ASOMI is providing credit services to the poor and needy that wants to be engaged in income generating activities for strengthening the livelihood. Presently, ASOMI is operating in the rural and urban areas through the following schemes:

1. Self Help Group (SHG)

SHG loan is the base for every loan and individual that ASOMI wants to cater. The basic characteristics of SHGs are:

  1. 10-20 members
  2. Homogenous in respect of sex, income and social status
  3. Residence should be within a hamlet
  4. 10% flat rate of interest/Service Charges
  5. Repayment is distributed equally for 50 weeks

Loan Amount

  • Minimum Loan Amount to Individual Member = Rs 2,000/
  • Maximum Loan Amount to Individual Member = Rs 25,000/
  • and the maximum loan to one SHG is Rs 2,50,000/ in 2nd/ 3rd Cycle

2. JOINT LIABILITY GROUP

When the credit need is higher than Rs.10,000/ loan are provided to individual member through JLG. It is advisable to bring the members of JLG through the loan cycles of SHG. If not, we observe them at least for six weeks and collect the secondary information for the members. The basic characteristics of a JLG are:

  1. 3-5 members
  2. Belongs to same locality
  3. All members are jointly and severally liable for repayment of the loan
  4. 10% flat rate of interest/ service charge
  5. Repayment is distributed equally for 50 weeks

Loan Amount

  • Minimum Loan Amount to Individual Member = Rs.10,000/
  • Maximum Loan Amount to Individual Member = Rs.50,000/

3. ENTERPRISE DEVELOPMENT LOAN (EDL)

To cater the need of individual, EDL is considered if it is difficult to get group liability. The main characteristics of EDL are:

  1. Should have proper track of record for residence and business entity
  2. Preferably upgraded from SHG or JLG

Loan Amount

  • Minimum Loan Amount to Individual Member = Rs.10,000/
  • Maximum Loan Amount to Individual Member = Rs.50,000/

4. URBAN MICROCREDIT

Having seen the need of the small shopkeepers, tea stalls, vendors, ASOMI has introduced its urban microcredit at Guwahati on pilot basis. Here the basic difference with rural micro-credit is that the collection here is DAILY. The main features of this kind of microcredit are as follows:

  1. Daily collection
  2. Rate of interest is 10% along with 10% Administrative Charge and 1% Risk Premium
  3. The loan tenure is 365 days with a collection of 300 days
  4. The Loan amount varies from Rs 10,000/ to Rs 50,000/

5. DAIRY LOAN

To provide improved variety of milch cattle to farmers; this specific product has been developed. Here the channel is used are SHG/JLG/Individual:

  1. Loan may be rooted through SHG/JLG/Individual
  2. Loan Amount varies Rs 20,000/ to Rs 3,00,000/ depending on model
  3. A moratorium of three months is allowed
  4. The tenure of loan is maximum of 24 months
  5. Rate of Interest is 10%
  6. Initial deposit @ 10% of the Loan Amount is required

6. AGRICULTURE TRANSPORTATION LOAN

Keeping the demand for three- wheeler in the rural and semi-urban area especially for agricultural goods transportation, ASOMI has also introduced another scheme for financing to a maximum of 75% of the total cost of a Three- Wheeler through JLG. Minimum three people can form a Joint Liability Group for a Three-Wheeler. Two Guarantors are also required for creating the comfort level for this kind of credit service. The main features of the scheme are as follows:

  1. The rate of interest for the loan varies from 9.5% -10.5% based on the level of comfort level on the borrowers, and down payment
  2. Collection will be on monthly basis through Cheque or cash
  3. Tenure of loan will be 12 months to 36 months
  4. Moreover, the premium for INSURANCE for the next 2 years will also be collected on equated monthly installments