Microfinance services are mostly for people who lack sufficient access to banking and other financial services. Unemployed people and others with modest incomes are given the option of micro financing.
In rural areas, microfinance organisations can issue a loan or credit of up to Rs 50,000, and in urban areas, up to Rs 1,25,000. Small-time entrepreneurs, businesses, and people with low incomes are eligible for these loans.
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.
Conclusion
It is tough to open banks in every hamlet in India because it is a rapidly growing economy with a vast population. This is why, in order to assist farmers and small business owners, micro finance institutions were established in villages and distant places. Unemployed persons can also benefit greatly from these institutions.
At Aavana, we offer first-rate assistance with the establishment of your microfinance company. Our professionals will guide you through the registration procedure and ensure that everything goes smoothly.
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.
