Micro Credit Scheme was launched with the help of Micro Finance Institutions in empowering women and providing lending support to poor people living in rural, semi urban and urban areas.
| Micro Credit Loan - Interest Rate & Features |
| Interest Rate |
11.20% onwards |
| Loan Amount |
Depends on business requirements |
| Repayment Tenure |
Up to 3 years |
| Purpose of loan |
Can be used for agriculture and allied activities, consumption, production and other activities |
Note: The mentioned interest rates, fees and charges are subject to change and depend on the sole discretion of the bank and RBI. GST and service tax shall be levied extra on the mentioned charges .
Eligibility for Micro Lending
- Should be registered with the relevant authority as an NBFC, Section 25 Company, NGO, Society, Trust, etc.
- Operating for more than 3 years
- Should be equipped with suitable system of maintaining accounts/records with regular audit
- If cash advances exceed Rs. 2 crore, applicant needs to obtain rating from approved agency or bureau
- Permitting provisions shall be available partnership deed, Bye Laws, Memorandum and Articles of Association (Moa) & (AoA), etc.
Documents Required
- MFI’s authorised signatory will provide loan application
- Attested True Copy of Registration Certificate of MFI
- PAN Card copy of MFI
- Last 6 months’ bank statement
- Last 3 years’ audited financials
- Last 3 years’ Income Tax Returns
- Rating report by respective agency or credit bureau
- Certified Copies of Trust Deed or Memorandum and Articles of Association (Moa) & (AoA)
