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What are Microloans?
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Microloans are also known as short-term loans that provide smaller loan amounts to the self-employed, startups, micro-enterprises, small businesses, and individuals with low capital requirements. This small finance is offered to micro-entrepreneurs or low-income group families. This is one of the best finance lending opportunities for low-income group families who do not have access to financial or lending institutions.
The government of India in partnership with the private limited companies and Mico Finance Companies microlending has come into existence for the sake of lower bank or unbanked people.
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Who can avail Micro Loans?
- Self-employed
- Sole Proprietorship
- Small Retailers
- Traders
- Manufacturers
- Startups
- Consultants
- Women Entrepreneurs
- Unemployed People
- Minimum wage workers
- Minorities, etc.
What is the Purpose of Microloans?
Microloans are especially for the various business-related activities, like -
- Meeting working capital requirements
- To maintain cash flow
- To start a new business
- To pay salaries to the staff
What are the Objectives of Microfinance?
- To support women entrepreneurship across the nation
- To support the socio-economic development for unbanked families
- To support the Self Help Groups
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