Our product offering under the “SARAL” category is extremely simple considering the challenges of evaluating the income generation opportunity of our borrowers. After detailed analysis, we decided to offer vanilla microfinance products for women entrepreneurs within the JLG (Joint Liability Group) model. Apart from loans for income generation, JAGARAN also provides small loans for the education of the children of the borrowers’ families under the SHIKSHA (INR 5000 & 10000) Loan category. These loans are provided to fulfil school fees, purchase books and stationery for the wards.Jagaran started Solar Energy Funding (solar energy run lamps) for our poor women clients living in rural and semi urban areas of Bihar, Jharkhand, Odisha& West Bengal. In case of an emergency, Jagaran also offers EMERGENCY (INR 6000,12000& 16000) loan product to its borrowers. Typically, the maximum product tenure is 52 weeks. Disbursement is carried out at branches while collection happens at the centres. We offer support for a range of livelihoods but our focus is mostly on agriculture and allied activities. The rate of interest is in line with the guidelines issued by the Reserve Bank of India from time to time and on a reducing balance basis. The borrowers have the choice to repay the loans on a weekly, fortnightly or monthly rests. Charges are as defined by the Reserve Bank of India and consist only of Processing Fees of 1%. There are no hidden charges. Complete transparency is maintained with the borrowers. We also provide pass books free of cost. Terms of the loan and all necessary information is provided in the pass book. With respect to Insurance of borrowers, only the cost of Insurance is recovered from the borrowers. We cover the borrower and co-borrower to the extent of the amount lent for life as well as Total or Partial Permanent Disability.
|Product Name||Purpose||Loan Amount||Tenure||Loan Processing (Fee)||Security||Interest Rate(Reducing)|
|BanksSaral-10000 to Saral-30000||Financial InstitutionsIncome Generation||AssociatesINR 10000 to 30000||Associates47-51WEEKS(depends on product)||Associates1%||AssociatesNIL||Associates24.25%|
|BanksShiksha-5000 & Shiksha-10000||Financial InstitutionsEducation||AssociatesINR 5000 & 10000||Associates47 WEEKS||Associates1%||AssociatesNIL||Associates24.25%|
|BanksEmergency 6000, 12000 & 16000||Financial InstitutionsEmergency||AssociatesINR 6000,12000 & 16000||Associates48-49 WEEKS||Associates1%||AssociatesNIL||Associates24.25%|
|BanksSolar Home 60 & Solar Pro-2||Financial InstitutionsEnergy Funding||AssociatesIINR 4,999 & INR 2,399||Associates24-25 WEEKS||Associates1%||AssociatesNIL||Associates24.25%|
|BanksAashray||Financial InstitutionsHousing Finance||Associates28,000||Associates48 WEEKS||Associates1%||AssociatesNIL||Associates24.25%|
|BanksSaral-40000||Financial InstitutionsIncome Generation||AssociatesINR 40000||Associates106 WEEKS||Associates1%||AssociatesNIL||Associates24.25%|
Current Out Reach
|Key Operational Statistics as on 31st May 2018.|
|Gross Loan Portfolio (Rs. Cr.)||265.20|
|BC Portfolio (From IDBI Bank)(Rs.Cr.)||22.64|
|No. of States||5|
|No. of districts||28|
|No. of Branches||108|
|No. of Active members||2,44,756|
|Loan Amount Disbursed during this period of 2018-19||76.66|
|Average O/S Loan (INR)||15,172|
|Regular Repayment Rate||99.59%|
|Number of Employees||625+|
Rating & Grading
• Jagaran has been assigned Grade S3 (Good) as Social Rating by M2I in 2016 (a renowned Social Rating agency).
• It has received Grading “AA” in Code of Conduct Assessment (CoCA) conducted by ACCESS-ASSIST in 2016.
• CARE Ratings assigned a grading ‘MFI 2’ in July 2017 .
• CARE Ratings assigned a Rating‘BBB-/Stable’ to Jagaran on April 2018.
• Jagaran received Skoch Order-of-Merit award in September 2016.
Service Excellence: Provide unfailing service at the right place and at the right time.
Product Offering: Listen to the market and offer practical solutions.
Support and Guidance: Understand problems and assist members whenever required.