If you are someone who is searching for a financial service which can fulfil short-term financial needs, then we would like to enlighten you about a service called Micro Loans.
What are Micro Loans?
In the world of finance, Micro Loans are referred to as short-term loans with a value of less than ₹1 Lakh. Micro Loan is a financial product designed for small-scale businesses, self-employed individuals, startups, etc, that have small capital needs. These small-value loans are offered by Private limited companies, Microfinance Companies (MFIs) and NGOs.
The main focus of providing microloans by the lenders is to support low-income generating families or small businesses to fulfil their short-term financial needs. The Government of India has focused on this financial product to reach unbanked and underbanked individuals and provide them with funding to maintain their economic health.
Micro Loans Eligibility
Here are the type of individuals that can avail of Micro Loans or Small Value Loans:
Self-employed
small retailers
Small Scale manufacturers
Traders
Startups
Consultants
Workers earning low wages
And many more.
List of Popular Micro Loans Providers in India 2023
Rishabh is an experienced content writer and editor, he is working for Viralbake to cover a diversified range of categories. His articles mainly focus on providing information, being a travel guide, educating others, and also making people aware of technology, after all, he is a technophile. When not writing he can be found gaming, watching movies, and travelling.
