Micro Finance through OAZOANE
|Promoting and Introducing Various Micro Finance activity is the important activities of the organization. The micro entrepreneurs avail loans to start small scale enterprises like petty shop, cattle rearing, candle making, basket making, running canteen, vegetable vending, milch animals. These loans help them to generate income that is substantial enough to support their families and ensure quality lives-afford better food, better clothers and education to the children. There are four types of loans such as Consumption loan, Agricultural Seasonal loan, Business loan, income generation loan and Housing loan. The loan repayment schedule time would be between minimum 6 months to 60 months. There micro credit activities started from January 2003.
Micro Finance Process
Micro finance services of the OAZOANE are the process, which is continuous forever. As first steps, the actual beneficiaries are being selected from the existing SHG through meticulous efforts through different process and then strict monitoring by loan officer. Then they entered in to the formal agreement between the Self Help Groups and OAZOANE. After this process is over, credit manager is doing a procedural verification. Then the lists of the potential identified loan seekers are placed before the credit committee. At this stage, the credit committee is starting to sanction the amount of loan they sought. Then the disbursement of the loan is being done to the women members. The repayment schedule is start with the next month onwards.
- Our SHG Members approach their credit demand to OAZOANE.
- The Cluster Coordinator verify the facts and inspects the records of the SHGs in respect of their repayment and other formalities and the report on the same is forward to the Block level Coordinator.
- The Credit Manager and the Secretary call for the Credit Committee meeting.
- The Credit committee takes a decision after collecting the loan application and analysis of available fund and recommends only after through analysis and discussion.
- The Credit Manager is responsible for the loan disbursement to the SHG members.
- The Savings is completely left with the SHGs. The Savings amount is to be maintaining by the SHGs. Each SHG opening with separate bank account in National Bank. Our organization is not collecting the savings amount from Group.
- Savings Amount : Rs. 10 – Rs. 25.
Insurance to the SHG members
|As part of the micro credit activities, OAZOANE has initiated and extended insurance facilities to the needy people. With the help of ICICI Prudential scheme, number of women has been assisted and more than 6500 enrolled in the insurance. Oazoane is currently getting the services of ICICI Prudential from Mumbai, LIC – Jeevan Madhur, Thanjavur. We are also nominated as the agent for this scheme. Each Loanee should be insured and Accident Relief Policy along with their self insurance. If any death or accident occurs for the insured women, they get the claim from the agency only by submission of death certificate or injury certificate alone. As we are the nominated agent for this scheme the cheque will be issued in the name of OAZOANE and after deducting the dues we will pay back the balance amount to the respective member family.The real empowerment process starts with the help of these insurance linkages.
Our Foot path in Micro Finance Services:
- States Covered: Tamil Nadu & Andaman Nicobar Island.
- District Covered: Pudukkottai, Thanjavur, Thiruvaru in Tamil NaduAnd Port Flair in Andaman & Nicobar Island.
- Blocks Covered: 9 Blocks in Tamil andu and one block in Andaman & Nicobar Islands.