Project information

BachatRecovery App

   Bachat Recovery is Cloud Based Banking App for managing working of Microfinance Banks. Loan Distribution and Loan recovery are made very simple with this App.

    This app is only for FieldOfficers of the Bachat Recovery SHG to manage the working of Microfinance Bank. In Microfinance There are SHGs - Self Help Groups. FieldOfficers of the Banks often need to communicate with SHGs with their saving accounts are created, Leaders and members are decided and According to their savings, and then Loans are distributed.
● Bachat Recovery provides personal loans for Self Help Group members with an Annual Percentage Rate (APR) between 18% to 24%.
● The loan tenure is anything between 10 and 36 months. EMI and interests are then calculated basis on the tenure chosen.
Representative example: The standard processing fee is 2.5% of the loan amount or Rs.750 whichever is greater. For instance, if Chetan takes a loan of ₹50,000 for 18 months, he will be charged an APR of 24%. So, Chetan will pay his loan back in 18 EMIs of ₹3,335 each. He will pay total interest of ₹10,030.