Swayamshree

SMSSL offers a package of financial services consisting of savings, credit-for both production and consumption purposes together with micro insurance and micro pension services. At the moment it is offering two main savings products and ten loan products which help clients to take up various economic and business activities. The Loan Term varies from 6-24 months, based on the product purpose. The maximum loan size is fixed at 70,000 for all loans. The table below reflects the product details of SMSSL.

Savings play an important role in the microfinance program of SMSSL. In fact its microfinance has been largely a savings led program. It all started with education and mobilization of savings and promotion of internal lending in the SHGs initially. Being encouraged by the need and benefits of savings, the members make regular savings and through the staff deposit that in their accounts at SMSSL. The details of the savings are being entered in the individual passbook of the members at the group levels. The same information is also recorded at the MFI level through computer-based software. Withdrawal facility on savings is made available to the members in time of their need

The cooperative has given equal importance to extend micro insurance services to its members mainly to help them mitigate various risks. Initially it collaborated with Royal Sundaram to extend the non-life insurance services for the members Currently SMSSL works closely with other mainstream insurance service providers including Birla Sunlife, Kottak and LIC on this. SMSSL has also taken necessary measures to avail the micro pension services for its members through Adhikar & LIC.