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Microcredit has been explained as the provision of thrift, credit and other financial services and products to the deprived class of people in rural, semi-urban and urban areas for enabling them to raise their income levels and improve their standard of living. Microcredit Institutions are those, which provide these facilities. Reserve bank of India (RBI) encourages the commercial banks to expand the coverage of microfinance in India.
Microcredit is the extension of very small loans (microloans) to impoverished borrowers who typically lack collateral, steady employment, and a verifiable credit history. It is designed to support entrepreneurship and reduce poverty. Microcredit is part of microfinance, which provides a wider range of financial services, especially savings accounts, to the poor.
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The following points are applicable to Micro-Credit Company in India:
Microcredit involves small loan that is provided at low interest rate to people below poverty line whereas Micro finance refers to broad spectrum of financial services which is provided to low income group people.
In case of Micro credit there is only credit activities whereas in case of Micro finance credit activities as well as non credit activities both are included.
By providing microcredit, companies have been able to provide financial services or products to the deprived class of people in areas that are not well developed and enable them to raise their income levels and improve their standard of living. In case you need more information on Micro-credit Company, contact Enterslice.
Read our article:
Role of MFIs in Rural and Small-Scale Sector
Ashish M. Shaji has done his graduation in law (BA. LLB) from CCS University. He has keen interests in doing extensive research and writing on legal subjects especially on corporate law. He is a creative thinker and has a great interest in exploring legal subjects.
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