Janalakshmi Financial Services launches financial advisory service JanaOne

BANGALORE: Bangalore-based urban microfinance institution Janalakshmi Financial Services launched its new initiative JanaOne , a one-stop shop aimed at providing financial assistance to the country's base-ofthe-pyramid population.

JanaOne will provide financial advisory services, such as savings and pension plans, to existing Janalakshmi customers who have been with the MFI for two years and more, and have a successful repayment record over two group loan cycles.

The MFI will disburse individual loans ranging between Rs 50,000 to Rs 2 lakh, at interest rates between 24% and 28%.

"Rates charged will depend on the nature of the loan, the loan period and the security given. Ideally, we would prefer if the individual closes the group loan, which will allow us to aggregate the liability," VS Radhakrishnan, chief executive , Janalakshmi Financial Services said.

The MFI, which currently has 66 branches spread across 12 states, plans on opening three JanaOne centres per branch. Janalakshmi has an outstanding loan portfolio of Rs 330 crore as of March 31, 2012, while it has disbursed a total of Rs 420 crore in the financial year ended March 2012.