Income Generating Loan or Business Loan from Sugmya
About Income Generating Loans (IGL)
An income generating loan is a form of loan that is specifically designed to help an individual or business generate additional income. It is typically used to finance individual’s business venture or to purchase new equipment, inventory, or other resources that can help a business increase its income. These loans are often structured in a way that allows the borrower to use the loan proceeds to generate income and then use the income to repay the loan.
Loans Disbursed
132,569+
Pincodes Covers
11,360+
Cities & Towns
6,000+
IGL Features
The features of an income generating loan may vary depending on the loan requirement, but here are some of the common features.
Low Interest
Lower interest rates and longer repayment terms than other types of business loans.
Specialized programs
Specialized programs for borrowers looking to start or expand a business.
Lower credit score
Potentially lower credit score requirements than other types of loans.
Fast
IGL has fast approval process.
Customized Loan
Loan amounts tailored to the borrower's specific needs.
No Collateral
No collateral necessary. Ability to use the loan proceeds to generate income and then use the income to repay the loan
Eligibility
Sugmya delivers a diversified range of financial solutions to people in society.
IGL is one of our primary loan products offered to underprivileged women of semi-rural and rural areas who want to improve their living standards. We encourage women with similar weaknesses and strengths to form Joint Liability Groups or Self Help Groups. Sugmya undertakes these groups in assisting them in reaching the stability and maturity stage. We offer the loan based on the paying capacity and requirements of the clients with the best repayment solutions. These help them to create a stable income by using this loan and offer extra support to the entire family.
- Demonstrate a viable business plan and the potential to generate income from the loan.
- Have a minimum credit score.
- Have a minimum amount of time in business.
- Have certain qualifications or certifications.
Document Require for IGL
The Income generating loans are typically structured in a way that allows the borrower to use the loan proceeds to generate income and then use the income to repay the loan. Here are the basic eligibility required documents.
Business plan
Before approving the Income Generating Loan there will be requirement of a proper business plan.
Proof of identity
Identity Proof is a key document to verify the borrower before disbursing the loan amount.
Collateral
In some of the cases Collateral security will also be asked for. This is just to make sure the borrower has no false intention.
How to Apply
The application process for an income generating loan (IGL) typically involves submitting an application and providing the lender with the necessary documents. Such as financial statements, business plan etc. Here are the basic steps to apply for the Income Generating Loan.
- Research potential lenders and compare their loan terms and conditions.
- Gather the necessary documents to submit with your application.
- Submit your application and documents to the lender.
- Wait for the lender to review your application and make a decision.
- Once approved, use the loan proceeds to generate income and repay the loan.
FAQ’s
Sugmya is a company built with a vision for transformation, differentiator and change in the financial inclusion sector. Here are the quick questions for you to undertand the IGL better.
Eligibility requirements vary with loan requirement. But generally, borrowers must demonstrate a viable business plan and the potential to generate income from the loan.
No, collateral is not typically required for an income generating loan. However, in some cases it may be required collateral depending on the borrower‘s creditworthiness.
Repayment of an income generating loan typically involves using the loan proceeds to generate income and then using the income to repay the loan. The repayment terms and schedule will vary depending on the lender and the loan agreement.
Collateral requirements will vary depending on the lender and the borrower‘s creditworthiness. Common forms of collateral accepted by lenders may include real estate, vehicles, machinery, equipment, inventory, accounts receivable, stocks, and bonds.
The speed of approval for an income generating loan will vary depending on the lender and the borrower‘s application. Generally, lenders review the application and make a decision within a few days. We as a lender may offer faster approval times if the borrower meets certain criteria.
Social Activity/Blog
Sugmya Finance, is one of the responsible institutions for micro finance in India. We are doing many social activities and that includes providing financial literacy training, offering microloans and grants, and contributing to charitable causes in the community.
Sanitizing and cleaning
Sugmya took all the precautionary measures for all their employees by stimulating...
Sugmya Sangam
Celebrated the milestone of having over 60,000+ happy customers. Thank you everyone...
Our Partners
