Public Interest Litigation

Micro Finance Institutions(MFI’s) can be defines as a microfinance institution is an organization that offers financial services to low income populations. Almost all give loans to their members, and many offer insurance, deposit and other services. A great scale of organizations are regarded as microfinance institutes. They are those that offer credits and other financial services to the representatives of poor strata of population.

Documents Required

The documents required from the director and shareholders are:

  1. Pan Card/Aadhar Card
  2. Voter ID/Passport / License
  3. Two passport photo
  4. Bank Statement- latest 3 month(Bank Pdf)
  5. Email, Mobile No, Profession , Qualification and Duration of stay at present address

Documents required of the proposed registered address are as follows:

  1. Electricity bill/Other Utility Bill of the proposed registered address
  2. NOC or rent agreement from the owner of the premises
  3. Even if the director is owner of the property NOC is needed from him
  4. Bank Statement- latest 3 month(Bank Pdf)
  5. Email, Mobile No, Profession , Qualification and Duration of stay at present address
  6. Note:- All document must be scan from scanner with good quality

Time

Micro Finance limited Company registration process can be completed in around 120 working days after all document received completely from customer side; as follows:-

  1. Preparation of documents – 2 days
  2. DSC Application – 1 day
  3. Name Approval through RUN – 1-2 days
  4. Filing of form – 2 days
  5. Approval – 8-10 days
  6. RBI documents preparation -15-20
  7. RBI approval -60-90 days

Procedure

  1. The first step is to form a new Public Limited Company under the Companies Act.
  2. NOF should be Rs. 500 Lac After the incorporation of a new Company in the form of Equity share capital. The Capital to be raised after incorporation of a company here should be Equity Share Capital and not Preference Share Capital.
  3. The amount which is received post incorporation of the company shall be deposited in a bank account as Fixed Deposit and its must be free from all aliens.
  4. Application to RBI for Business Operations.
  5. RBI will conduct due diligence and will issue certificate of commencement of business.

FAQ's

    A minimum lending period should not be less than 24 months and Brower can make repayment without any penalty if loan amount more than Rs.15000. A eligible borrowers without any collateral or margin money is whom MFI give loan to. MFI has to offer at least 70% of total loan amount to borrowers for Income generation. Borrowers will have the choice to repay the loan amount on weekly or fortnight or monthly instalments.
    Yes. NBFC-MFI cannot charge a higher rate of interest. Maximum cost of fund+ 10%

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