About micro-lending, bank policies, concepts, models, services, and job guarantees just within 24 hours. India is a country of opportunities but we are lacking somehow not because of not having money but because of not having knowledge.
India is a country of opportunities but we are lacking somehow not because of not having money but because of not having knowledge.
India is a country with a population of over 1.39 Billion people withholding the place of 3rd largest global place for startups. With over 77,000 DPIIT-recognized startups & 106 unicorn companies across 656 districts looks like there are lots of opportunities in India. These 106 unicorns alone hold a total value estimated at $343 billion.
This amount requires proper skill and knowledge which India is definitely lacking behind. Youth is the strongest base of any country where India’s youth is 27.2% of the overall population & India’s literacy rate is about 73.37%.
With this much literary rate but Indian unemployment rate increased to 7.8 percent from 6.4 percent.
Bill Gates once said,” if you are born poor it's not your fault, but if you die poor, it's your mistake.”
Due to this reason, we have introduced a new course. who want to do something extraordinary in their life, learn skills, and don’t want to be a part of 7.8%. We understand that financial knowledge is important that’s why introducing the course.
Microlending is a method of providing loans, credit, access to savings accounts, and money transfers to small company owners and entrepreneurs or individuals in India
Those who don’t have any kind of access to any kind of traditional financial resources benefit from microlending.
Microlending often has higher interest rates than standard personal loans.
Microlending goods include the following:
Microloans are notable since they are given to borrowers with no collateral. Micro-lendings should eventually lead to beneficiaries outgrowing smaller loans and becoming eligible for traditional bank loans.
Micro savings accounts enable entrepreneurs or individuals to operate savings accounts with no minimum balance. These accounts assist users in developing financial discipline and an interest in future savings.
Almost half of our country's population does not have a basic savings account. However, this sector requires financial services in order to realize its goals, such as wealth accumulation and risk management.
Individuals that are financially underprivileged can gain access to capital through micro-lending. If micro Lending institutions did not provide loans to this sector of society, these individuals would have had to borrow money from acquaintances or family members. They are also likely to choose rapid cash loans or payday advances (with exorbitant interest rates).
Microlending assists these groups in making sensible investments in their enterprises, and so aligns with the government's aim of financial inclusion in the country.
Important Key Points:
Micro Lending’s Key Characteristics
Here are some of the most important aspects of microlending:
Borrowers are typically from low-income families.
Microloans are often tiny in size, i.e., micro Lendings.
Microloans have a short repayment period and do not demand collateral.
These loans are often repaid at greater intervals.
The majority of microfinance loans are intended to generate revenue.
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