Microfinance
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Microfinance is an economic development tool whose objective is to assist the poor to work their way out of poverty. It covers a range of services which include, in addition to the provision of credit, many other services such as savings, insurance, money transfers, counselling, etc.” – Reserve Bank of India In other words, Microfinance serves as a tool for providing financial services to the low-income population., which do not have access to the mainstream financial services. The high risk and the high transaction cost of banks associated with small loans and savings deposit and absence of collateral are the factors which make the poor are non-bankable. The poor people rely on relatives or local money lenders whose interest rates are very high.
The following are the conditions that will ensure the microfinance operations are viable and sustainable.
- The loans are repaid in time.
- The rate of interest covers the (possible) risk on account of non repayment of loans.
- The rate of interest covers the impact of inflation.
- The rate of interest covers cost of funds and operational cost.
- The rate includes a reasonable return to the lender such that it will be able to offer its products to the client in future as well
These led to emergence of microfinance as an alternative credit system for the poor. The aim of Microfinance is poverty alleviation, enhancement of rural credit and financial inclusion. We at SITS has started microfinance as part of a mission, where financial inclusion is given the thrust through various specially designed products at your doorstep .We empower individuals and enrich communities through women empowerment. SITS aims at empowering women, families and through them communities.
Customer Reviews
You are a true financial partner and the care and support of yours has allowed us to re navigate a challenging business atmosphere, and access capital during an incredibly turbulent time. Thanks SITS for being with me.
You have been a partner for all financial needs. I feel your staffs are helpful and understanding and has given me a customized solution. Great place to partner with
Your customer service, door delivery service, prompt interest payments, follow-ups, hats off to SITS.
During covid times you helped me in rescheduling loans and understanding the pulse.
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