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Microcredit
Microcredit is a facility that offers loans of small amounts to low-income individuals or groups to start a small business. Microcredit comes under microfinance, which is a line of finance that aims to provide financial support. It also includes savings accounts and other banking services.
Institutions that offer microcredit include:
- Government
- Non-Governmental Organisations (NGOs)
- Microfinance Institutions (MFIs)
Some Indian microcredit schemes include:
- Small Industries Development Bank of India (SIDBI)
- Pradhan Mantri Mudra Yojana (PMMY)
- Stand-Up India Scheme
- National Handicapped Finance and Development Corporation (NHFDC)
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