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Microcredit and microfinance are two types of fund related activities. In this article, we shall look at what makes them different. Although they may sound similar but there are certain essential points that make them different from each other. Let’s understand them one by one.
The main objective of these two is to raise access to financial capital[1] for individuals or companies who don’t have access to traditional financial service.
Access to financial income is beneficial as it enables income generation, enterprises development etc.
The Difference between Microcredit and Microfinance are as follows:
Both microfinance and microcredit look to increase access to financial capital for individuals and for those companies that aren’t eligible for traditional financial service. It increases access to financial capital. In case you wish to know more on these two terms, contact Enterslice.
Read our article: IRDAI suggestions to encourage Micro insurance companies
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