Microfinance services are basically for individuals who do not have enough access to banking and other related services. The privilege of micro financing is given to unemployed and individuals who draw a low income.
Microfinance companies can provide a loan or credit of up to Rs 50,000 in rural areas and Rs. 1,25,000 for urban areas. Such loans are given to small time entrepreneurs, enterprises and low income group.
Here is a list of documents required to register a Micro finance company
- Copy of PAN card of directors and shareholders
- Copy of Aadhar card for directors and shareholders
- Bank statement, electricity bill or telephone bill as address proof
- Passport size photo
Registered office proof
- In case of a self-owned property, electricity bill and ownership document is required
- In case of rented property, electricity bill, rent agreement and NOC from the owner should be obtained.
As India is a fast growing economy having a large population, it is difficult to open banks in every village. This is the reason why micro finance institutions were set up in villages and remote areas in order to support the farmers and small business owner. These institutions are also of great help to unemployed people as well.
At Aavana, we provide top class help to set up your microfinance company. Our experts will help you through the registration process and make sure all your registration is done hassle free.
Call us at +91-80-40909797 to get help with your registration process. We also provide top grade advice regarding for your business and financial issues.