What is MFI? How it is different from money lender?
A microfinance institution is an organization that offers financial services to low income populations. MFIs offer microfinance and only take back small amounts of installment from their borrowers at certain predefined period. Microfinance institutions provide loan on very affordable rate of interest without collateral. It aims to improve the economic condition of poor. While money lender gives loan to any person on very high rate of interest with collateral and money lender concerns only for the profit on his/her money.
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- What is MFI? How it is different from money lender?
