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Microfinance Loans Cap Increased to Rs. 80,000
June 25, 2018
Under the joint liability group model that aims at covering inflation in the years to come, Microfinance Institutions Network (MFIN) has increased the microfinance loan cap by 33% to Rs. 80,000 per borrower. Earlier, it was set at Rs. 60,000.
Private banks such as IndusInd Bank, Axis Bank, and RBL banks have increased the maximum loan amount allowed under the microfinance model realizing the strong demand in rural India and the massive growth in self-employment.
Even as the corporate lending sector is under huge stress, microfinance lending maintains a 99% repayment record.
Photo credit: Dr PS Sahana * Kadamtala Howrah on Visualhunt.com / CC BY
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