During a storm in West Bengal, one side of the wall of our cook’s house fell off. She collected as much money as she could, still she needed more and last month she was telling my mother how taking a loan from a Micro Finance company helped her out. I was not aware of such companies and I thought only banks give loans but no. I hence asked my mother what is Microfinance Institution and got to know about it vividly. These institutions are mostly to give small-scale financial support but let me tell you more about it here.
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To explain the concept in simple words, let me tell you that a Microfinance Institution is a financial company that aims at providing small loans to people in need who also do not have any access to bank facilities. A loan below Rs 1 lakh can be called as microloans. These are mainly meant for low-income clients. It acts as an anti-poverty vaccine for the people living in the rural areas of the country and has been extremely helpful to them.
What are the benefits of a Microfinance Institution?
Some benefits of Microfinance institutions are as follows:
Providing funds within a sort time
Access to credit
Better rates for repaying loan
Provides for those who are not very well-sufficient financially
Possibility of future investment increases
Creates real job opportunities
Significant economic gains and more
I hope this gives you an idea about what is Microfinance Institution.
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What Is Micro Finance Company?
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2022-08-04T09:37:55+00:00 2022-08-04T09:37:56+00:00Comment
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