (Months) | 4.8 months | 4.0 months | 5.1 months | ||
| Grace Period (Months) | 0.1 months | 0.2 months | 0.0 months | ||
| Total Cost of Credit | GHS 72.20 | GHS 68 | GHS 120 | ||
| True Price by Comp | |||||
| Interest price component | 67.7% | 63.1% | 85.2% | ||
| Fee Component | 29.6% | 29.2% | 19.8% | ||
| Insurance Component | 0.0% | 0.0% | 0.0% | ||
| Tax Component | 0.0% | 0.0% | 0.0% | ||
| Deposit Component | 46.9% | 33.0% | 32.2% | ||
| Full APR (int fee ins tax dep) | 144.2% | 125.3% | 137.2% | ||
| Transparency Index | 25 | 29 | 26 | ||
| Original Repayment Schedule | |||||
| MFT Pricing Calculation |
| Key Statistics | |
|---|---|
| # Samples: | |
| # Products | |
| # Institutions | |
| # Countries | |
| # Borrowers | |
| Loan Portfolio (USD) | |
| % Products using declining balance | |
| % Products with one or more fee | |
| % Products with one or more insurances | |
| % Products with compulsory deposits |
| Country | InstAbbrev | SampleCode | Loan Amount USD | Loan Term (Months) | SampClients | FullAPR | DateApproved |
|---|---|---|---|---|---|---|---|
| X Axis | ||||||
|---|---|---|---|---|---|---|
| Greater than: | ||||||
| Less or equal to: | ||||||
| N (# of Samples) | ||||||
| Total Borrrowers of Samples | ||||||
| Avg | ||||||
| Min | ||||||
| Max | ||||||
| Std Dev | ||||||
| By Inst Type | ||||||
| By Country | ||||||
| X Axis | ||||||
|---|---|---|---|---|---|---|
| Greater than: | ||||||
| Less or equal to: | ||||||
| From 0 to | ||||||
| to | ||||||
| to | ||||||
| to ∞ | ||||||
