Fusion Microfinance

Fusion Microfinance

Getting access to credit, sometimes, becomes difficult even for a salaried or self-employed professional. Imagine, how would a poor un-employed individual get a loan amidst enormous banking formalities? A large segment of people who live under poverty find it hard to get finance from established lending institutions. As the country aim for an inclusive growth at all sectors, the provision of micro credit is certainly a powerful tool that will bring financial inclusion.

Having visualised financial inclusion is the only way for development, Fusion Microfinance helps poor communities to establish small businesses in the society. The beneficiaries include fishermen, artisans, farmers, small entrepreneurs, deprived communities etc.

Advantages and Features of Fusion Microfinance

• Aimed at empowering poor women and their livelihood
• To improve the living conditions of the marginalised people
• To fund the small and micro business entrepreneurs

Fusion Microfinance Products and Services

Fusion Microfinance provides to poor women the following products and services.

Joint Liability Group Loans

Loan Amount ranges from Rs.15,000 to Rs.50,000 at rate of interest ranging between 24.40% & 24.60% p.a. on a reducing balance method. There is a processing fee of 1% (Excluding taxes). The tenure offered is between 1 year to 2 years depending on the loan amount.

Emergency Loans

Fusion Microfinance offers Emergency loans amounting to a maximum of Rs.3,000 to Rs.5,000 at rate of interest of 22.00% p.a. on a reducing balance method with maximum tenure of 8 months. There is no processing fee.

Eligibility Criteria for Fusion Microfinance

Following are the eligibility criteria to get micro credit from Fusion Microfinance

• Should be women between 18 to 55 years of age
• Should be a Permanent resident of a village or slum
• Should be a joint liability group

Fusion Microfinance Location

To apply for a loan with Fusion Microfinance, you can contact them at their branches or the head office located in New Delhi.

Head office Address

Fusion Microfinance Private Limited, 

H1, Community Centre, Near Gurudwara,

Naraina Vihar,

New Delhi-110028

Phone:  +91-11-4664 6600

Email: contact(at)fusionmicrofinance(dot)com

Grievance Redressal Mechanism at Fusion Microfinance

Fusion Microfinance aims to provide resolution to their customers in a fair and timely manner. All the passbooks are provided with the telephone number of branch managers in order to contact them for any query and complaints. Customers can also call the helpline number 1800-103-7808 for registering any complaint or grievances. Following steps can be followed in registering your compliant with the company.

Level 1

Fusion Microfinance Private Limited has a dedicated toll-free helpline number 1800-103-7808 to address the complaints / grievances of a borrower. A designated team is established to record the queries / grievances from the borrowers and make sure those are resolved by the concerned authority on a priority basis. The toll-free helpline number is printed on the passbook of all borrowers. Besides that, there is a "Complaint Box & Complaint Register" is available at each branch offices of Fusion Microfinance Private Limited for the borrowers to drop their queries/suggestions

Level 2

In case the query is not resolved within 15 working days', complainant / borrower can contact

Grievance Redressal Officer, 

Fusion Microfinance Private Limited, 

H-1, Community Centre, 

Naraina Vihar, 

New Delhi – 110028. 

Email Id: nodalofficer(at)fusionmicrofinance(dot)in 

Level 3

However, if the complaint/dispute is not redressed within a period of one month, the Borrower / Complainant may appeal to

General Manager

RBI, (DNBS)

Reserve Bank of India,

6, Sansad Marg, New Delhi – 110001.

What is Microfinance?

Microfinance is a type of banking service that is provided to unemployed or low-income individuals or groups especially people who have no access to credit in the formal banking system. Microfinance is an alternative to banks for people who live in remote villages of the country. The goal of micro credit companies is to provide a financial opportunity to poor people to become self-supportive and to those who did not have to avail formal credit. While microfinance is concentrated in the rural regions, it is also prevalent in urban poor, who have continued to be a segment that has been neglected by the organized form of banking.

Microfinance, an Alternative to Banks

Though India is experiencing a rapid growth at all sectors, there are still a certain percentage of people who are not covered by the formal banking system. Firstly, most of these people do not have a bank account and getting a loan from bank is even more a tough task.

Banks demand a steady source of income, worthy collateral, credit score etc. to provide a loan. People who have none of these have no chance of availing a credit to become self-supportive. More importantly banks require authenticated documents like ID proof, address proof, PAN, Aadhar card, proof of continuous employment which is not easily available with the segment that does not have much or any of the above documents required. These documents form the bulk of the qualifying criteria, which if an applicant does not meet will be rejected for a loan. Microfinance in India is addressing this need of the people.

Microfinance, identifying, small entrepreneurs come forward to uplift their lives by providing micro credit within their repayment capacity. The Microfinance companies conduct camps at remote villages and some urban pockets and offer financial assistance.

Who Are the Beneficiaries of Microfinance?

The established lending institutions generally cover salaried or self-employed professionals who have a steady source of income or work in an organised sector. Microfinance benefits the people who are involved in profession such as fishery, artisans, constructions works, vendors, small entrepreneurs etc. These individuals generally work in unorganised sectors and live in remote villages or slums in urban areas.

How Does Microfinance Help?

Economically weaker section of people get access to micro credit to enhance their lifestyle in several ways. With varied products from the Microfinance companies, the borrowers can use the funding for start a small business, build a low-cost house, get sanitation facilities etc.

Microfinance companies generally work through self-help groups in the rural and urban localities to provide the financial assistance to economically deprived people.

How Can Indians With No Credit History Get Loans and Credit Cards?

Our country can boast of a vibrant economy only when all segment of people can get access to credit. This is the only way to achieve an inclusive growth. CreditMantri, helps individuals who are otherwise unable to get credit in any form through formal banking system. The first-time borrowers who do not have a credit score or collateral can use CreditMantri platform to explore lenders who are willing to lend to them based on other criteria.

CreditMantri works with multiple lenders which include leading banks and NBFCs to also develop special products like small ticket loans which are able to provide such applicants a loan even with no credit score, a bad credit rating and with negative issues.

About Fusion Microfinance

Fusion Microfinance is a Non-Banking Financial Corporation (NBFC – MFI) based out of New Delhi. Started in 2010 their clientele consists 100% of women living in the rural or semi urban areas. Currently they operate in 14 states, catering to 1073733 customers living in 48053 villages. They have Rs.1607 crores outstanding with Rs.4067 crores loans disbursed.

Frequently Asked Questions About Fusion Microfinance

1. Who can avail credit from Fusion Microfinance?

People who are not covered by formal banking system, living in urban slums or remote villages can avail micro credit from Fusion Microfinance.

2. For what purposes the micro credit is offered by Fusion Microfinance?

Fusion Microfinance is provided for the purpose of micro business units, low-cost house building, construction of toilets, setting up irrigation system, purchase of solar ware etc.

3. What is maximum amount of loan you can get under Fusion Microfinance?

The loan amount is disbursed as per the scheme and repaying capacity of the borrower.

4. Does Humana provide micro credit only for women borrowers?

Yes, the micro credit is provided only for women as they have less chance of availing financial assistance from established financial institutions.

3. Are there insurance benefits for availing Fusion Microfinance?

Yes, you can get insurance benefits as long as you repay the loan amount.