Collections
Vymo caters its services to collections customers, including individual and group collections.
| Individual | Group |
|---|---|
| Financial institutions lending capital in the form of loans to their customers and collecting it back in due time. | Lending capital in the form of loans to an individual in the presence of a group. There are different types of groups under collections |
Group collections
Under group collections, you will come accross the following types.
A small group comprising of 10-12 individuals who collaborate based on their financial conditions and economic grounds to save small sums of money. They keep their collaborated savings in a bank. If one of the group members wants to loan some money from the bank, the entire group is informed about the loan process. This makes the collection process feasible and on time.
An informal group comprising of 4-10 individuals with similar social and economic background. They come together to avail bank loan on individual basis or through group mechanism against mutual guarantee. The members offer a joint undertaking, which increases their loan eligibility.
