The Indian microfinance sector has helped create opportunities for people belonging to the low-income segments of society.

Statistics recorded until June 2019 by a top microfinance in India shows that there are more than 64 million people who have benefitted after getting financial assistance from the Indian MFI sector.

How an MFI Helps an Individual or Individuals?

Interested individuals can start their own businesses after seeking quick and easy monetary assistance from any of the top ten microfinance company in India. This in turn helps in the creation of job opportunities both in rural and semi-rural parts of the nation.

What Lies Ahead for Microfinance Companies in India?

Microfinance companies operating in India, over the years has been subjected to immense scope for their growth. This has been possible after the Government of India found its zeal to eradicate poverty from the nation. This is slowly but surely done by providing individuals residing in the rural parts of the nation with the means to earn their living.

Over the last few years, the Indian government introduced several never-seen-before reforms in its flawed and ageing policies. On top of this, the authorities also introduced several steps that ease the restrictions imposed on NBFCs.

This change in stance was natural and had to happen as Indian authorities finally understood that every nation that has reached the pinnacle of success, took the necessary steps to financially uplift its people especially the ones that traditional lenders won’t even think of serving – all of this, allowed non-traditional lenders to assist Indian farmers and rid the latter from their financial woes.

The factors mentioned above also alleviated the stigma that plagued the minds of the Indian population towards NBFCs thereby paving the way for the Indian MFI sector to show its true potential in the years to come.

On that note, here is a list of some of the top microfinance companies that are changing lives even as one is reading this post – 

  • Fusion Microfinance Pvt Ltd – Website – https://fusionmicrofinance.com/ Address – H1, Community Centre, Near Gurudwara, Naraina Vihar, New Delhi-110028
  • Asirvad Microfinance Limited – Address – 9th and 10th Floor, No 9, Club House Road, Anna Salai, Chennai 600002, Tamil Nadu.
  • Equitas Small Finance – Address – Phase II, 4th Floor, Spencer Plaza, No. 769, Anna Salai, Chennai – 600 002
  • ESAF Microfinance and Investments (P) Ltd – Address – No 34, Bagati House, Ganesh Chandra Avenue, Kolkata, Pin – 700013
  • Arohan Financial Services Limited – Address – DP Block, DP-9, Sector-V PTI Building, 4th Floor, Kolkata, West Bengal 700091
  • BSS Microfinance Limited – Address – No 11, 2nd Block, 2nd Stage, Outer Ring Road, Nagarbhavi Layout, near Bangalore Development Authority Complex, Bengaluru, Karnataka 560072
  • Annapurna Microfinance Pvt Ltd – Address – 1215/1401, Khandagiri Bari, Opposite Jayadev Vatika, Khandagiri, Bhubaneswar – 751030

In the end, what one can take away from this post is that although several restrictions are still applicable on the NBFCs operating in India, the MFI sector is here to stay and will continue to benefit the common people residing in the rural and semi-rural regions of the nation for decades.