Money Lending Licence @ Mumbai, Maharashtra


Dear Ld.Seniors and friends

I want to start a Pvt Ltd Company for conducting a business of Micro Finance, I wnat to know what is the procedure to obtain a Money Lending Licence and who has the authority to Grant such licence, for Maharashtra and Gujrat.

Q.1 Authority that can grant a Money Lending Licence.?

Q.2 Documents required for the said licence.?

Q.3 Is such licence is valid in multiple states.?

Pls reply as soon as Posible,

Thanking you all in anticipation.

 
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POWER OF DEFENSE IS IMMENSE

not easy job dear.

in every state fresh registration needed.

 
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I completely agree to you sir, that it is not an easy job, but sir these days nothing is easy, I want to still try it.:-)

 
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ha21@rediffmail.com Mumbai : 9820174108

1.  A registered Pvt. Ltd. company having proper MOA &  AOA pertaining to business of borrowing and lending, should be compulsorily be registered with Registrar of Companies.


2.  A Pvt. Ltd. company desirous  of doing finance business, must mandatorily take Licence (Certificate) from Reserve Bank of India u/s 45 of the RBI Act.  This is valid and applicable for whole of India.


3. However, apart from above, a further  "money lending licence"  is to be obtained from  "each & every"  State, where money lending business is proposed to be conducted.  In Maharashtra, the dept of Cooperatives is entrusted for granting of such  "money lending licence" .


4.  Mandatory documents like MOA, AOA, Company Incorporation certificate, PAN card, S&E license and others are required to obtain licence & conduct business of finance.


Keep Smiling .... Hemant Agarwal
 

 
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NBF'c is also an option

 
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Can individual apply for it?
 
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