My father had availed a home loan from a bank so I do know how it works but none from my family had ever availed a loan from a micro finance company hence this concept was all new to me. My uncle is planning to have a micro finance housing loan so I tried to know what it is. From the word itself I understood that it is going to be a small money loan hence the anime micro but it was not enough. I asked my father about the microfinance loan details to understand it better. Let me share what things I got to know about it.
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What is a micro finance loan?
Microfinance loan refers to a form of financial service or loan that aims at providing small loans or other financial services to people with low salary. Households having an annual income up to Rs 3 lacs are considered for microfinance loans. Micro housing loans are usually available or meant for the poor class living in the informal sector in urban areas like housemaids, weavers, rickshaw pullers, drivers, security guards and more. What is the tenure for microfinance loan and interest rate? Usually The Micro Housing Finance loans allows a long tenure upto 15 years. The rate is usually between 12% and 13%. RBI fixed the applicable average base rate that is to be charged by NBFC-MFIs to their borrowers for the quarter beginning from 1st January at 7.89%. These are the microfinance loan details that I have got to know as of now. Read More:What is NBFC Company?
How to get Pmayuclss Application ID from Banker or NBFC?
What is Micro Finance Company?
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What Is Micro Finance Loan?
Parth
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2022-08-04T09:39:36+00:00 2022-08-04T09:39:36+00:00Comment
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