Nirantara Community Services - Income Generation Loan (IGL) - FNR - IGL - MFTransparency.org Truth In Lending Tables

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Institution

Nirantara Community Services Head Office: #123, Shantaveera, 1st Floor, 10th Main2nd Cross, Shankarnagar, Mahalakshmi LayoutBangalore, Karnataka560096

Data approved: 2010-11-15

Data version: 1

Age of data: 171 months

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Product

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Product Details

Key Statistics

Outstanding portfolio (INR)	INR 1,527,884
Portfolio (USD)	USD 28,828
Active Clients with Loans	155
Approximate % Female Clients	80% - 100%
Approximate % Urban Clients	20% - 40%

Methodology

Individual
Solidarity group	x
Village banking
Self help group
Other

Description

This is the new loan product introduced recently. This is given mainly to income generation purpose, mainly for starting a new micro-business and/or running their micro-business. The tenure of the loan is Appx. 17 Months repaid in 36 installments.

Loan Purpose

Any purpose
Income generation	x
Mortgage/housing
Consumer loan
Agriculture
Education
Other household finance
Other
Other (2)

Included Services

Credit education	x
Group meetings	x
Credit insurance	x
Workplace visits
Business training
Other training	x
Other	Financial Literacy Programs
Other (2)	Community Contact Programs
No other services

Eligibility

Men
Women	x
Must run a business
Must own a home or land
Must be a salaried worker
Must be specific age group
Household income <60,000 INR
Household income <120,000 INR
Must live in rural area
Must lives in urban area
Other
Other (2)

# Borrowers by Product

Portfolio Size by Product

Geographic Coverage

# Regions for this institution	N/A
# Regions for this product	N/A
Regions Active

Loan Conditions

Loan Amount

Currency	INR
Minimum loan size	INR 5,000
Maximum loan size	12,000

Loan Term and Grace Period

Shortest loan term	16.8 months
Longest loan term	18.0 months
Approx average	16.8 months

Distribution at Disbursement (Est.)

Loans 3 months or less	0
Between 4 and 6 months	0
Between 7 and 9 months	0
Between 10 and 12 months	0
Between 13 and 18 months	100%
Longer than 18 months	0

Grace Period

Grace period usage	0
Average grace period	0

Repayment Frequency

Daily
Weekly
Every 2 weeks	x
Every 4 weeks
Monthly
Every 2 months
Quarterly
Every 6 months
Every 12 months
Single end payment
Irregular payments

Pricing Information

Interest

Lowest quoted nominal interest	27.93%
Highest quoted nominal interest	27.93%
Interest rate period	Yearly
Interest Rate Calculation Method	Decl Bal
Subsidized by funder request?
Is rate fixed for entire loan term	Yes

Upfront Fees

	Fee 1
Description	Processing Fee
% of loan amount - min	2.00%
% of loan amount - max	2.00%
OR, Fixed amount - min	0
Fixed amount - max	0
Reason for variation	N/A
Appears on Repayment Sched?	Yes

Ongoing Fees

This product has no ongoing fees

Upfront Insurance Fees

	Ins 1
Description	Insurance Fee
% of loan amount - min	0
% of loan amount - max	0
OR, Fixed amount - min	150
Fixed amount - max	250
Reason for variation	N/A
Appears on Repayment Sched?	Yes

Ongoing Insurance Fees

This product has no ongoing insurance fees

Compulsory Deposit

Required for	Never
Criteria	N/A
Is deposit indicated on the repayment schedule?	N/A
Do borrowers control deposit in their group?	N/A

Deposit BEFORE or AT Disbursement

% loan amount deposited	N/A
or, Fixed-amount deposited	N/A

Deposits DURING period payments

% loan amount deposited	N/A
or, Fixed-amount deposited	N/A
Conditions on access to deposit	N/A

Interest Paid on Deposit

Minimum interest rate paid	N/A
Maximum interest rate paid	N/A
Interest payment frequency	N/A

Taxes

Are taxes charged on this product?	No

Are taxes charged on this product?

Full Pricing Data

Income Generation Loan (IGL) - FNR - IGL samples

	Sample 1	Sample 2	Sample 3	Sample 4
Loan Amount	INR 5,000	INR 10,000	INR 10,000	INR 10,000
Loan Cycle (1, 2, 3, etc)	1	1	1	1
Disbursement Date	2010-11-03	2010-10-30	2010-10-27	2010-11-03
Loan Term (Months)	16.8 months	16.8 months	16.8 months	16.8 months
Grace Period (Months)	0.0 months	0.0 months	0.0 months	0.0 months
Total Cost of Credit	Not Known	Not Known	Not Known	Not Known
True Price by Comp
Interest and Fee Component	31.0%	31.0%	31.0%	31.0%
Insurance Component	6.4%	3.3%	3.3%	3.2%
Tax Component	0.0%	0.0%	0.0%	0.0%
Deposit Component	0.0%	0.0%	0.0%	0.0%
Full APR (int fee ins tax dep)	37.4%	34.3%	34.3%	34.2%
MFIN MFI Earning (Annualised)	31.0%	31.0%	31.0%	31.0%
MFIN Cost to Borrower (Annualised)	37.4%	34.3%	34.3%	34.2%
Transparency Index	75	81	81	82
MFIN Transparency Index	N/A	N/A	N/A	N/A

Original Repayment Schedule	PDF	PDF	PDF	PDF
MFT Pricing Calculation	PDF	PDF	PDF	PDF

* The APR stated here is an MFTransparency term, definition and formula

Income Generation Loan (IGL) - FNR - IGL Price Graphs

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Key Statistics
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