Vikaas Loan Eligibility Calculator

Vikaas Loan is offered to joint liability groups of women borrowers in rural areas at an interest rate of 18 to 24%* p.a. It is a financial support to help you fulfil your small business needs. Meeting the Vikaas loan eligibility requirements ensures a smooth application process. With the right documents and a strong profile, you can access monthly repayment options and competitive interest rates.

Vikaas Loan Eligibility Criteria

Understanding the eligibility criteria for Vikaas loan is essential for a successful application. Below are the primary requirements:
Criteria and Essential
1. Age Limit
- Minimum: 20 years, Maximum: 60 years
2. Residency
- Residents in the Rural Indianare eligible
3. Customer Segment
- Women borrowers

Factors Affecting Vikaas Loan Eligibility

Certain factors can impact your eligibility for Vikaas loan in India positively or negatively.

Positive:
1. A higher credit score helps in getting the loan
2. No previous credit line history needed
3. A stable income point should have a business word

Negative:
1. Lower income: loan amount will reduced
- Inconsistent Income: May reduce repayment reliability.
- High Debt-to-Income Ratio: Signals financial strain and lowers eligibility.

Tips to Improve Vikaas Loan Eligibility

Follow these tips to enhance your Vikaas loan eligibility:

1. Improve Your Credit Score:
Pay existing loans on time and reduce outstanding debts.

2. Maintain Accurate Documentation:
Ensure all KYC documents, relationship with co-applicant and address proofs are up-to-date.

3. Reduce Debt Burden:
Lower your existing loan EMIs to improve debt-to-income ratio.

4. Showcase Consistent Income:
Provide proof of income stability for better confidence.

Empower dreams with simple rural loan options

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FAQs & Support

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Who is eligible to apply for the Vikaas Loan?

Women borrowers, aged between 20 and 60 years, who are first time members of joint liability groups in rural areas are eligible for a Vikaas Loan.

How does Vikaas Loan work?

Vikaas Loans offer small amounts of money to groups of women. These loans often don’t require collateral and have an easy application process. They rely on mutual trust and social collateral, with repayment scheduled in small, manageable installments.

What is the minimum and maximum loan amount offered under the Vikaas Loan scheme?

The minimum loan amount is offered under the Vikaas Loan scheme is ₹ 15,000 and the maximum is upto ₹ 45,000.

How is the EMI for Vikaas Loan Calculated?

The EMI for a Vikaas Loan is calculated based on the loan amount, interest rate, and tenure. A standard formula is used to determine the fixed monthly installment.

What are the benefits of Vikaas Loans?

Vikaas Loans provide many benefits, including access to funds for small rural businesses run by women entrepreneurs. They offer quick disbursement, flexible repayment terms, and usually do not require collateral. These loans also help build credit history and promote financial inclusion.

Are there any special interest rate offers for Vikaas Loan?

You can call our customer care representatives to know about any promotional interest rates.

What are the repayment options for Vikaas Loans?

Vikaas Loan repayment options include monthly EMIs. Borrowers can also repay through various modes, such as bank transfers, online payments, or branch.

Can I apply for a Vikaas Loan if I am self-employed?

Yes, self-employed women with a steady income are eligible.

How does Vikaas Loans impact my credit score?

Repaying Vikaas Loans on time can positively impact your credit score by demonstrating financial responsibility and creditworthiness. Conversely, defaulting on repayments can negatively affect your credit score.