The Top 10 Microfinance Companies in India, 2024 – Micro-financing has played an important role in the quick economic progress of India. Its contribution has been vast. Private finance firms have made financial guidance within reach of rustic youth and women. Private lending has transformed the economic ecosystem of the country for the better. There are hundreds of NBFC companies in India, and we have compiled a list of The Top 10 Microfinance Companies in India, 2024.
List Of The Top 10 Microfinance Companies in India, 2024
#1. Asirvad Microfinance Limited
Asirvad Microfinance Limited is one of the reputed private finance companies that is catering to its wide clientele all across 22 Indian states. From product loans, microloans to income generation program loans, and SME loans are given by Asirvad Microfinance Limited. Asirvad Microfinance Limited is ranked among The Top 10 Microfinance Companies in India, 2024 because of its low interest rates and loan deals.
#2. CreditAccess Grameen Limited
Established in May 1999 in South Bangalore as a T. Muniswamappa Trust project; however, CreditAccess Grameen Limited company took it above. CreditAccess is dedicated to providing a full host of loan choices to the poor in rustic places. Family welfare loans, home improvement loans, and income generation loans are given by CreditAccess Grameen Limited. The private lending organization has branches in over 230 districts of India. With more than 900 separations and 29 lakh borrowers, CreditAccess Grameen Limited is popular as one of the top microfinance companies in India.
#3. Muthoot Microfin Limited
Another well-known name in the private lending area is Muthoot Microfin Limited. Muthoot has been on every side for a while, and with complete attention to life improvement loans like education loans, solar loans, and health & hygiene loans for water and sanitation, this company is dedicated to giving back to society. It also provides micro-loans to rustic women from low-income households searching to enhance their enterprising journey.
#4. Asmitha Microfin Limited
Established in 2002, Asmitha Microfin Limited gives loans to rustic women belonging to the backward area of society. Its appearance in 13 Indian states speaks volumes about its position. This private lending organization tries to provide loan facilities to women who do not have an approach to the standard channels of banking and finance.
#5. Cashpor Micro Credit
A branch of Cashpor Financial and Technical Services, Cashpor Micro Credit is a Varanasi-based NBFC company. It is ranked amongst the top NBFCs in India due to its micro-credit facilities for rustic women below the poor line in Bihar, Chhatisgarh, and Eastern U.P. Cashpor also provides loan facilities for non-income generation performances and asset purchases to enhance public health and the building of toilets.
#6. BSS Microfinance Limited
BSS Microfinance Limited is a 100 percent separation of Kotak Mahindra Bank. This private finance organization was established in 1999 as a trust. It has an existence in four states of India, which are Maharashtra, Karnataka, M.P., and Tamil Nadu. It provides group loans to women under a group lending program and thus aids them in uplifting their quality of life.
#7. Spandana Sphoorty Financial Limited
It has its headquarters in Hyderabad. Spandana Sphoorty Financial Limited is one of the main NBFC establishments with an excellent portfolio. This private finance firm is famous for providing a vast array of loans, including enterprise loans, generation loans, small ticket personal loans, gold loans, and group loans.
#8. Satin Creditcare Network Limited
Situated in New Delhi, Satin Creditcare Network Limited has been a microfinance pioneer since 1990. From income-generating activities to emergency and house improvement loans, Satin Creditcare Network Limited gives a range of microloans. Moreover providing pension products and micro-insurance support to enhance the financial steadiness of economically poorer parts of the country. Moreover, SCNL is a main participant in the microfinance industry having a market financed of INR 3,000 crores.
#9. Janalakshmi Financial Services
Since 2000, Jana Small Finance Bank, mainly Janalakshmi Financial Services, has been a strength of microfinance in the nation. From Bengaluru, Janalakshmi offers a collection of financial products to make low-income households better off. Their attention to company progress, education, and healthcare loans as well as savings and insurance products aids them in leading in the financial sector. Moreover, Janalakshmi’s influence is important given a market funding of INR 5,000 crores.
#10. Ujjivan Small Finance Bank
Started in 2017, Ujjivan Small Finance Bank is one of the newest players but is already making a big deal. Located in Bengaluru, they aid people who do not have bank accounts or do not have sufficient money in their accounts. They have a lot of unique banking service options, such as micro-loans, insurance, and savings accounts. Simply put, they are doing an amazing job of spreading financial learning, with a market cover of INR 10,000 crores.
Conclusion
The private lending space is promising specifically due to the growing financial progress. There you have it. Also, from now on, whenever you require banking or common financial facilities, you can check out these top microfinance companies.
FAQs About The Top 10 Microfinance Companies in India, 2024
What is the future outlook of Microfinance in India?
The Indian Microlending sector is hoping to grow at a CAGR of 11% by 2028 driven by objects such as the increasing population of microenterprises, the unbanked population, government support for microfinance, and digital technology and mobile penetration.
What is the capital needed for microfinance in India?
To make a private company, at least 2 members and a capital of around Rs 1 lakh is needed.
What are the benefits of microfinance?
The benefits of microfinance are providing instant funds, access to credit, better rates for loan repayment, offers for those who go unnoticed, and an opportunity to get an education.
Who is the regulatory body of microfinance in India?
RBI (The Reserve Bank Of India) shall control the microfinance industry, it may set an upper control on the lending rate and margins of Micro Finance Institutions.
