Register Micro Finance (Credit) Company
- - Micro finance in 25 to 30 days with License.
- - Micro finance registration via section 8 Company.
- - RBI Approval not required.
Micro Finance Company
Know what is Micro finance Company and how it is registered.
What is a Micro Finance Company?
A Micro finance Company which is also commonly known as Micro credit organization deals in small loan which is less than Rs.50,000 to various household, small businesses who do not have access to formal banking channels or eligibility for loans.
How to register micro finance Company in India?
There are two option by which micro finance can be registered in India one is through NBFC and another through Section 8 company. NBFC require 5 crore capital but section 8 does not require any minimum capital. Here is the process:
# Prepare DSC and file Name Approval: The first step is to prepare DSC and DIN. This takes sometime one to two days. Thereafter, you need to file for name approval. The name should be unique and should end with words like foundation, sanstha etc.
# File for License: After getting name approved, the next step is to prepare all the documents and then apply for license to do Micro finance business in consonance with prescribed RBI guidelines.
# File for Incorporation: After getting the license, we need to file for incorporation and once company is incorporated, you can start the micro finance business in India. However, please remember that you cannot take any deposit under section 8.
Know the basics
Learn the basics about Micro Finance company & its compliance
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