The word microfinance simply refers to small loans or credit. The most important objective of introducing Microfinance in India was to provide financial aid and services to the underprivileged sections of the society. People from rural backgrounds do not have access to the proper banking solutions. They are often in need of funds for supporting their livelihood and cannot avail of the loans due to lack of collateral. For this reason, microfinance was brought into existence. Microfinance is offered to the unemployed, low-income groups, women and people who do not have access to financial services. The main objective of Microfinance is to alleviate poverty in India.
Apply for loanSmall group loans are targeted at very low-income entrepreneurs with micro-enterprises, where group members provide a guarantee for each other.
Larger and smaller loan sizes and more flexible terms help entrepreneurs continue to grow their businesses and generate employment.
These loans help the rural consumers purchase seeds, fertilizer, livestock and equipment when they are needed and repay the principal amount when the harvest is yielded.
Micro insurance services are provided to reduce the financial stress of meeting urgent or unexpected expenses.
We offer a safe and affordable way to receive and send money for business and personal purposes, giving the clients more free time to spend on their growing businesses.
Savings is a source of future finances. Creating a savings account ensures the safety of the money along with an interest. The money saved can be used for education, medical care, major life milestones, old age, business expansion and other long-term goals.
The eligibility criteria for microfinance loan are:
The income limit for a rural household is Rs. 1.25 lakhs, while the income limit for urban and semi-urban households is Rs. 2 lakhs.
All you will have to do is meet some basic eligibility criteria and keep the necessary documents of your identity and business ready.
The rates range from 10.5% p.a. depending upon the kind of Microfinance Loan a borrower wants to go for, the interest rates for the same can go up to 22% p.a.
Microfinance Loans are small loans borrowed by low income groups of people and are meant to meet the requirements of the people who belong to economically underprivileged backgrounds.
To apply for your required loan scheme, provide the necessary details in the application form below.
