MicroFinance Section 8 Registration can be done by 2 directors with minimum share capital of one lakh. MFI don't need RBI licence for working.
This is best way to provide Group loan, personal loan, unsecured loan to any individual in India. Start Your registration with 50000 Advance.
From ₹ 180000 /- all inclusive fees
EMI: ₹16160 for 12 months*
A Company can be registered as a Company under Section 8 of the Companies Act, 2013 (earlier section ‘25’ of Companies Act, 1956 which is governed by Ministry of Corporate Affairs. Company incorporation documents and Section 8 license will be provided by the MCA. We don't need to take any other license from any other department like RBI, Local authority Etc.
Micro finance company can work in the field of micro loans, group loan and every type of unsecured loan all over India. Last name of micro finance companies are foundation, Forum, Association, Federation, Chambers, Confederation, council, Electoral trust and the like etc.
Middle name for the Micro finance companies can be:
1) Micro Finance
2) Micro Credit
3) Micro Benefit etc.....
Microfinance section 8 company can provide Group loan ( Mahila Loan) , Personal loan, unsecured loan upto 50,000/- per person for personal or business use. They can provide loan upto 1,25,000/- for meeting the cost of dwelling unit to any poor person for enabling him to raise the level of income and standard of living.
Company cannot take any assets as a security of loan, because only unsecured loan can provide by the company. No secured loan allowed in Section 8 Company.
Maximum rate of interest in the Micro finance company can be 26%, this can be fixed or reducing as per the requirement of company, Government don't have any guidelines over it.
Unlike Nidhi company, micro finance section 8 can work in multiple state with multiple office. Company need not to take permission for multiple offices.
Micro finance section 8 companies are exempted from taking license from the RBI. The exemption notification is RBI/2015-16/15 DNBR (PD) CC.No.052/03.10.119/2015-16 Dated July 01 2015.
Unlike NBFC, micro finance company dont need investment of 2 Crore, this company can be created with initial investment of 1 laknh only.
Individual PAN card of all directors and shareholders are required for registration. In company separate PAN card will applied by us at the time of Company registration.
For Company registration we need Adhaar card of all directors and shareholders.
One documents from the option is required (Voter ID/ Driving licence/ Passport)
One document from the option is required (Bank statement/ updated bank passbook/ Utility bill )
Any utility bill like electricity bill or water tax bill is required, in case property is rented in than rent agreement with owner is required.
MicroFinance Section 8 Company registration with 2 DSC and DIN, along with government payment and stamp papers, Authorized capital upto 10 lakhs,One time RUN filing for name approval, Support for bank account opening.
MicroFinance Section 8 Company registration with 2 DSC and DIN, along with government payment and stamp papers, Authorized capital upto 10 lakhs,One time RUN filing for name approval, Support for bank account opening and Software to manage your Microfinance business
MicroFinance Section 8 Company registration with 2 DSC and DIN, along with government payment and stamp papers, Authorized capital upto 10 lakhs,One time RUN filing for name approval, Support for bank account opening, Software to manage your Microfinance business and Trademark Registration
Ovakil helps you for registering Microfinance Section 8 Registration,it usually take 15 days for all process
Any Doubts? Get a Callback from Ovakil Legal Panel.
We will provide company incorporation certificate after all process, this certificate is important for every company and required as a proof of company registration
Every director needs digital signature and director identification number (DIN) for company registration, we will provide all DSC and DIN.
Permanent account number (PAN) and Tax allocation number (TAN) will be provide by us in this registration.
Memorandum of association (MOA) and Article of association (AOA) will prepared after understanding your business needs.