What is swatantra finance?
Svatantra was the first microfinance institution to receive the Non-Banking Financial Company – Microfinance Institution (NBFC-MFI) license from the Reserve Bank of India. Svatantra has 100% cashless disbursements and has the lowest lending rates of any MFI in India.
Who is the CEO of Svatantra microfinance?
Anujeet Varadkar –
Anujeet Varadkar – Chief Executive Officer – Svatantra Microfin Pvt Ltd | LinkedIn.
How can I apply for microfinance?
Process of MicroFinance Company as NBFC
- Register a Company.
- Raise Authorised and paid up capital to Rs.
- Deposit Rs.
- Get all the certified copies and complete the other RBI formalities.
- Fill online application.
- Submit the hard copy of the application to the Regional Office of the RBI.
What is the full form of MFI?
Microfinance institutions (MFIs) are financial companies that provide small loans to people who do not have any access to banking facilities. The definition of “small loans” varies between countries.
When was Svatantra Incorporated?
Svatantra Microfin Private Limited is a Non-govt company, incorporated on 17 Feb, 2012.
Is microfinance a bank?
Microfinance is a banking service provided to unemployed or low-income individuals or groups who otherwise would have no other access to financial services. Microfinance allows people to take on reasonable small business loans safely, and in a manner that is consistent with ethical lending practices.
Who is eligible for microfinance?
The income limit for each rural household to be eligible for microfinance has now been increased from ₹1 lakh to ₹1.25 lakh, and from ₹1.6 lakh to ₹2 lakh for urban and semi-urban areas. This is expected to bring a larger number of rural, semi-urban and urban households under the fold of microcredit.
Who can avail microfinance loan?
Some of the eligibility criteria you will have to fulfil in order to avail an MFI loans are:
- You should not have availed a loan from other MFI.
- You should not have pending loan amount of more than Rs.
- You should be a working professional generating a steady income.
Can MFI accept deposits?
As MFIs are not allowed to accept deposits, the cost of funds at the hands of the beneficiaries become high because they borrow money from banks — SIDBI and NABARD. Many MFIs such as Ujjivan and Jana have converted into small finance banks after getting licenses from the RBI.
What is micro finance loan?
Microfinance is a way in which loans, credit, insurance, access to savings accounts, and money transfers are provided to small business owners and entrepreneurs in the underdeveloped parts of India. Interest rates on microloans are generally higher than that on traditional personal loan.
How many microfinance companies are there in India?
3000 microfinance companies
There are a number of microfinance companies in India, which play some pivotal roles to the development of India. India’s microfinance sector is fragmented with more than 3000 microfinance companies (MGIs), NGOs and NGO-MFIs.
What’s a micro finance?
Microfinance is the provision of financial services to low-income clients, including consumers and the self-employed, who traditionally lack access to banking and related services. The term may also include a broader range of services, including credit, savings, and insurance.
Why svatantra microfinance?
We aim to constantly improve our offerings and innovate; encourage the entrepreneurial spirit by extending differential banking solutions and promote financial inclusion. Svatantra Microfin Pvt. Ltd. is a microfinance institution (MFI) that helps its women customers in rural villages become economically self-sustainable by providing micro-loans.
What is svatantra?
Svatantra is a next-gen microfinance entity offering differential banking solutions. At Svatantra, we constantly leverage technological innovation in order to bank the unbanked. Our aim is to encourage entrepreneurship where traditional banking systems cannot penetrate.
What does svatantra’s rating from CRISIL mean?
CRISIL, a globally reputed rating agency assigned Svatantra, A+/ Stable outlook rating, which highlights company’s robust and profitable growth. Innovation and technological advancements are emphasised on in order to integrate, optimise and differentiate core business processes as well as to distinguish product lines.