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  • M Power Micro Finance

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  • M Power Micro Finance is a non-banking finance company that was incorporated in November 2009. They focus on providing monetary assistance to women groups who require loans for various purposes. As of March 2019, M Power Micro Finance has disbursed Rs.732.63 crores in loans and covered 33,597 groups.

    Products Offered

    M Power Micro Finance has two categories of loans—Hariyali and Samruddhi. Under these categories, there are several types of loans individuals can choose.

    Let’s dive into the Hariyali loans first.

    Loan name Loan amount Interest rate (p.a.) Tenure Cycle Repayment mode
    Hariyali (New/Repeat Loan) Rs.15,000 25.16% 12 months 1st/2nd Monthly
    Hariyali (New/Repeat Loan) Rs.20,000 25.16% 18/24 months 1st/2nd Monthly
    Hariyali (New/Repeat Loan) Rs.25,000 25.16% 18/24 months 1st/2nd Monthly
    Hariyali (New/Repeat Loan) Rs.30,000 25.16% 24 months 1st/2nd Monthly
    Hariyali (Repeat Loan) Rs.35,000 25.16% 24 months 2nd Monthly
    Hariyali (Repeat Loan) Rs.40,000 25.16% 24 months 2nd Monthly
    Hariyali (Repeat Loan) Rs.45,000 25.16% 24 months 3rd Monthly
    Hariyali (Repeat Loan) Rs.50,000 25.16% 24 months 3rd Monthly

    Here’s an overview of all the Samruddhi loans offered by M Power Micro Finance:

    Loan name Loan amount Interest rate (p.a.) Tenure Cycle Repayment mode
    Samruddhi (New/Repeat Loan) Rs.15,000 25.16% 12 months 1st/2nd Monthly
    Samruddhi (New/Repeat Loan) Rs.20,000 25.16% 18/24 months 1st/2nd Monthly
    Samruddhi (New/Repeat Loan) Rs.25,000 25.16% 18/24 months 1st/2nd Monthly
    Samruddhi (New/Repeat Loan) Rs.30,000 25.16% 24 months 1st/2nd Monthly
    Samruddhi (Repeat Loan) Rs.35,000 25.16% 24 months 2nd Monthly
    Samruddhi (Repeat Loan) Rs.40,000 25.16% 24 months 2nd Monthly
    Samruddhi (Repeat Loan) Rs.45,000 25.16% 24 months 3rd Monthly
    Samruddhi (Repeat Loan) Rs.50,000 25.16% 24 months 3rd Monthly

    Features

    One of the best features of choosing M Power Micro Finance for loans is the hassle-free process. Usually, the member sourcing, house verification, field audit, and collection can take up to 20 days. This means, the disbursal of the loan amount is a much longer and strenuous process.

    However, with Beacon for MPower, the approval process for the loan is much quicker. This app gives the field staff the opportunity to update all the operations to the server instantaneously.

    The MPower Beacon App allows their staff to manage member sourcing, branch survey, house verification, CGT, and GRT efficiently and directly from the field.

    Here’s how it works:

    • Field staff can capture all the necessary KYC documents digitally and upload it on the app.
    • Details of the applicant can also be entered on the app, which generates an instant report.
    • This allows branch managers to confirm the credit verification details.
    • Once the information is validated, the branch manager will submit the NOC for the applicant.
    • Post that, the centre manager will conduct a house verification and fill in the applicant’s details with the questionnaire on the app.
    • Once the questionnaire is saved with the relevant details, the branch manager can verify this.
    • There will be a mandatory group training, post which applicants will be divided into peer groups.
    • The pre-disbursement audit and the loan approval is also done from the field.

    MPower Beacon also enables field staff to conduct collections and manage attendance information from the field.

    Eligibility

    Only women groups are eligible for the loans offered by M Power Micro Finance. The loans are provided for either business or agricultural purposes.

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