Financial services, daily collection software, pigmy collection, my collections app, emi collection

PIGMY DEPOSIT SCEME AND PERSONAL LOANS

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 Money can be deposited into an account on daily basis.  The amount may be as small as Rs. 10.  It can be called a recurring deposit scheme, as the money is deposited almost daily.  The unique characteristic of this scheme is that a bank agent collects the money daily, from the account holder's doorstep.

PIGMY DEPOSIT SCHEME Page 2

 The scheme was introduced to help daily wage earners, small traders and farmers to inculcate a saving habits and also as a means to fund their bigger capital requirements, such as a wedding, home buying, vehicle purchase etc.  The scheme is now offered by several other banks in India.  They were treated as part and parcel of the banking and trading system often carrying legitimate and confidential market and trading information within the network and contributed to the development of stock exchanges.

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 The trading system is not complete without recognizing them as the pillars of funds deposit system, in India; especially.  As they were enjoying high level of confidence amongst the business community they even took part in personal affairs of traders-big and small and also took part in various social activities again within the network.

 Pigmy System is being introduced overseas and U.A.E has given it a modern name "mobile banking".

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 Financial crisis can be quite crushing for anybody at crucial moments of life.

 If only there was a reliable place to borrow money from, instead of neighbors or acquaintances.

Purpose of Loan:  Medical, emergency expenditure for maintenance of family.  Meeting any other genuine need as may be specified by the Borrower and agreed to by the Lender.

PERSONAL LOAN

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Budget of Finance: Depends on eligibility and Income Earning Capacity.

Features:

 No prepayment penalty  Insurance facility against Personal Accident (Death)  Flexible repayment schedule

 Interest on a daily reducing balance basis.

PERSONAL LOAN

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 Pigmy Savings will usually accrue interest over time

 Your funds are still readily available.  Your money is kept safe.

 You can open an account with very little money.  Savings accounts can provide automated bill payments.

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 Interest is often compounded monthly, or even annually, by most financial institutions.  There are withdrawal limits on a savings account.

 Some financial institutions charge fees for their savings accounts.

DISADVANTAGES

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 There are insurance limits.  Easy access to money means more temptations to spend it.  You may be required to carry a minimum amount.

DISADVANTAGES

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