How do I start a personal finance company?

To open a loan company, you need to define the types of loans you want to offer and obtain the correct licensing for them.

1. Choose a Niche.
2. Find Financing for Your Business.
3. Register the Business.
4. Obtain the Correct Licensing.
5. Understanding Regulatory Bodies.
6. Establish Your Lending Guidelines and Financing.

How much money do you need to start a finance company?

Requirement will vary by state, but in general, your financing company will have to have a minimum of $35,000 to $50,000 of cash reserves or net worth.

How can I get finance business license in India?

The following steps have to be followed to obtain a money lending license.

1. Step 1: Visit the Tahsildar Office.
2. Step 2: Receive the application.
3. Step 3: Enter the details.
4. Step 4: Submission of the form.

How can I start a small finance bank in India?

How to Start a Small Finance Bank?

1. Company Registration. An applicant wanting to form this form of entity must register the entity as a private limited company or a public limited company.
2. Secure Capital.
3. Secure Certificate Related to No Lien.
4. Make an Application with the RBI.
5. File Documents with RBI.

How can I start a small MicroFinance business?

Process of MicroFinance Company as NBFC

1. Register a Company.
2. Raise Authorised and paid up capital to Rs.
3. Deposit Rs.
4. Get all the certified copies and complete the other RBI formalities.
5. Fill online application.
6. Submit the hard copy of the application to the Regional Office of the RBI.

What is the minimum capital required for small finance bank?

Rs 200 crore
Currently, it is Rs 200 crore. Initially when licensing guidelines for small finance banks were issued, it was prescribed that the minimum paid-up equity capital requirement for setting up an SFB would be Rs 100 crore.