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Microfinance Company Registration

Micro finance is a type of non u2013 deposit accepting NBFC. It provides small financial support to people with low income and in rural and semi-urban areas. Micro Finance Companies are eligible to provide a loan or credit of up to 50,000 in a rural area and Rs. 1,25,000 in urban areas to small entrepreneurs, enterprises, and people with the low-income group. It provides loans to the small businessman, agriculturists, horticulturists, farmers, etc.

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Microfinance Company Registration

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  1. A COMPREHENSIVE GUIDE Presented by Swarit Advisors MICROFINANCE COMPANY REGISTRATION

  2. Microfinance Company refers to the Company which facilitates low income group by providing funds to those who are distantly located especially in semi urban as well as rural areas and have no access to banking facilities. In other words, it can be considered as borrowing of funds by people found in semi urban as well as rural areas. It is worth noting here that it is considered as Non Deposit Taking NBFC but is different from Section 8 Company. RBI Act 1934 governs Microfinance Company Registration for its smooth functions. It means the guidelines and directions for Microfinance institutions are laid out by RBI Act 1934. Microfinance Companies are synonymously called Microfinance institutions too. WHAT DOES MICRO FINANCE COMPANY MEAN? SWARITADVISORS.COM

  3. IT PROVIDES FUNDS TO LOW INCOME PEOPLE. IT COMES HANDY FOR THOSE PEOPLE WHO RESIDE IN SEMI URBAN AS WELL AS RURAL AREAS. PURPOSE OF MFI PURPOSE OF MFI

  4. BENEFITS OF MFI WWW.SWARITADVISORS.COM • There is no collateral/mortgage money required for borrowing of funds • It helps to generate employment • Facilitates rural development • It also provides an opportunity to earn income

  5. LIMITATIONS OF MICROFINANCE COMPANY Upto INR 50,000 loan can be provided by Microfinance Company to people who have no access to regular banking facility. People like agriculturists, businessman, farmers and so on usually avail facilities of Microfinance Company. As already specified, it is mostly availed by low income group. Moreover, people who are located in far flung areas like semi urban as well as rural areas can approach Microfinance Company. SWARITADVISORS.COM

  6. REQUIREMENTS TO START MICROFINANCE COMPANY THE BASICS.. Companies Act 2013 or 1956 helps in incorporation of Microfinance institutions The Authority prescribes the minimum net worth which is necessary to carry out the operations of Microfinance institutions The required Permit/License must be obtained SWARITADVISORS.COM

  7. PRE-REQUISITES FOR MICROFINANCE COMPANY REGISTRATION 2 3 1 4 Extract of main object clause specified in MOA’s copy is required Fixed Deposit Receipt’s copy is required Certification of Incorporation’s copy is required Banker’s Certificate in regards to Net Owned Fund and Banker’s Report are required too MFI PRE-REQUISITES SWARITADVISORS.COM

  8. MICROFINANCE COMPANY REGISTRATION PROCESS STEP -1 STEP -2 STEP -3 STEP -4 STEP -5 STEP -6 Registration of Company Capital is raised Account opening in the bank RBI Registration of Microfinance Company Online Application Filing Submission of hard copy

  9. Documents for Microfinance institution Report from Auditors Company’s Incorporation Certificate CA Certificate Company’s MOA • DOCUMENTS qualifications of Director Bank Resolution Report from the bank Company’s AOA

  10. HOW CAN SWARITADVISORS HELP Swarit Advisors is a one-stop service provider that can help you in enabling Microfinance Company Registration. Our team of professionals will guide you throughout the Microfinance Company Registration. You just have to provide us with all your essential documents to obtain Microfinance Company Registration and rest assured we will sail you through.  We aim to strengthen the bond with our clients by giving quality services rather than focusing on gaining monetary benefits. Thus, avail our services for a hassle-free Microfinance Company Registration.

  11. Let's plan a coffee ADDRESS PHONE EMAIL Block H Plot No. 55, Ground Floor, Sector 63 , Noida, UP +91-9821399320 care@swaritadvisors.com swaritadvisors.com

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