MFIs helping build a better India

India has been growing strongly and the business ecosystem is not just helping any particular segment. Here is the list of few Microfinance institutions which are creating an impact at the bottom of the pyramid.

Muthoot Microfin 

The microfinance arm of the Muthoot Pappachan Group, Muthoot Microfin is one of the fastest growing MFI in India. The group has been helping over 2 million customers in the form of Microloans where 99% of the borrowers are women. The company has an AUM of over INR 10000cr and has over 1000 offices across India. The company is also a great place to work where they have been adjudged 5 times consequently for the same.

Annapurna Finance

Through a variety of financial services and products intended for the benefit of the poor and underprivileged, the microfinance company purportedly provides assistance to more than 50,000 individuals across the nation. Along with deposit services, it also provides loans and insurance. Annapurna Financial is undoubtedly one of the largest microfinance firms in the nation with more than 40 locations. It offers women living in distant areas collateral-free loans. Annapurna Finance not only provides both financial and non-financial services, but also gives borrowers the option of taking financial literacy classes.

Satya MicroCapital

This NBFC-MFI is rapidly developing, and some of the services it provides include limited liability loans, individual microloans, microbusiness loans, loans for water and sanitation, loans for consumer durables, emergency loans, PM SVANidhi loans, and loans for livestock. With a focus on supplying finance to those at the bottom of the economic pyramid, Satya Microcapital helps people raise their own working capital. The company, which has secured Rs 153 crore in equity from Japan-based Gojoand company, has received various awards and honours in recent years. During the pandemic-induced lockdown, Satya MicroCapital also made an attempt to help labourers relocate from larger cities to their hometowns.

Bharat Financial Inclusion

Even though the company has expanded its portfolio to include a variety of financial services and products, microfinance is still its primary product. The business offers small, no-collateral loans that follow the joint liability group business model. It gives women access to financing for the aim of generating revenue. In addition to offering Aadhaar-based banking in rural areas, the company also offers loans starting at Rs 10,000.

Spandana Sphoorty Financial Ltd

Nearly 24 years ago, Spandana began its journey as a society that later evolved into an NBFC and then an NBFC-MFI. More than a thousand branches spread throughout 18 states in India make up the company's presence there. Spandana Sphoorty offers a variety of products available, including a special loan intended to help low-income households increase their income-generating activities, loans secured by property, personal loans for buying livestock, raw materials, etc. According to the business, "Spandana was created as a response to an opportunity and a deeply ingrained need within the environment of rural India and continues to operate with the same concept."