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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, Mpower Microfinance helps poor communities to establish small businesses in the society. The beneficiaries include fishermen, artisans, farmers, small entrepreneurs, deprived communities etc.
Some of the advantages are as follows
The two major loan offerings from MPower are Hariyali which is the loan for agricultural purposes and Samruddi which is for business purposes, the details of which are as follows
Hariyali- Rural Agri loan
Loan Size: Up to 30,000
Tenure: 24 months
Interest Rates: 24.72%
Samruddhi- Business Loan
Loan Size: Up to 50,000
Interest Rate: 24.72%
To apply for a loan with Mpower Microfinance, you can contact them at their branches or the head office located in Mumbai.
M Power Micro Finance Pvt. Ltd.
B/212, Arjun Centre, Plot No.231,
Govandi Station Road,
Govandi, Mumbai – 400088.
You can also reach them out to register your feedback, complaint, grievance or query at contact(at)mpowermicro(dot)com.
Mpower Microfinance aims to provide resolution to their customers in a fair and timely manner. At first, the customers can fill up the complaint form and submit at the branches of Mpower Microfinance.
Your grievance will be redressed in a short period of time. However, if not redressed, you can escalate with the Grievance Nodal Officer.
3rd Floor, Amin Chambers,
85-B, Sampatrao Colony,
Alkapuri, Vadodara – 390007
Email Id: cs(at)mpowermicro(dot)com
Customers can also register their grievances by contacting the 24X7 toll-free number 1800 222259.
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.
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.
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.
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.
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.
Started in 2009 by reputed people from the banking industry, the MPower Microfinance offers diverse loans to those who otherwise would not be able to get credit. Mpower Microfinance operates in the states of Gujarat, Maharashtra, Rajasthan, Haryana, in major cities like Ahmedabad, Mumbai etc.
1. Who can avail credit from Mpower Microfinance?
People who are not covered by formal banking system, living in urban slums or remote villages can avail micro credit from Mpower Microfinance.
2. For what purposes the micro credit is offered by Mpower Microfinance?
Mpower Microfinance is provided for the purpose of micro business units, low-cost house building, construction of toilets, setting up irrigation system, student finance and generating income for widows, single mothers, unmarried women, person with disability etc.
3. What is the maximum amount of loan you can get under Mpower Microfinance?
The loan amount is disbursed as per the scheme and repaying capacity of the borrower. The Mpower business loan is provided up to Rs 50,000.
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