Update 11/10/2010 – The MFIN website is no longer displaying the information now and it looks like it will be relaunched soon. The original post follows below.
MFIN – The Microfinance Institution Network has launched it’s beta website which is now accessible at http://mfinindia.org . The website also provides instructions and information on the process that needs to be followed for a MFI to become a member of MFIN.
Please note the website is still in beta testing and hence some of the information might be incomplete or inaccessible.
Becoming a member of MFIN requires an MFI to go through 3 Steps.
Step 1: Send a Membership Application
Step 2: Screening by MFIN Director & Board
Step 3: Final Approval of MFIN Membership
To know more about the entire members ship process visit the MFIN Beta website here.
MFIN Membership Fees – Rs. 1,01,000
One time processing fee of Rs. 1,000/- and an application fee of Rs 1,00,000.
MFIN Membership Criterias
MFIN has a set of criteria and only those section 25 companies and NBFC’s which satisfy it will be granted membership into the organisation.
Criteria that needs to be satisfied for Eligible Microfinance Organisations to become a member of MFIN
- Non Banking financial companies (NBFCs) and Section-25 companies who are directly or indirectly involved in microfinance activities (including companies providing loans for low-cost housing) are eligible to apply for MFIN membership.
- A minimum of 60% of total loan portfolio (direct or indirect) should be in micro loans or micro-housing loans. Micro-loans are JLG/SHG/Grameen loans with a maximum limit of Rs 50,000/- per client and Micro-housing loans have a limit of Rs 3, 00,000/- per client.
- A minimum of two years of microfinance operations at the time of applying for membership (Two year of audited financial statements should be available)
Read the rest of the conditions before applying for membership of MFIN on the MFIN Beta Website