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| Subhalaxmi’s Products & Services |
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Subhalaxmi has been extending three major services to its members i.e. Savings, Credit and Insurance. Compulsory Savings and Voluntary Savings scheme are the two major savings products of Subhalaxmi where members of the cooperative are depositing their money.
To strengthen the livelihoods of its members and to promote various microenterprises the cooperative also extends credit support to its members in terms of production loan as per the need and repaying capacity of the member. All the loans are subjected to critical loan processing and approval from loan committee. Subhalaxmi only extends loan to support micro – enterprise.
To provide social security to its client members, Subhalaxmi has also developed a welfare fund in the name of Subhalaxmi Mahila Kalyan panthi.
Savings Product
Savings scheme of the cooperative is a vital financial service of the cooperative through which it inculcates savings behaviour of the member household. The project aims to minimising unnecessary expenses and creating a saving base of the household through different savings products.
In savings services, Subhalaxmi is offering three types of savings products to its members – Compulsory Savings and Voluntary Savings . Under compulsory saving, the members are savings Rs. 50/- or Rs 100/- per month depending upon their capacity. Voluntary savings product is an optional saving service offered by Subhalaxmi to its members. The savings are collected from the members through SHGs on a specific date of every month. The staffs of Subhalaxmi deposit the collection amount on the same day of collection at the cooperative. Each cooperative member is provided with computerized individual pass book where all the transactions related to savings and credits are updated regularly. While collecting the savings and fees, all the members are provided with a receipt and the amount is entered into the individual passbook of the members.
Till 30th Sept. 2016, the cooperative has mobilised a cumulative savings of Rs. 58.39 lakhs under its savings services. The amount mobilised under this services is from different savings products. The amount is the cumulative amount after deducting withdrawals.
Loan Products
Credit service of Subhalaxmi is supporting the needy microenterpreneurs to establish their business ventures and to earn their livelihoods. Farmers, petty business man and vendors, microenterpreneurs are availing this services from the cooperative and investing in their ventures to earn profit. The cooperative is extending only production loan to its clients. It has developed a well defined credit policy to maintain best practices. It follows stringent norms and rules to have better control over its loan portfolio. The cooperative sets the following criteria for its loan disbursement.
- The member will be eligible for loan after completion of 03 months of her membership in the cooperative
- She will be eligible for loan only after updating her compulsory savings.
- The loan application and loan repayment collection will be done only in the SHG meeting.
- The entire SHG members will take the responsibility for loan repayment of their members. In case of any default in loan repayment the entire group will share that amount and repay back to the cooperative.
- The board of directors will be involved in loan appraisal.
- A detail cash flow analysis will be attached in the loan application of the applicant.
- All the board of directors will represent in the loan committee meeting of the cooperative.
Till September 2016 the cumulative number of loan disbursed in the cooperative is 8887 with a cumulative loan amount of Rs. 13,05, 45,000/-.
The total no of active client as on September 2016 is 1432 with a loan outstanding of Rs. 1,64,00,838/-
Insurance Services
Subhalaxmi Mahila Kalyan Panthi
SUBHALAXMI MAHILA KALYAN PANTHI is a welfare fund created by the cooperative for the benefit of all members. Meanwhile, it has introduced a unique in-house social security scheme called Subhalaxmi Mahila Kalyan Panthi which has been supporting the members significantly during difficult periods and also when they require support. This scheme is attached with the loan product of the Cooperative and a part of the loan amount is kept aside for the fund for welfare of its members.
Following are the benefits provided to the members of Subhalaxmi from the welfare fund
- In case of death of a loanee or her husband the nominee receives Rs. 2000 for funeral expense on the same day of death.
- The total outstanding loan on the deceased client is waived
- After completion of seven months of pregnancy a cooperative member is eligible to receive Rs. 1000 to meet nutritional expenses.
- Member’s children eligible to receive cash prizes ranging from Rs 2000-5000 (depending on their scores) upon successfully qualifying the matriculation examination.
Till September 2016 the total amount under Subhalaxmi Mahila Kalyan Panthi is Rs.14.86 Lakhs.
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