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MicroFinance
Microfinance
Micro credit or Micro loan
A banking service is provided to low-income individuals or groups who otherwise would have no other access to financial services. Providing small credits as collateral-free loans. Microfinance allows people to take on reasonable small business loans safely. It refers to the provision of financial services as a business loan of small amounts
Microfinance banking services are provided to low-income individuals or groups who otherwise would have no other access to financial services.
The primary aim is to empower the individuals, often referred to as micro-entrepreneurs, by providing them with the financial tools needed to start or expand small businesses.
There is no requirement of keeping any deposit/ margin/ collateral/ primary security with the lender at any stage of the microfinance loan.
There is no or small interest rate for the loans
Providing short-term loans with little to no collateral that are to be repaid in a year or less, sometimes weeks or months.
Islamic microfinance is the supply of financial services consistent with Islamic finance principles to low-income people. Islamic finance avoids interest.