| Institution Type | Non Bank Financial Institution |
| Is this institution regulated? | Yes |
| Website address | http://www.suryodaymf.com/ |
| Year established | 2008 |
| Head of Institution | R Baskar Babu |
| Regions active | Gujarat, Karnataka, Maharashtra, Orissa, Tamil Nadu |
| # Branches | 34 |
| Total Portfolio (nat'l) | INR 1,118,427,664 |
| Total Portfolio (USD) | USD 21,102,408.75 |
| Active clients with loans | 139,423 |
| Approximate % female clients | 100% |
| Approximate % urban clients | 80% - 100% |
| Network affiliations |
| Product Name | Loan Size Range | Loan Term (months) | % Female | % Urban | Loan Purpose | Eligibility | Other Services | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| IG02 | INR 15,000 - 15,000 | 18 | 80% - 100% | 80% - 100% | Business | Women, Low HH Inc, Med HH Inc | Credit Educ, Group Mtgs, Credit Ins, Business Training, Other Training | |||||||
| IGF02 | INR 15,000 - 15,000 | 16.5 | 80% - 100% | 80% - 100% | Business | Women, Low HH Inc, Med HH Inc | Credit Educ, Group Mtgs, Credit Ins, Business Training, Other Training | |||||||
| IM18 | INR 18,000 - 18,000 | 24 | 80% - 100% | 80% - 100% | Business | Women, Low HH Inc, Med HH Inc | Credit Educ, Group Mtgs, Credit Ins, Business Training, Other Training |
| 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| IG02 | 25.2% - 25.8% | 26.5% - 27.1% | 29% - 29.7% | Yes | Yes | Yes | 100 | |||||||
| IGF02 | 25.8% - 26% | 27.3% - 27.5% | 30.1% - 30.3% | Yes | Yes | Yes | 100 | |||||||
| IM18 | 26.3% - 26.8% | 27.3% - 27.9% | 29.5% - 30.2% | Yes | Yes | Yes | 100 |
| Product Name | Annual Nominal Interest | Fees | Insurance | Taxes | Compulsory Deposit | APR (int+fee) | Full APR | Transparency Index | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| IG02 | 26.0% annual, Decl Bal | 1 Fee | 1 Ins | 12.36% fees | N/A | 26.5% - 27.1% | 29% - 29.7% | 88 | ||||||||
| IGF02 | 26.0% annual, Decl Bal | 1 Fee | 1 Ins | 12.36% fees | N/A | 27.3% - 27.5% | 30.1% - 30.3% | 86 | ||||||||
| IM18 | 27.0% annual, Decl Bal | 1 Fee | 0 Ins | 12.36% fees | N/A | 27.3% - 27.9% | 29.5% - 30.2% | 90 |
| Outstanding portfolio (GHS) | GHS 767,636 |
| Portfolio (USD) | USD 389,662.94 |
| Active Clients with Loans | 400 |
| Approximate % Female Clients | 80% - 100% |
| Approximate % Urban Clients | 40% - 60% |
| Individual | x |
| Solidarity group | |
| Village banking | |
| Self help group | |
| Other |
| Any purpose | |
| Income generation | x |
| Mortgage/housing | |
| Consumer loan | |
| Agriculture | |
| Education | |
| Other household finance | |
| Other | |
| Other (2) |
| Credit education | |
| Group meetings | |
| Credit insurance | |
| Workplace visits | |
| Business training | x |
| Other training | |
| Other | |
| Other (2) | |
| No other services |
| Men | x |
| Women | x |
| Must run a business | x |
| Must own a home or land | |
| Must be a salaried worker | |
| Must be specific age group | |
| Other | |
| Other (2) |
| # Regions for this institution | N/A |
| # Regions for this product | N/A |
| Regions Active |
| Currency | GHS |
| Minimum loan size | GHS 500 |
| Maximum loan size | 3,000 |
| Shortest loan term | 6.0 months |
| Longest loan term | 12.0 months |
| Approx average | 10.0 months |
| Grace period usage | 0 |
| Average grace period | 0 |
| Daily | |
| Weekly | |
| 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 | 30.00% |
| Highest quoted nominal interest | 30.00% |
| Interest rate period | Yearly |
| Interest Rate Calculation Method | Flat |
| Subsidized by funder request? | |
| Is rate fixed for entire loan term | Yes |
| Fee 1 | |
|---|---|
| Description | Commitment Fee |
| % of loan amount - min | 5.00% |
| % of loan amount - max | 5.00% |
| OR, Fixed amount - min | 0 |
| Fixed amount - max | 0 |
| Reason for variation | |
| Appears on Repayment Sched? | No |
| Required for | All |
| Criteria | N/A |
| Is deposit indicated on the repayment schedule? | |
| Do borrowers control deposit in their group? |
| % loan amount deposited | 0 |
| or, Fixed-amount deposited | GHS 10 |
| % loan amount deposited | 0 |
| or, Fixed-amount deposited | 0 |
| Conditions on access to deposit | End Term |
| 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 1,000 | GHS 2,000 | GHS 3,000 | ||
| Loan Cycle (1, 2, 3, etc) | Not Known | Not Known | Not Known | ||
| Disbursement Date | 2010-10-30 | 2011-04-13 | 2011-06-06 | ||
| Loan Term (Months) | 3.0 months | 6.0 months | 6.0 months | ||
| Grace Period (Months) | 0.0 months | 0.0 months | 0.0 months | ||
| Total Cost of Credit | Not Known | Not Known | Not Known | ||
| True Price by Comp | |||||
| Interest and Fee Component | 206.6% | 68.7% | 68.4% | ||
| Insurance Component | 0.0% | 0.0% | 0.0% | ||
| Tax Component | 0.0% | 0.0% | 0.0% | ||
| Deposit Component | 5.7% | 2.0% | 1.3% | ||
| Full APR (int fee ins tax dep) | 212.3% | 70.7% | 69.7% | ||
| Transparency Index | 14 | 42 | 43 | ||
| 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 |
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