Micro Finance is how credit, insurance, money transfers, and access to savings bank accounts are made available to small business owners and entrepreneurs in the underdeveloped part of the country. In India, it’s observed that the major recipients of microfinance are those who do not have access to traditional financial resources like a business loan. The interest rate on micro loans is higher than on traditional personal loans.
The three main types of Micro finance is Micro Loans, Micro savings, and Micro insurance. Let’s understand them further-
The importance of a Micro Loan can be understood as it provides individuals and small businesses an option for securing finance where traditional forms of finance aren’t available. This instills a sense of financial stability so that their aspiration of creation of assets and protection against risk is fulfilled.
Here at Fullerton India, we understand the importance and urgency for MSME loans to help small businesses or newly established businesses, hence we have made an effort to provide not only a Small Personal Loan but also a Growing Enterprise Loan at very attractive interest rates.
A Small Personal Loan also called an instant cash loan is an unsecured loan that could be used for personal financial needs. The interest rate on this starts at a very competitive 11.99%* and is a very simple and quick way to get cash in an emergency. Also, it has a very flexible repayment structure, thus allowing you to repay comfortably. To apply for this loan, please click on the “Apply now” button on this page, or visit your nearest Fullerton India branch.
Micro financing thus helps small businesses to have control over their working capital & cash-flow, thus avoiding loans taken from friends, family.
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