RECURRING DEPOSIT -DAILY(×25 Days monthly)
₹ 100 / Unit
Scheme Highlights
Here is a detailed description of the features of IMF-SYNERGY, a microfinance company that offers loans against Recurring Daily Deposit (RDD):
🔷 Features of IMF-SYNERGY Microfinance Company
Empowering savings-based borrowing for financial growth
🔹 1. Loan Products Offered
IMF-SYNERGY offers need-based financial support in the form of:
✅ Housing Loans – To help low-income families build or renovate homes.
✅ Two-Wheeler Loans – For convenient personal transportation.
✅ Women’s Self Help Group (SHG) Loans – Group-based lending for women entrepreneurs and small businesses.
🔹 2. Loans Against Recurring Daily Deposit (RDD)
Loans are provided only to customers with active Recurring Daily Deposit accounts.
Daily savings are collected systematically through field executives or digital channels.
The loan amount eligibility is based on the accumulated deposit value and deposit discipline.
🔹 3. Interest Adjustment Mechanism
Customers earn simple interest on their daily recurring deposits.
The interest accrued from the RDD is adjusted to reduce the effective interest payable on the loan availed.
This lowers the net cost of borrowing, encouraging both saving and responsible lending.
🔹 4. Loan Eligibility Criteria
Eligibility for loans is directly linked to the performance of the RDD account.
Factors considered:
Total amount deposited.
Timely daily payments.
Duration of deposit tenure.
The loan amount can be a multiple of the RDD value, depending on internal credit norms.
🔹 5. Customer-Centric Financial Model
Save while you borrow – promotes financial discipline.
Low entry barrier – Suitable for daily wage earners, small vendors, and rural customers.
Reduces default risks – Savings-based lending model ensures greater accountability.
Supports women and underserved groups – with flexible SHG loan terms.
🔹 6. Core Advantages
🔸 Transparent interest rates and policies.
🔸 Encourages micro-savings and structured credit access.
🔸 Field-level collection for daily savings – ideal for informal sector.
🔸 Financial inclusion for those without access to formal banking.
Loan Eligibility Criteria Against Recurring Deposit (RD)
1. Loan Eligibility Based on Maturity Value:
The maturity amount of the Recurring Deposit (RD) — which includes both the principal and interest accrued — will be treated as the base value to assess the loan eligibility.
2. One RD Equals One Loan Unit:
Each loan offered will be considered against one RD account only, and the maturity value of that RD will represent one loan unit.
3. Minimum Eligibility Requirement:
To be eligible for a loan, the customer’s RD maturity value must be at least double the loan amount requested.
Example: If a customer seeks a loan of ₹50,000, their RD maturity amount must be ₹1,00,000 or more.
4. When Eligibility Criteria is Not Met:
If the RD maturity value is less than twice the desired loan amount, the customer must open an additional Recurring Deposit account(s) such that the combined maturity value of all RD accounts meets the required eligibility.
5. Combined Deposit Consideration:
The customer may opt for multiple RD accounts, and the aggregate maturity value of these will be considered to calculate the eligible loan amount.