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Documents required for Micro Finance Company Registration

Microfinance services are basically for individuals who do not have enough access to banking and other related services. The privilege of microfinancing is given to the unemployed and individuals who draw a low income.

Microfinance companies can provide a loan or credit of up to Rs 50,000 in rural areas and Rs. 1,25,000 for urban areas. Such loans are given to small-time entrepreneurs, enterprises, and low-income groups.

Here is a list of documents required to register a Microfinance company

  • Copy of PAN card of directors and shareholders
  • Copy of Aadhar card for directors and shareholders
  • Bank statement, electricity bill, or telephone bill as address proof
  • Passport size photo

Registered office proof

  • In the case of a self-owned property, an electricity bill and ownership document is required
  • In the case of rented property, an electricity bill, rent agreement and NOC from the owner should be obtained.

Conclusion

As India is a fast-growing economy having a large population, it is difficult to open banks in every village. This is the reason why microfinance institutions were set up in villages and remote areas to support the farmers and small business owners. These institutions are also of great help to unemployed people as well.

At Aavana, we provide top-class help to set up your microfinance company. Our experts will help you through the registration process and make sure all your registration is done hassle-free.

Call us at +91-80-40909797 to get help with your registration process. We also provide top-grade advice regarding your business and financial issues.

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