The Pigmy Deposit Scheme is a financial deposit program launched by the Rajashri Shahu Multistate Bank. Daily deposits of as little as five rupees can be made into an account by having a bank representative pick up the cash at the account holder’s door. For the benefit of the client’s day-to-day activities & business growth, loans secured by pigmy deposits are made available. Up to three times the balance in the Pigmy Deposit account can be borrowed. Loans range from Rs. 10,000 to a maximum of Rs. 2,000. Our first loan is limited to Rs. 30,000 maximum. Additionally, there is a pigmy repayment method (Daily Basis). It really aids in our client’s ability to repay loans on time and do so without difficulty.
This program offers benefits to small business owners, salespeople, hawkers, etc. Even if the depositor is unable to make regular contributions, there is no penalty. A deposit account may be prematurely closed under certain circumstances. Loans are available up to a maximum of 85% of the Pigmy account balance.
Note :- Borrower and both guarantors must have membership and income proofs of the organization
10% reduction in loan amount
Interest Rate :- 15 %
Rate of interest on arrears :- 2 %
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