Glowmore follows the JLG Model. A JLG is an informal group of 5 to 12 members who have come together to for the purpose of availing the loan from MFI on individual basis. The Group members are engaged in Income generating activity, dwelling in the same vicinity and agree to take the liability for repayment of loans of each other in case of default by any individual member of that group.
In IGL member should be a woman.
The household income of members in rural area should be no more than Rs. 125,000/- per year and that in semi urban or urban area it should be no more that Rs. 200,000/- per year.Member anual house hold income upt Rs. 300,000/- .The house hold shall mean an individual family unit i.e husband,wife and their unmarried children
At least 2 years of residence in branch area of operations, Residence – 25 kms within branch radius.
Evaluation by a Glowmore’s Branch Manager indicating acceptance to adhere to the company’s rules and regulations and show willingness and ability to pay regularly.
One Loan per household at a time.
Members are not enrolled who have borrowed from more than 2 MFIs and 1 Bank or have loans outstanding greater than Rs.125,000 /-.
Business model provides for migrating of IGL borrowers to Enterprise Lending borrowers.
After mobilization of the group among themselves the potential customers get in touch with the FCO and together they fix the date, time and venue for the meeting.
In the meeting FCO explains the products and its terms and condition.
Visit to the residence of the applicant by staff to assess the livelihood condition of the applicant.
Reference checks done by the Branch Manager gives ideas about the customer’s integrity and expected behaviour.
After being organized in a centre the members are trained on the objective, rules, regulations, systems and procedures of the credit program.
After mobilization of the group among themselves the potential customers get in touch with the FCO and together they fix the date, time and venue for the meeting.
In the meeting FCO explains the products and its terms and condition.
Credit Information of Group loan clients are checked at Highmark/Equifax credit bureaus while information of individual loan clients is checked at CIBIL Credit bureau.
Any client with 2 loans outstanding , Overdue history or 125,0000 outstanding is rejected.
3 days of Continuous Group Training.
Group Recognition Test’s (GRT) are carried out by an authorized rank or branch manager.
After completion of the GRT, the loan application of the group and GRT records are sent to the Head Office for the credit committee review.
The disbursement will take place in the branch and all group members should be present.Member husband or gurantor incase of other than husband and nominee should be present on this day to sign in the loan documents
Money will be disbursed to their respective bank accouts from Head Office