Managing 300+ Finance Companies
MicroFinance Company
with our Expert Assistance
- ✅ MicroFinance (Sec-8) Company
- ✅ CRIF Highmark Credit Score
- ✅ MicroMuneem Accounting Software
- ✅ ENach Auto Debit Services by ICICI Bank
- ✅ Expert support by Adv Mohit Singh
- ✅ Funding Assistance up to 10 crores
- ✅ Compliance Assurance
What is MicroFinance Company?
Set Up Your Micro Finance Business with StartupBooster’s Comprehensive Support!
Only 20.77% of the country's population has access to bank loans. Out of this, only 8.63% qualify due to strict eligibility criteria.
Micro Finance Companies in India provide short-term credit facilities to those without banking access.
Types of Micro Finance Companies
Micro-Finance Company Registration
No RBI registration required & no minimum NOF of ₹2 Crores.
Non-Banking Finance Company (NBFC-MFI)
Requires RBI registration & minimum NOF of ₹2-5 Crores.
Seamless Access
Provides financial access to unbanked & underserved individuals.
Eligibility Criteria for Micro Finance Company Registration
- The company must be registered as a Private Limited or Public Limited Company under the Companies Act.
- Minimum Net Owned Fund (NOF) of ₹5 crore (₹2 crore for North-Eastern states) is required.
- The company must obtain RBI registration as an NBFC-MFI (Non-Banking Financial Company – Micro Finance Institution).
- At least 85% of total loans should be provided to low-income individuals or groups.
- The loan amount cannot exceed ₹1.25 lakh for income-generating activities.
- The company must not accept public deposits.
- A valid registered office address is required.
Documents required
This Is All We Need From You
- 🔴 PAN Card or Passport (Foreign Nationals & NRIs)
- 🔴 Copy of Aadhaar Card
- 🔴 Passport-sized Photograph
- 🔴 Mobile Number & Email IDs
- 🔴 2 months latest bank statement/ telephone or mobile bill/ electricity or gas bill
- 🔴 Latest Electricity Bill/ Mobile Bill for Registered Office
What we offer to accelerate your
MicroFinance Business
We don’t just get your tax return filed within a day but get you maximum refunds in the shortest time.
CRIF High Mark Credit Score
Guaranteed access to CRIF Highmark Portal to check and update your Client’s Credit Score and more. Increase your Recoveries through Credit Score Management.
MicroMuneem Accounting Software
Manage Clients, Staff, Interest, Loans, Disbursements, EMIs & more with the best MicroMuneem Accounting Software specifically developed for MicroFinance Companies.
Funding Assurance Upto Rs.10 Crores
Grow your MicroFinance Business with our Guaranteed Funding assistance from Banks & NBFCs. Avail Funding benefits up to Rs.10 Crores.
ENach Auto Debit Services By ICICI Bank
Auto collect EMIs from your Clients directly in your Bank Account via Enach Auto debit Services from Various Banks. Automate processes and skyrocket your growth.
Features of MicroFinance (Sec-8) Company
Why most people choose MicroFinance as compared to other Business entities
Separate Legal Entity
Just like any other company, Microfinance Section 8 Company has distinct directors and shareholders with a separate identity, limiting their liabilities.
Loans to Small Business Houses
Provides unsecured loans to small businesses up to Rs. 50,000/- and housing loans up to Rs. 125,000/- to uplift the weaker sections of society.
No Prior RBI Approval
Unlike other Microfinance Companies, Section 8 MicroFinance Company does not require RBI approval for registration.
No Minimum Capital Requirement
RBI has exempted MicroFinance Companies from having a minimum paid-up capital, making it easier to start.
Upliftment of Weaker Sections
Provides short-term credit facilities to weaker sections who lack access to banking services.
Minimum Compliances
Microfinance Section-8 Companies have fewer legal compliance requirements compared to other financial companies.
Steady Source of Income
Ensures a steady income in the form of interest revenue.
Earn Interest Up to 26% P.A
Microfinance Section-8 Companies can earn interest up to 26% per annum on loan advances.
MicroFinance Reg. Process
More Simple Than It Looks!
📌 1. PREPARATIONS OF DIGITAL SIGNATURE (DSC)
We apply for DSCs of all the Directors & members. Digital Signatures are required for signing all the documents while incorporating your Section 8 Micro Finance company.
📌 2. FILING APPLICATION FOR DIRECTOR’S DIN
The next step is the application of Director Identification Number (DIN). It is the unique number allotted by the MCA to each of the directors of the Section 8 Micro Finance Company.
📌 3. CHOOSING UNIQUE NAME
Meanwhile applying for your DSCs, we help you in selecting Unique Name for your dream Section 8 Micro Finance Company. This process completes in a single day.
📌 4. PREPARING FORMS AND DOCUMENTS
After the approval of the Company’s name, we prepare all the e-forms and other documents.
📌 5. FILING E-FORMS WITH MCA
After completing all the formalities and documentation work, we upload e-forms along with the attachments prepared in step-4 on the MCA portal for approval.
📌 6. ALLOTMENT OF COI, PAN & TAN
The department will allot Certificate of Incorporation for your Section 8 Microfinance Company along with company’s PAN & TAN. You can now open a Current Bank Account and start the operations. CONGRATULATIONS...
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