Savings and Micro-credit Program Manual

Micro credit program in NIHARIKA is the most vital component under the socio-economic development sector. Credit money is given to group members for undertaking income-generating activities. The individual group prepares credit proposals for their members and subsequently is checked by NIHARIKA authority before making payment of the credit money. At present loans are to be repaid by weekly installments within 46 weeks with service charge. Savings fund money for the group members is also utilized in the Credit program. Group itself remains as collateral against the group members' loan. Present rate of recovery is above 98%. Although women constitute half of the population, majority of them are illiterate, malnourished and deprived due to prevailing socio-cultural practices. Micro-credit gives the opportunity to assist the women to be established in the society with respect and right.

     Overall credit program activities during the year are shown in the following table:

 Activity-wise Loan Distribution in the Year