Section 8 Microfinance refers to a variety of affordable financial services that target low-income Users, who live at or below the poverty line, especially women. It aims to empower these customers by providing them access to microcredit for income generating activities, savings and insurance, and remittance services.
A Section 8 microfinance institution is an organization that provides services such as microcredit and assured loan facility to the poor. All MFIs share the common feature of providing these services to a client who is otherwise excluded from formal financial services.
Clients must meet the following criteria to avail a loan:
For loans On-ward lending: Rs 5000 to Rs 1.25 Lakh.
The loan can be repaid over a period of 12-24 months. Its all depends upon loan amount and terms of loan.
Section 8 microfinance institutions in India are regulated by the Reserve Bank of India through its master circular: RBI/2015-16/15 DNBR (PD) CC.No.052/03.10.119/2015-16 Dated July 01, 2015, has released all Section 8 Companies involved in microfinance activities.
Our Group section 8 micro finance offers the options of biweekly and monthly repayments.
Through online, card at pos terminals, cash.
Sanctioned limit will be determined based on your revenue/sales and limit gets enhanced with increase in revenues/sales.
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