Institution Type | Non Bank Financial Institution |
Is this institution regulated? | Yes |
Website address | http://www.crediblemicrofinance.com/ |
Year established | 2008 |
Head of Institution | Mr. Khirod Chandra Malick |
Regions active | |
# Branches | 21 |
Total Portfolio (nat'l) | INR 88,485,639 |
Total Portfolio (USD) | USD 1,669,540.36 |
Active clients with loans | 10,093 |
Approximate % female clients | 80% - 100% |
Approximate % urban clients | 20% - 40% |
Network affiliations |
Product Name | Loan Size Range | Loan Term (months) | % Female | % Urban | Loan Purpose | Eligibility | Other Services | |||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Agri-allied | INR 2,500 - 20,000 | 8 - 15 | 80% - 100% | 0% - 20% | Business, Housing | Women | Group Mtgs | |||||||
Income Generation Activities | INR 5,000 - 30,000 | 8 - 18 | 80% - 100% | 40% - 60% | Business, Housing | Women, Have business | Credit Educ, Group Mtgs |
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 | |||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Agri-allied | 0% | 24.2% - 25.1% | 24.2% - 25.1% | N/A | ||||||||||
Income Generation Activities | 0% | 23.6% - 24.2% | 23.6% - 24.2% | N/A |
Product Name | Annual Nominal Interest | Fees | Insurance | Taxes | Compulsory Deposit | APR (int+fee) | Full APR | Transparency Index | ||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Agri-allied | 20.0% annual, Decl Bal | 2 Fees | 0 Ins | None | N/A | 24.2% - 25.1% | 24.2% - 25.1% | 80 | ||||||||
Income Generation Activities | 20.0% annual, Decl Bal | 2 Fees | 0 Ins | None | N/A | 23.6% - 24.2% | 23.6% - 24.2% | 83 |
Outstanding portfolio (KES) | KES 604,912,277 |
Portfolio (USD) | USD 7,305,703.83 |
Active Clients with Loans | 14,839 |
Approximate % Female Clients | 100% |
Approximate % Urban Clients | 0% - 20% |
Individual | |
Solidarity group | |
Village banking | x |
Self help group | |
Other |
Any purpose | |
Income generation | x |
Mortgage/housing | |
Consumer loan | |
Agriculture | |
Education | |
Other household finance | |
Other | |
Other (2) |
Credit education | x |
Group meetings | x |
Credit insurance | x |
Workplace visits | x |
Business training | x |
Other training | x |
Other | |
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 | |
Other | |
Other (2) |
# Regions for this institution | 8 |
# Regions for this product | 8 |
Regions Active | Central, Coast, Eastern, Nairobi, North Eastern, Nyanza, Rift Valley, Western |
Currency | KES |
Minimum loan size | KES 1,000 |
Maximum loan size | 300,000 |
Loans less than KES 50,000 | 40% |
KES 50,000-150,000 | 50% |
KES 150,000-250,000 | 10% |
KES 250,000-350,000 | 0 |
KES 350,000-450,000 | 0 |
Greater than KES 450,000 | 0 |
Shortest loan term | 6.0 months |
Longest loan term | 18.0 months |
Approx average | 9.0 months |
Loans 3 months or less | 0 |
Between 4 and 6 months | 10% |
Between 7 and 9 months | 15% |
Between 10 and 12 months | 70% |
Between 13 and 18 months | 5% |
Longer than 18 months | 0 |
Grace period usage | 0 |
Average grace period | 0 |
Daily | |
Weekly | x |
Every 2 weeks | |
Every 4 weeks | |
Monthly | x |
Every 2 months | |
Quarterly | |
Every 6 months | |
Every 12 months | |
Single end payment | |
Irregular payments |
Lowest quoted nominal interest | 1.67% |
Highest quoted nominal interest | 1.67% |
Interest rate period | Monthly |
Interest Rate Calculation Method | Decl Bal |
Subsidized by funder request? | No |
Is rate fixed for entire loan term | Yes |
Fee 1 | |
---|---|
Description | LACE (Loan Application & Credit Evaluation) Fee |
% of loan amount - min | 2.00% |
% of loan amount - max | 3.00% |
OR, Fixed amount - min | 0 |
Fixed amount - max | 0 |
Reason for variation | 3% for 1st cycle, 2% for multiple cycle loans |
Appears on Repayment Sched? | Yes |
Ins 1 | |
---|---|
Description | Annual Insurance Fee |
% of loan amount - min | 0.63% |
% of loan amount - max | 0.63% |
OR, Fixed amount - min | 0 |
Fixed amount - max | 0 |
Reason for variation | 0.625% per annum. |
Appears on Repayment Sched? | Yes |
Required for | All |
Criteria | Savings interest depends on the balance that is in the account |
Is deposit indicated on the repayment schedule? | No |
Do borrowers control deposit in their group? | Yes |
% loan amount deposited | 10.00% |
or, Fixed-amount deposited | 0 |
% loan amount deposited | 0 |
or, Fixed-amount deposited | 0 |
Conditions on access to deposit | When Leaving |
Minimum interest rate paid | 1.00% |
Maximum interest rate paid | 3.00% |
Interest payment frequency | Monthly |
Are taxes charged on this product? | No |
Sample 1 | Sample 3 | Sample 4 | Sample 5 | Sample 6 | |||||
---|---|---|---|---|---|---|---|---|---|
Loan Amount | KES 9,999.95 | KES 48,000 | KES 94,999.92 | KES 189,999.96 | KES 319,999.84 | ||||
Loan Cycle (1, 2, 3, etc) | Not Known | Not Known | Not Known | Not Known | Not Known | ||||
Disbursement Date | 2013-05-28 | 2013-05-20 | 2013-05-11 | 2013-05-03 | 2013-05-28 | ||||
Loan Term (Months) | 11.0 months | 12.0 months | 13.0 months | 12.0 months | 24.0 months | ||||
Grace Period (Months) | -0.7 months | 0.0 months | 0.5 months | -0.4 months | 0.0 months | ||||
Total Cost of Credit | KES 2,138.77 | KES 10,860 | KES 21,493.71 | KES 41,615.20 | KES 136,399.92 | ||||
True Price by Comp | |||||||||
Interest price component | 37.3% | 34.4% | 32.0% | 36.0% | 34.1% | ||||
Fee Component | 4.6% | 4.0% | 3.7% | 4.3% | 2.2% | ||||
Insurance Component | 1.4% | 1.2% | 1.2% | 1.3% | 0.7% | ||||
Tax Component | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | ||||
Deposit Component | 9.4% | 7.9% | 7.0% | 8.8% | 6.9% | ||||
Full APR (int fee ins tax dep) | 52.7% | 47.5% | 43.9% | 50.4% | 43.9% | ||||
Transparency Index | 38 | 42 | 46 | 40 | 46 | ||||
Original Repayment Schedule | |||||||||
MFT Pricing Calculation |
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Loan Portfolio (USD) | |
% Products using declining balance | |
% Products with one or more fee | |
% Products with one or more insurances | |
% Products with compulsory deposits |
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