Pahal Financial Service Microfinance

Pahal Financial Services

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, Pahal Financial Services 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 Pahal Financial Services

• Aimed at empowering small entrepreneurs
• To improve the living conditions of the marginalised people
• To fund the small and micro business entrepreneurs
• Loan for low-cost house building and reparation works

Pahal Financial Services Products and Services

Pahal Financial Services provides to poor women the following products and services.

Group Loan

Women, who are unable to access credit through formal banking system, can get financial help through group loan. Poor women, who are involved in micro businesses as a group, are identified and given credit assistance. Minimum of 4 and maximum of 7 women are considered a group and offered credit individually.

Individual Loans

Individuals who has good track record of payment history with Pahal Microfinance are given loans for their every need.

Cattle Loans

Individuals who need financial support to maintain the cattle or develop the dairy business are identified and provided loans under this scheme.

Two-Wheeler Loans

Existing and new customers can avail this loan from Pahal Microfinance to purchase a two-wheeler.

Pahal Financial Services Location

To apply for a loan with Pahal Financial Services, you can contact them at their branches or the head office located in Ahmedabad.

Head office Address

Pahal Financial Services Private Limited

First Floor-2, City Mall,

Nr. Rajpath Club, Opp. Madhur Hotel, S G Highway, Bodakdev,

Ahmedabad – 380059

You can also reach them out to register your feedback, complaint, grievance or query at ho(at)pahalfinance(dot)com.

Grievance Redressal Mechanism at Pahal Financial Services

Pahal Financial Services 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.

Step 1: Complaint Register

The customers can directly walk in to the branch office and register the complaint by filling up the complaint form available.

Step 2: Compliance Officer

Any complaints received are redressed within a certain time period. If not resolved within the timeline mentioned, it can be escalated with the customer grievance cell. The compliance officer will respond to the grievance after escalation.

Step 3: Nodal Officer

If the grievance is not redressed by the compliance officer or you are not satisfied by the response, you may escalate the issue with the Nodal officer of Pahal Microfinance.

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 Pahal Financial Services

Pahal is a Non-Banking Financial Corporation (NBFC – MFI) based out of Ahmedabad. It operates across the states of Gujarat, Madhya Pradesh, Rajasthan and Maharashtra. Started in 1994, the microfinance company was later registered with the Reserve Bank of India. The organisation offers micro credit services to vulnerable women living in rural areas.

Frequently Asked Questions About Pahal Financial Services

1. Who can avail credit from Pahal Financial Services?

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

2. For what purposes the micro credit is offered by Pahal Financial Services?

Pahal Financial Services 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 the maximum amount of loan you can get under Pahal Financial Services?

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