Microfinance and other services
RBI has defined micro-credit as provision of thrift, credit and other financial services and products of very small amount to the poor in rural, semi-urban and urban areas for enabling them to raise their income levels and improve living standards. Micro Credit Institutions are those which provide these facilities.
FIMS provides such loans ranging from INR 10,000 to INR 50,000 for loan tenure of 1 year to 2 years. The clients are from the poor section of the society and undertake these loans to start new business or expand existing businesses. These loans help the families to earn more surpluses and improve the quality of life of their family.
In addition to micro-credit services, FIMS offers life insurance for its clients and their spouse. In case of unfortunate event of death of either client or her husband, not only the principal due to the client is waived off but also the principal repaid to FIMS is returned to the client/ nominee.