+91-98737 54869
Loan amount: ₹5,000 - ₹1,00,000.
  • Rate of Interest: 22% per annum

  • Processing Fee: 1.2%

  • Tenure: 6/12/18/24/30/36 months

Microloans are short-range loans with small loan accounts that may be avail by startups, self-employed, small businesses, and micro-enterprises with lower capital needs. It is a kind of small finance offered to low wage group families and micro-entrepreneurs who have small access to lending institutions.

Purpose and objectives of microloans

Microloans may utilize several businesses regarded as activities like maintaining cash flow, meeting working capital needs, starting a new business, maintaining cash flow and managing day-to-day expenses, and debt consolidation.

    Objectives

  • To reinforce the SHGs (Self Help Groups) and utilize them for the economic growth of the nation.
  • To encourage socio-economic growth among under-banked and unbanked families.
  • To promote and support startups and female entrepreneurship throughout the nation.

Most popular Microloan providers

Bandhan Bank
Microloan - 2022
  • Interest rate 17.95% onwards
  • Loan amount Min. Rs. 1,000 & Max. Rs. 25,000
  • Processing Fee Nil
  • Repayment Tenure Up to 12 months
  • Doorstep facility Available, under Dedicated Doorstep Service Center (DSC)
Annapurna Microfinance
Group Loans - 2022
  • Interest rate 21.90% onwards
  • Loan amount Min. Rs. 10,000 & Max. Rs. 80,000
  • Processing Fee 1% of the loan amount + GST
  • Repayment Tenure Weekly, Fortnightly or Monthly, as per the choice of the borrower
BSS Microfinance
Micro Loans - 2022
  • Interest rate 25% onwards
  • Loan amount Min. 12,000 & Max. Rs. 50,000
  • Processing Fee 1% of the loan amount on micro loans of amount above Rs. 25,000
  • Collateral Not required

FAQ

Businesses may utilize SBA microloans for various motives, such as buying equipment, supplies and working capital.

It may take 30 to 90 days.

A microloan is a very minor, short term loan with low-interest rates for small businesses with only some employees and new startups with low capital needs.

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