About VDA MicroFinance
VDA Micro Finance has been incorporated under Company Act, 2013 and registered with Central Government as a ‘Sec 8 company – Not For Profit on 21st Sep, 2015.
VDA Micro Finance Foundation started formal microfinance operation from 21st Sep, 2015 from its first branch office at Tulsi Hira Tawer, 4th Floor Hukulganj Pandeypur, Varanasi, U.P, 221002. The authorized capital of VDA Micro Finance 0.10 million and paid up capital is Rs 0.10 million.
Lending Methodology:
Considering the diversity of country, VDA Micro Finance has adopted various lending methodologies as described below:
1. Grameen Bank (GB) Model- Following basic principles of GB model with suitable local modification, through which lending to especially group of women on center up to 8-10 groups based on group/center guarantee.
2. Micro Entrepreneurs (ME) Model- Providing Financial Services to Entrepreneurs start up or existing business
3. Individual Lending (IL) Model- Lend to individual members.
4. Business Correspondent (BC) Model- VDA Micro Finance is in process of tie up to lend on behalf of commercial banks in the remote location.
5. Farmer Producer Organization (FPO)- Providing backward linkage to farmers by financially supporting the FPO during initial stages and later they may approach bank for funds.
The uniqueness of the methodology is
1. Flexibility of group formation
2. Simplicity and transparent system
3. Standardization
4. Innovative models and diversified products and services
5. Delegation of authority in the field level
6. Rigorous on-the-job training to staff and technical assistance
7. Simple and shorter loan processing time
8. Written policy, manual and guideline
9.Strong monitoring and supervision
10. Standard and low cost structure (furniture, fixture and administrative costs).
Service Quality:
VDA Micro Finance strongly believes that the clients have every right to get transparent, efficient and qualitative services. VDA Micro Finance has established a mechanism to interact periodically with the clients during center visit and attending center achieves annual meeting to have feedbacks and suggestions on efficacy of existing products and services, procedures, and other emergence issues.
Vision
1. TO BECOME INDIAS LEADING FINANCIAL COMPANY, QUALITY ASSURANCE, AND CUSTOMER SATISFACTION IS THE KEY TO SUCCESS.
2. WE BELIEVE CUSTOMER NEEDS ARE AN ASSET AND PROVIDE SOLUTIONS THROUGH OUR BALANCED ADVICE BY EXPERTS.
Mission
1. TO BRIDGE THE CURRENT GAP IN THE MARKET AMONG RICH AND P00R WITH INNOVATIVE AND FLEXIBLE CREDIT PRODUCTS FOR SMALL AND MICRO ENTERPRISES(SME) AND SELF-HELP GROUPS(SHG)
2. WE FOLLOW THE PRACTICE OF
A. SIMPLE ACCESS TO CREDIT WITH MINIMAL DOCUMENTATION &
B. COLLATERAL-FREE CREDIT, TO BECOME A TRUSTWORTHY PARTNER
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VDA Micro Finance
DISBURSEMENT TO COLLECTION RATIO
- TO DATE WE HAD GRANTED CREDIT AMOUNTING TO 24.2 CRORES(APPROX.), AGAINST WHICH THE COLLECTION AMOUNT STANDS AT 22.7 CRORES(APPROX.), WHICH COMES AT 93.80% OF THE DISBURSED AMOUNT.
- THIS IS DUE TO PROPER CMS(CASH MANAGEMENT SYSTEM), STRICT MONITORING, AND WELL-PLANNED STRATEGY COUPLED WITH A DISCIPLINED WORKFORCE.