Microfinance is an effective tool that aids the economically weak strata of the population to procure financial services, such as credit and insurance. It is a movement towards financial inclusion, thereby reducing poverty and giving equal economic opportunities to the poor. NLMPL distributes small loans that begin at Rs. 10,000 to Rs. 50,000 to poor women so they can start and expand simple businesses & increase their incomes. Their micro-enterprises range from raising cows and goats in order to sell their milk, to opening a village tea stall.
Driven by the objective of facilitating equitable access to capital resources, NEED Livelihood Microfinance Private Ltd (NLMPL) is engaged in the business of financial inclusion in North India. Understanding the requirement of an appropriate legal structure for providing financial services in a sustainable manner, the microfinance business of the group was transferred and consolidated under NLMPL during 2016-17. NLMPL received the fresh-microfinance license from the Reserve Bank of India in January 2017. NLMPL has shown viable, sustainable and effective growth and expanded its field operations across length and breadth of North India. NLMPL is currently operating in 3 states, through a network of 24 branches spread across 5 districts of Uttar Pradesh, 5 districts of Bihar & 1 district of Uttarakhand.
NLMPL has been graded M3C3 by SMERA Grating in 2017, which signifies reasonably good capacity to manage its operations in a sustainable manner and good performance of code of conduct dimensions.
Need Livelihood Microfinance Private Limited (NLMPL) serves millions of poor women across tens of thousands of villages and urban slums in India.