| MFIs in India

Mission:

To bring visible change in the lives of the poor through the creation of a premier MFI in Orissa which is : Efficient
Sustainable
Works with care and commitment and
Wins acceptance from stakeholders through its financial and complementary services

Background and Main Challenges:

Provides proximate, flexible, and sustainable services for the poor to have access to a range of financial as well as other complementary services and products appropriately designed to open up new opportunities for them to improve livelihoods, increase income, develop assets and capacities, ... Read more

Address:

M-75, Samanta Vihar, Near Nalco Chhak

Bhubaneswar

Orissa

751017

India

Phone:

0674-2302646

Email:

smcs2003 [at] gmail [dot] com

Website:

swayamshree.org

Main Funding Sources:

Loans

Shareholder Capital

Products and Services:

Loans

Services Provided:

Full-scale Financial Services

% Operations Comprised by MF:

91 - 100

Date established:

Jan 1 2003

FYE:

31-Mar

Current Legal Status:

Other

Regulated:

yes

Social Performance Profile


+ Mission specifics
+ Target markets (ranked by importance)
Women	1
Clients living in rural areas	2
Clients living in urban areas	3
+ Development goals (ranked by importance)
Poverty reduction	1
Increased access to financial services	2
Gender equality and women's empowerment	3
Growth of existing businesses	4
Development of start-up enterprises	5
Employment generation	6
Health improvement	7
Improvement of adult education	8
Water and sanitation	9
Housing	10
+ Poverty targets
Very poor clients
Poor clients
Low income clients
+ Governance
Has trained members of its board on social performance management
Has a formal board committee that monitors social performance
+ Range of products and services
+ Financial products and services offered
+ Credit products offered
Microcredit loans for microenterprises
Microcredit for household needs/consumption
SME loans
Loans for agriculture
Loans for education
Housing loans
Water and sanitation
+ Savings products offered
+ Compulsory insurance products required
+ Voluntary insurance products offered
Voluntary credit life insurance
+ Other financial products and services offered
Savings facilitation services
+ Non-financial services offered
+ Enterprise services offered
Enterprise skills development
Business development services
Product marketing assistance
+ Education services offered
Financial literacy education
Basic health/nutrition education
Occupational safety and health in the workplace education
+ Health services offered
Basic medical services
+ Women's empowerment services offered
Leadership training for women
Women's rights education/gender issues training
Counseling/legal services for female victims of violence
+ Products and services targeting the poor
Products and services specifically designed to target the poor:
+ Social responsibility to clients
+ Client protection principles in use
The loan approval process requires evaluation of borrower repayment capacity and loan affordability. Loan approval does not rely solely on guarantees (whether peer guarantees, co-signers or collateral) as a substitute for good capacity analysis.
Internal audits check household debt exposure, lending practices that violate procedures including unauthorized re-financing, multiple borrowers or co-signers per household, and other practices that could increase indebtedness.
Productivity targets and incentive systems value portfolio quality at least as highly as other factors, such as disbursement or customer growth. Growth is rewarded only if portfolio quality is high.
Prices, terms and conditions of all financial products are fully disclosed to the customer prior to sale, including interest charges, insurance premiums, minimum balances, all fees, penalties, linked products, third party fees, and whether these can change over time.
Staff is trained to communicate effectively with all customers, ensuring that they understand the product, the terms of the contract, their rights and obligations. Communications techniques address literacy limitations (e.g. reading contracts out loud, materials in local languages).
Acceptable and unacceptable debt collection practices are clearly spelled out in a code of ethics, book of staff rules or debt collection manual.
The organization's corporate culture values and rewards high standards of ethical behavior and customer service.
A mechanism to handle customer complaints is in place, has dedicated staff resources, and is actively used. (Suggestion boxes alone are generally not considered adequate.)
Customers know how their information will be used. Staff explains how data will be used and seeks permission for use.
+ Cost of services to clients
Declining balance interest method
+ Social responsibility to staff
+ Human resources
Transparency on salary (a clear salary scale based upon market salaries)
Benefits (medical insurance, pension contribution)
Protection at work (safety, anti-harassment)
Equality (anti-discrimination, equal pay for men and women with equivalent skill levels)
+ Basis of staff incentives related to social performance
Incentive on recovery of sticky loans
+ Social responsibility to the environment
This institution raises clients' awareness about environmental impacts
This institution trains/educates clients regarding environmental improvements
+ Poverty measurement tools in use

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