|Minimum Order Quantity||1 Piece|
|Type Of Ownership||Limited Liability Company|
|Type Of Service||New company registration|
|Type Of Industry||Service|
|Project Duration||15-20 days|
|Mode Of Service||Online & Offline|
Registration of microfinance companies under section 8 is the most suitable option when you want to start a finance business across India without RBI approval and capital restriction.
Section 8 microfinance companies can be started with microfinance objects for social objects to help poor people to reduce poverty. Such companies are exempted to get a license from RBI under its master circular RBI/2015-16/15 DNBR (PD) CC.No.052/03.10.119/2015-16 Dated July 01, 2015.
Section 8 microfinance company can offer for unsecured loan i.e., personal loan, group loan, loan for household, etc. at the interest rates as specified by the RBI norms (currently it is 26% p.a.) The main object of the section 8 microfinance company is to reduce the poverty in the country, therefore it facilitates the loans hassle-free without more paper works and procedures.
The loan limit is Rs. 60,000 in the first cycle and Rs.1,25,000 in subsequent cycles. The total ineptness of the loan shall not be expressed from 1 lac at a time
Registration of section 8 microfinance companies can be easily done with VAKILKARO with legal expertise. It is totally online process, which started with two (2) Natural persons. The Ministry of Corporate Affairs (MCA) has given the power to the Registrar of Companies (ROC) to issue the License of section 8 microfinance Companies, which takes 7 days estimated. VAKILKARO has the legal expertise in Registration, Legal Compliance, Loan Agreement Drafting, and Loan Recoveries of microfinance companies as well Finance Companies like NBFCs.
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