Interest rate schedule for Micro Finance Loans:
| Product Type | Min Interest Rate | Max Interest Rate | Avg. Rate of interest in Q1 FY 23-24 | Processing Fee (% of loan) |
| SAMRIDDHI (Income Generation Loan) | 24.75% | 24.75% | 24.75% | 1.5% + GST |
| SAMVARDHANA (Top-up Loan) | 24.75% | 24.75% | 24.75% | 1.5% + GST |
| SAJAL (Water and Sanitation Loan) | 24.75% | 24.75% | 24.75% | 1.5% + GST |
| SUVIDHA (Consumer Durable Loan) | 24.75% | 24.75% | 24.75% | 1.5% + GST |
*Interest rates are calculated on a reducing balance basis per annum.
SAMRIDDHI (Income Generation Loan)
| Lending Model | Joint Liability Group |
| Loan Amount | Rs. 25,000 – Rs. 70,000 |
| Tenure | 12 – 36 Months |
| Repayment Frequency | Monthly/Fortnightly |
| Rate of Interest | 24.24% (on Reducing balance) |
| Processing Fee | 1.5% + GST |
SAMVARDHANA (Top-up Loan)
| Lending Model | Joint Liability Group |
| Loan Amount | Rs. 15,000 – Rs. 35,000 |
| Tenure | 6 – 24 Months |
| Repayment Frequency | Monthly/Fortnightly |
| Rate of Interest | 24.24% (on Reducing balance) |
| Processing Fee | 1.5% + GST |
SAJAL (Water and Sanitation Loan)
| Lending Model | Joint Liability Group |
| Loan Amount | Rs. 10,000 – Rs. 35,000 |
| Tenure | 12 – 24 Months |
| Repayment Frequency | Monthly/Fortnightly |
| Rate of Interest | 24.24% |
| Processing Fee | 1.5% + GST |
SUVIDHA (Consumer Durable Loan)
| Lending Model | Joint Liability Group |
| Loan Amount | Rs. 1,000 – Rs. 25,000 |
| Tenure | 9 – 18 Months |
| Repayment Frequency | Monthly/Fortnightly |
| Rate of Interest | 24.24% |
| Processing Fee | 1.5% +GST |
TWO-WHEELER LOANS
| Lending Model | Hypothecated – Individual Loan |
| Loan Amount | Rs. 50,000 – Rs. 1,50,000 |
| Tenure | 24 – 36 Months |
| Repayment Frequency | Monthly/Fortnightly |
| Rate of Interest | 24.24% |
| Processing Fee | 2% +GST |
PRAGATI (Mortgage Loan)
| Lending Model | Individual |
| Loan Amount | Rs 3 Lakh – Rs 25 Lakh |
| Tenure | 24 – 120 Months |
| Repayment Frequency | Monthly |
| Annual Interest Rate | 19-21% |
| Processing Fee | 2% + Applicable GST |
SAMPARK (Mortgage Loan)
| Lending Model | Individual |
| Loan Amount | Rs 3 Lakh- Rs 15 Lakh |
| Tenure | 24 – 120 Months |
| Repayment Frequency | Monthly |
| Annual Interest Rate | 21-23% |
| Processing Fee | 2% + Applicable GST |
SAMPARK ADVANTAGE (Mortgage Loan)
| Lending Model | Individual |
| Loan Amount | Rs 60,000 – Rs 5 Lakh |
| Tenure | 12 – 60 Months |
| Repayment Frequency | Monthly |
| Annual Interest Rate | 25% |
| Processing Fee | 2% + Applicable GST |
SWABHIMAN (Micro Enterprise Loan)
| Lending Model | Individual |
| Loan Amount | Rs 60,000 – Rs 5 Lakh |
| Tenure | 12 – 48 Months |
| Repayment Frequency | Monthly |
| Annual Interest Rate | 26-28% |
| Processing Fee | 2% + Applicable GST |
SURABHI (Dairy Cattle Loan)
| Lending Model | Individual |
| Loan Amount | Rs. 60,000 – Rs. 90,000 |
| Tenure | 24 Months |
| Repayment Frequency | Monthly |
| Annual Interest Rate | 19-24% (on Reducing balance) |
| Processing Fee | 1.5% + GST |
PRAGATI (Mortgage Loan)
| Lending Model | Individual |
| Loan Amount | Rs 3 Lakhs – Rs 25 Lakhs |
| Tenure | 24 – 120 Months |
| Repayment Frequency | Monthly |
| Rate of Interest | 19% – 21% |
| Processing Fee | 2% + GST |
SAMPARK (Mortgage Loan)
| Lending Model | Individual |
| Loan Amount | Rs 3 Lakhs- Rs 15 Lakhs |
| Tenure | 24 – 120 Months |
| Repayment Frequency | Monthly |
| Rate of Interest | 21% – 23% |
| Processing Fee | 2% + GST |
SAMPARK ADVANTAGE (Mortgage Loan)
| Lending Model | Individual |
| Loan Amount | Rs 60,000 – Rs 5 Lakhs |
| Tenure | 12 – 60 Months |
| Repayment Frequency | Monthly |
| Rate of Interest | 23% – 25% |
| Processing Fee | 2% + GST |
SWABHIMAN (Micro Enterprise Loan)
| Lending Model | Individual |
| Loan Amount | Rs 60,000 – Rs 5 Lakhs |
| Tenure | 12 – 48 Months |
| Repayment Frequency | Monthly |
| Rate of Interest | 24% – 28% |
| Processing Fee | 2% + GST |
CONSUMER DURABLE LOANS
| Lending Model | Individual |
| Loan Amount | Rs 10,000 – Rs 50,00 |
| Tenure | 6 – 18 Months |
| Repayment Frequency | Monthly |
| Rate of Interest | 20% |
| Processing Fee | 4% + GST |
SURABHI 1 (Dairy Cattle Loan)
| Lending Model | Individual |
| Loan Amount | Rs. 60,000 – Rs. 90,000 |
| Tenure | 24 Months |
| Repayment Frequency | Monthly |
| Rate of Interest | 24% |
| Processing Fee | 1.5% + GST |
SURABHI 2* (Dairy Cattle Loan)
| Lending Model | Individual |
| Loan Amount | Rs. 60,000 – Rs. 90,000 |
| Tenure | 24 Months |
| Repayment Frequency | Monthly |
| Rate of Interest | 20.4% |
| Processing Fee | 1.5% + GST |
Samasta NextGen
Welcome to Samasta NextGen : Empowering Your Business Dreams
Discover the seamless world of financial services at IIFL Samasta Finance Limited, where innovation meets convenience on the Samasta NextGen platform. Our cutting-edge approach to financial services ensures a user-friendly and personalized experience for aspiring entrepreneurs seeking financial support for their business ventures.
Assisted Application Process: Your Journey Begins Here with Samasta FinTech
At Samasta NextGen, we prioritize a customer-centric approach. Our dedicated representatives, strategically located in your vicinity, provide personalized assistance throughout your loan application journey. Leveraging technology through platforms like WhatsApp and our exclusive mobile application, we aim to simplify and enhance the financial services experience.
How to Apply for a Loan in Samasta NextGen: A Hassle-Free Guide
1. Connect with our Representatives:
Initiate your loan application journey by connecting with our nearby representatives. They are ready to guide you through the process and answer any queries you may have.
2. Co-Applicant Collaboration:
Bring your co-applicant along to our representative's location. Ensure that both you and your co-applicant have the necessary KYC documents for a smooth application process.
3. Personalized Assistance:
Our representatives will assist you right from the initial questionnaire, ensuring that your loan application journey is not just easy but also enjoyable. With the help of our WhatsApp bot and the dedicated mobile app, they guide you through each step seamlessly.
4. Swift Application Process:
The streamlined application process takes only 20 minutes to complete. Your credit eligibility is promptly assessed, and the approved loan amount is communicated to you via the same WhatsApp chat in a matter of moments.
5. Approval and Fund Transfer:
Upon approval, you have the option to request the transfer of the approved amount directly to your bank account. At IIFL Samasta Finance limited, our commitment to efficiency ensures that this entire process, from verification to fund transfer, is completed within half a day.
6. Loan Agreement and Signatures:
Before the disbursement of funds, you will be guided to consent to loan agreements, acknowledge terms and conditions, and complete additional mandatory signatures using our user-friendly application.
Embark on Your Business Journey with Confidence
At Samasta NextGen, fintech services, we are dedicated to transforming your business aspirations into reality. Our commitment to technology-driven, assisted financial services ensures that your entrepreneurial dreams are supported every step of the way. Experience the future of financial services with Samasta NextGen – where your success is our priority. Apply today and witness the power of innovation in financial empowerment.
*Interest rate for retail loans varies bases on ticket size. As ticket size increases, interest rate decreases.
DISCLAIMER
Interest rates are calculated on a reducing balance basis per annum access this document for more information: Interest rate disclosure Apr’24