NBFC Seeking Loan in Navi Mumbai, India

- We offer loans and accept deposits from our members. We target small-scale shop owners and the middle class sector of the economy. We desire to inculcate the habit of saving among the commoners of India.

- Since inception, we have registered over 1,250 clients. However, we have over 150 - 250 active members that deposit funds into their account on a daily basis.

- We have disbursed around INR 15 - 20 lakh in loans till date out of which 60% of the funds have been returned with the remaining 40% outstanding. The company charges an interest of 16% - 19% for the loans depending on the profile in question.

- The credit limit available on a loan for a particular member is up to 80% of the deposit amount present in their account. If a member wants a larger loan then the business must obtain a guarantee from two alternate members that the loan amount will be repaid by the specified member on time. As a result, the company has 0 defaulters on loan repayments.

- Over 80% of the deposits have been returned to the members. Owing to the cash crunch that was created by the ongoing pandemic, members are withdrawing their money rapidly. The company has around INR 15,00,000 in deposits currently. We provide an annual interest rate of 7% (approx) on the deposits.

We are a nidhi company that accepts daily deposits and fixed deposits. We also provide loans to our members (primarily shopkeepers and small vendors)

We own some computers, air conditioning units, furniture (interiors of the office). The business also has a deposit of INR 10,00,000 in their account.

We have a registered office that is taken on rent. The area of the property is around 250 - 300 square feet. We pay a monthly rent of INR 8,000 and have already paid a deposit of INR 30,000.