Vidharbhalaxmi Micro Service Foundation

VidharbhaLaxmi Micro Services Foundation started its journey in March 2024, under company registered company Act 2013, (18 of 2013) sub-section (2) of section 7 and sub-section (1) of section 8 of the company act. Incorporated under the Companies Act, 2013 Registered by Ministry of Corporate Affairs, Govt. of India Registered, and has rapidly emerged as one of the trusted partners for banks, financial institutes and cooperative credit societies in the access to finance service provider & business correspondent’s services domains.

VLMSF has expertise and competence in advancing financial assistance in rural and semi-urban areas to low- and middle-income group communities. We provide more suitable options for their various financial needs. VLMSF is currently operating in 10 districts in Maharashtra through 10 branches, as a Business Correspondent for reputed Banks, Financial Institutions & Co-Operative credit societies ,Cooperative urban banks and has a plan of expanding its operation in nearby MP & CH states shortly.

VLMSF offers a plethora of financial services including Microloans, Small Savings loan, Women Entrepreneurship Loan (WEL), MSME, Water and sanitation, LAP, Loans for Agriculture, & Consumer goods finance etc.

Mr. Vishal Kanhire is the founder of this company and have extensive experience and knowledge in the field of Bank, microfinance and micro lending models and sector, he has been associated with financial inclusion and microfinance institutions for the past 15 years and has vast experience in setting up and expanding the MFIs & Credit cooperative. Our focus is to impact the low-income community by providing financial support for better livelihood opportunities and contributing towards financial inclusion along with reaching out to the unbanked and providing financial services to women entrepreneurs belonging to the economically and socially deprived sections of society. Business of providing Micro finance to the poor section of the population for their socioeconomic development in sustainable manner and providing credit to persons belonging to poorer sections either individually. or joined together as self-help groups Our responsibilities are not restricted merely to financial support but also to acquaint the clients to manage their financials by disseminating financial Literacy to them.

What's New

VLMSF operates as a business correspondent partner with major banks & financial institutes in Maharashtra and has successfully adopted both Self- help group (SHG) and Joint liability group (JLG) models while working with its partner banks and financial institutions. VLMSF assesses the credit requirement of the SHG/JLG members and evaluates their credit history, historical and current cash flows, and the sustainability of their ongoing economic activities. VLMSF offers a loan to each woman and will be ranging from 30,000 INR to 90,000 INR repayable within 24 to 36 months.

VLMSF is responsible for each and every field activity of the lending process right from identification of the members, formation of group & giving them training. Banks provide the loans to groups directly while VLMSF collects the EMI on monthly basis and deposits it to the concerned bank branch.

Compulsory group training is one of the key services in which we provide information on group discipline, terms and conditions of the loan, interest rate – fees, repayment period and EMI etc. followed by credit appraisal & group recognition test to verify and check the cash flow along with repayment capacity of the family. After completion of credit check and verification processes, Loan applications are filled and the same applications are submitted to the respective Bank branch for sanctioning of the loan. After sanctioning the loan VLMSF staff will assist the group and branch for smooth disbursement of the loans. The loan will be disbursed through bank transfer to the respective member’s Banks account.

Once the loan is disbursed loan officers conduct the loan utilization check to verify the loan amount is used for the stated purpose only. The loan officer’s visit to the group is at the pre-decided date and time to collect the scheduled repayment amount. Acknowledgement receipts with the details are provided to the customers on receiving the repayment amount.

Field officers deposit the cash into the group’s loan account. VLMSF as a Business Correspondent to Banks & Financial institutes follow the guidelines and fair practices as set out by the Bank and aims at communicating the process of the company as a RBI-Disciplinary and RBI-Regulatory mechanism.

Vidharbhalaxmi Micro service Foundation is a micro-finance company registered & licensed as Non Profit Making Company (Non Deposit taking) under section 08 of the Companies Act, 2013

Vidharbhalaxmi Micro service Foundation has set itself a mission to "identify and motivate poor women in a cost-effective way and deliver them micro finance services in an honest, timely and efficient manner."

NO RBI APPROVAL
In India, finance businesses are authorized only to Non-Banking Finance Companies (NBFC) and governed by RBI. NBFCs are required to get registration with RBI and comply with RBI guidelines. However, some business forms have been given exemption by the Reserve Bank of India (RBI) to do finance activities up to a certain extent.

The Reserve Bank of India through its master circular RBI/2015-16/15 DNBR (PD) CC.No.052/03.10.119/2015-16 Dated July 01 2015 has exempted all Section 8 Companies engaged in micro finance activities. As per Para 2 (iii), Sections 45-IA, 45-IB and 45-IC of the Reserve Bank of India Act, 1934 (2 of 1934) shall not apply to any non-banking financial company which is engaged in below mentioned activities:

(a) Engaged in micro financing activities, providing credit not exceeding Rs. 50,000 for a business enterprise and Rs. 1,25,000 for meeting the cost of a dwelling unit to any poor person for enabling him to raise his level of income and standard of living; and.
(b) Licensed under Section 8 of the Companies Act, 2013; and.
(c) Not accepting public deposits as defined in paragraph 2(1) (xii) of Notification No. 118 /DG (SPT)-98 dated January 31, 1998.