Dr. Rajeev Jain - Micro Finance
Microfinance means "small loans" to "poor people" who live on "less than two dollars a day.
Efficient financial markets are essential for economic development. They allow economic Growth through resource mobilization and investment, trade facilitation, risk diversification.
Poor people also get benefit from efficient financial markets: with access to savings, credit, insurance, and other financial services, they become more resilient and better able to cope with the everyday crises they face; access to financial services also translates into better nutrition, improved health, increased gender equity, and higher children schooling rate.
The term "microfinance" describes the range of financial products (such as microloans, micro savings and micro-insurance products) that microfinance institutions (Miss) offer to their clients.
Microfinance Products and Services
The following products and services are currently being offered:
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Microloans:
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Group lending:
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Solidarity group loans
- Expanded solidarity group loans
- Village banking
- Individual loans
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Working capital loans
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Fixed asset loans
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Small business loans
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Agricultural loans
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Home improvement loans
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Lines of credit
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Consumer loans
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Emergency loans
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Parallel loans