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Institution
Data approved: 2010-11-15
Data version: 1
Age of data: - months
Key Statistics
| Outstanding portfolio (INR) | INR 562,759,254 |
| Portfolio (USD) | USD 12,505,761.20 |
| Active Clients with Loans | 85,804 |
| Approximate % Female Clients | 80% - 100% |
| Approximate % Urban Clients | 20% - 40% |
Methodology
| Individual | |
| Solidarity group | x |
| Village banking | |
| Self help group | |
| Other | |
Description
Income Generating Loan for women is granted for Max. of 50 weeks repaid in equal weekly installment. Center meetings are held in local community where all transactions take place. Sonata has unique feature of pre-settlement without any penalty.
Loan Purpose
| Any purpose | |
| Income generation | x |
| Mortgage/housing | |
| Consumer loan | |
| Agriculture | |
| Education | |
| Other household finance | |
| Other | |
| Other (2) | |
Included Services
| Credit education | x |
| Group meetings | x |
| Credit insurance | x |
| Workplace visits | |
| Business training | |
| Other training | |
| Other | |
| Other (2) | |
| No other services | |
Eligibility
| Men | |
| Women | x |
| Must run a business | |
| Must own a home or land | |
| Must be a salaried worker | |
| Must be specific age group | |
| Household income <60,000 INR | |
| Household income <120,000 INR | |
| Must live in rural area | |
| Must lives in urban area | |
| Other | |
| Other (2) | |
Portfolio Size by Product
Geographic Coverage
| # Regions for this institution | N/A |
| # Regions for this product | N/A |
| Regions Active | |
Loan Conditions
Loan Amount
| Currency | INR |
| Minimum loan size | INR 8,600 |
| Maximum loan size | 19,150 |
Loan Term and Grace Period
| Shortest loan term | 5.8 months |
| Longest loan term | 11.6 months |
| Approx average | 11.6 months |
Distribution at Disbursement (Est.)
| Loans 3 months or less | N/A |
| Between 4 and 6 months | N/A |
| Between 7 and 9 months | N/A |
| Between 10 and 12 months | N/A |
| Between 13 and 18 months | N/A |
| Longer than 18 months | N/A |
Grace Period
| Grace period usage | 0 |
| Average grace period | 0 |
Repayment Frequency
| Daily | |
| Weekly | x |
| Every 2 weeks | |
| Every 4 weeks | |
| Monthly | |
| Every 2 months | |
| Quarterly | |
| Every 6 months | |
| Every 12 months | |
| Single end payment | |
| Irregular payments | |
Pricing Information
Interest
| Lowest quoted nominal interest | 18.00% |
| Highest quoted nominal interest | 18.00% |
| Interest rate period | Yearly |
| Interest Rate Calculation Method | Flat |
| Subsidized by funder request? | N/A |
| Is rate fixed for entire loan term | Yes |
Upfront Fees
| Fee 1 |
|---|
| Description | Processing Fee |
| % of loan amount - min | 0 |
| % of loan amount - max | 0 |
| OR, Fixed amount - min | 100 |
| Fixed amount - max | 100 |
| Reason for variation | |
| Appears on Repayment Sched? | Yes |
Ongoing Fees
This product has no ongoing feesUpfront Insurance Fees
| Ins 1 |
|---|
| Description | Insurance Fee |
| % of loan amount - min | 0 |
| % of loan amount - max | 0 |
| OR, Fixed amount - min | 100 |
| Fixed amount - max | 100 |
| Reason for variation | |
| Appears on Repayment Sched? | Yes |
Ongoing Insurance Fees
This product has no ongoing insurance fees
Compulsory Deposit
| Required for | Never |
| Criteria | N/A |
| Is deposit indicated on the repayment schedule? | N/A |
| Do borrowers control deposit in their group? | N/A |
Deposit BEFORE or AT Disbursement
| % loan amount deposited | N/A |
| or, Fixed-amount deposited | N/A |
Deposits DURING period payments
| % loan amount deposited | N/A |
| or, Fixed-amount deposited | N/A |
| Conditions on access to deposit | N/A |
Interest Paid on Deposit
| Minimum interest rate paid | N/A |
| Maximum interest rate paid | N/A |
| Interest payment frequency | N/A |
Taxes
| Are taxes charged on this product? | No |
Additional Comments
Sonata provides pre-settlement facility to clients without charging any fee. Our 66% client pre-settle their loan in 35 weeks which gives the average repayment period of 42 weeks. If you add this facility our APR will be close to 3.5%
Full Pricing Data
Income Generating Loan samples
| Sample 1 | | Sample 2 | | Sample 3 | | Sample 4 |
|---|
| Loan Amount | INR 10,600 | | INR 12,750 | | INR 14,900 | | INR 17,000 |
| Loan Cycle (1, 2, 3, etc) | Not Known | | Not Known | | Not Known | | Not Known |
| Disbursement Date | 2010-03-03 | | 2010-03-04 | | 2010-03-04 | | 2010-05-19 |
| Loan Term (Months) | 11.7 months | | 11.7 months | | 11.7 months | | 11.7 months |
| Grace Period (Months) | 0.0 months | | 0.0 months | | 0.0 months | | 0.0 months |
| Total Cost of Credit | Not Known | | Not Known | | Not Known | | Not Known |
| True Price by Comp | | | | | | | |
| Interest and Fee Component | 37.3% | | 36.0% | | 35.4% | | 35.5% |
| Insurance Component | 2.1% | | 1.7% | | 1.5% | | 1.3% |
| Tax Component | 0.0% | | 0.0% | | 0.0% | | 0.0% |
| Deposit Component | 0.0% | | 0.0% | | 0.0% | | 0.0% |
| Full APR (int fee ins tax dep) | 39.4% | | 37.7% | | 36.8% | | 36.8% |
| MFIN MFI Earning (Annualised) | 37.3% | | 36.0% | | 35.4% | | 35.5% |
| MFIN Cost to Borrower (Annualised) | 39.4% | | 37.7% | | 36.8% | | 36.8% |
| Transparency Index | 46 | | 48 | | 49 | | 49 |
| MFIN Transparency Index | N/A | | N/A | | N/A | | N/A |
| | | | | | | | |
| Original Repayment Schedule | PDF | | PDF | | PDF | | PDF |
| MFT Pricing Calculation | PDF | | PDF | | PDF | | PDF |
* The APR stated here is an MFTransparency term, definition and formula
Income Generating Loan Price Graphs
