|Minimum Order Quantity||1 Unit|
|Also Provides||Loan Management Software|
|Operating System||For Windows|
|Minimum Order Quantity||1|
WHAT IS NON-BANKING FINANCE COMPANY ?
Non Banking Finance Company is a Company which has its principal place of business of receiving deposits and financial activities of lending loans and advances, acquisition of securities ( shares/ stocks/ bonds/ debentures/ securities issued by the government or local authority or other marketable securities of a like nature) , leasing, hire-purchase, insurance business, chit business.
1. Micro Finance Company – NBFC(MFI) is a non -deposit taking NBFC having not less than 85% if its assets in the nature of qualifying assets which satisfy the following criteria:
a)loan disburse by NBFC- MFI to a borrower with a rural household annual income not exceeding Rs. 1,25,000 or urban or semi-urban household income not exceeding Rs. 2,00,000.
b) loan amount does not exceed Rs. 75,000 in the first cycle and Rs. 1,25,000 in subsequent cycle.
C) Total indebtedness of the borrower does not exceed Rs. 1,25,000
d) tenure of the loan not to be less than 24 months for loan amount in excess of Rs. 15,000 with prepayment without penalty;
e) loan to extended without collateral
f) aggregate amount of loans, given for income generation, is not less than 50% of the total loans given by the MFIs;
g) loan is repayable on weekly, fortnightly or monthly installments at the choice of the borrower.