The sourcing executive identifies a batch that wants a loan and conducts customer training covering the terms and conditions of this loan. He/she fills the CIS form with details of the borrower and co - borrower and does a thorough check of the ID and Address proof that has been submitted. This proof is commonly referred to as the KYC - Know Your Customer. Voter id and Aadhar card are the preferred ID documents. For address proof Ration card, Driving license or Passport can be provided.
The sourcing executive then does an onsite verification wherein he/she visits each batch member's house. He/she then calls the Area Head for a Batch Verification. Upon verifying, the Area Head gives a report stating eligibility for the batch loan.
The sourcing executive then captures biometric data and collects photographs. The filled in CIS forms and KYC are submitted to the OAC in the centre. OAC checks for any gaps/mismatches. The OAC makes an entry on SFDC. A credit bureau check is done on the customer's financial track records. Once we receive a positive report from the credit bureau, the loan is sanctioned and account is created in CBS.
The OAC then calls the batch to the centre and conducts a confirmatory meeting, post which the loan is disbursed. The customer gets a sanction letter, repayment schedule and the Jana Cash Card.
The Jana Cash Card can be used as an atm card to withdraw the loaned amount from any bank's atm.
EMIs are collected on a monthly basis from the batch's meeting centre.
As an SB Loan customer, the borrower and co - borrower are insured to cover the risk of death within the policy term when the loan is sanctioned.
The customers are educated on pension and savings products like 'Badhti Bachat'. These products are offered with SB loans to help develop saving habits.
For customers with a good track record of repayment for 2 loan cycles, we offer Individual Loans called NANO Loans which is provided for business development or home improvement.
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