Micro Credit – MFI
Micro Credit – MFI
Dhanlaxmi Bank's micro-credit scheme was introduced in 1998 to aid the efforts of Micro Finance Institutions in empowering women and helping in poverty alleviation.
Features
- Loans provided through Micro Credit can be utilized for agriculture and allied activities, consumption, production and other activities.
- Tenure up to three years.
- Flexible repayment options
Interest Ratr may be changed. Term & Conditions Apply
Eligibility
- The MFI should be registered with the relevant authority as NBFC, NGO, Society, Trust or Section 25 Company and should have been functioning satisfactorily for more than three years.
- Objective of the MFI should be serving the social and economic needs of the community in general and weaker sections of society in particular.
- Proper system of maintaining accounts/records with regular audit, external/internal must be in place.
- Necessary financial management capability for enlarged operations.
- Adequate trained and motivated field staff for close monitoring.
- Where such advances exceed Rs. 2 crores, it would be advisable to obtain a rating carried out by an approved external agency
- Enabling provisions must be available in the relative Bye Laws/Memorandum and Articles of Association, Partnership Deed etc.
Documents Required
- Loan Application from authorised signatory of MFI
- Attested True Copy of Registration Certificate of MFI
- PAN Card copy of MFI
- Board Resolution
- Aggregate credit plan of the SHGs/JLGs proposed to be financed and an estimated cash flow statement
- Shareholding pattern certified by Statutory Auditor
- 6 Months bank account statements of the main operating account
- Last 3 years audited financials
- Last 3 years Income Tax returns
- Rating report by an external rating agency
- Certified Copies of MOA & AOA / Trust Deed
