Anjali MFI

What Anjali MFI does

Anjali Microfin Private Limited is an RBI-regulated NBFC-MFI providing collateral-free microfinance loans to low-income women borrowers in rural India through the Joint Liability Group (JLG) model. Incorporated at ROC Kolkata in 1996 and rebranded from MCS Tradefin Private Limited in 2009, the company operates a six-product credit ladder: Anjali Aay (income generation, ₹5,000–₹1,75,000), Anjali Turant (emergency, ₹3,000–₹10,000), Anjali Parivar (welfare), and Anjali Ghar (home/WASH) at the group-loan level, graduating to Anjali Unnati (individual unsecured, ₹50,000–₹2.50 lakh) and Anjali Vikas (secured high-ticket, up to ₹20 lakh) for established borrowers. Pricing uses reducing-balance interest rates of 18.0%–23.5% p.a., one-time processing fees of 1.25%–2.00% plus GST, and optional credit-life insurance, with no prepayment or late-payment penalties on group loans.

The business runs on a community-led, field-officer-driven distribution model where 4–10 women from the same locality self-select into groups guaranteeing one another's loans; field officers conduct Compulsory Group Training and Group Recognition Tests as part of underwriting. The technology platform supports digital KYC, cashless disbursal to bank or UPI accounts, localized Key Fact Statements, and a public Loan Verification System for fraud prevention. Operations are currently headquartered in Kolkata with field teams being built out from West Bengal and planned expansion to Bihar, Jharkhand, Odisha, and other adjacent states. The company reports paid-up capital of ₹9.63 Cr against authorized capital of ₹9.65 Cr, with a capital plan targeting to exceed RBI's Net Owned Fund requirement of ₹10 Cr.

Revenue is generated primarily through interest income on the loan portfolio, supplemented by one-time processing fees at origination and optional credit-life insurance premiums. The company is governed by RBI Microfinance Directions 2022, with borrower-protection guardrails including a 50% household income cap on repayments, a ₹2 lakh total indebtedness cap per borrower, a maximum of 3 lenders per borrower, and mandatory Credit Information Company reporting. Leadership includes Managing Director Manish Agarwal (appointed 2009), Chief Operating Officer Kuntal Chatterjee, CFO Pawan Kumar Ginoriya, Chief Risk & Compliance Officer Suvojit Datta Roy, and Head of Technology Bijay Krishna Datta. Business-name aliases include Anjali Microfinance and the previously-known MCS Tradefin Private Limited.

Name

Anjali MFI

Legal name

Anjali Microfin Private Limited

Website

https://anjalimfi.com

Company type

Private

Founded year

1996

Operating status

Operating

Headcount range

51–100 employees

Short description

Anjali Microfin Private Limited is an RBI-regulated NBFC-MFI providing collateral-free Joint Liability Group loans to low-income women in rural India, operating a six-product credit ladder from group loans (Anjali Aay, Turant, Parivar, Ghar) to individual and secured loans (Unnati, Vikas).

Ownership category

akta.pro rank

Product category

Microfinance

SIC

Short-Term Business Credit Institutions (6153)

akta.pro primary industry

Microenterprise Group Lending (Joint Liability) (FSAKAGAH)

akta.pro secondary industries

Microloans & Working Capital Loans (FSAKAGAA), Agricultural & Rural Microfinance (FSAKAGAG), Microfinance, Financial Inclusion & Inclusive Markets (BPAGABAM)

Keywords

• Microfinance lending
• Joint liability groups
• Collateral-free loans
• Rural credit services
• Women entrepreneurship financing

Headquarters

HQ city

Kolkata

HQ country

India

HQ region

Asia

Offices1 record

Markets served

GTM type

B2C

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. Interest Income: Primary revenue from interest charged on microfinance loans. Interest is priced on reducing balance basis. Group loans at 20.0%-23.0% p.a., home/individual/secured loans at 18.0%-23.5% p.a.
2. Processing Fees: One-time processing fee charged at loan origination: 1.25%-2.00% plus GST on the loan amount
3. Credit-Life Insurance: Consent-based credit-life insurance premium charged at actuals, providing protection for borrowers

Pricing tiers

Go-to-market motion1 record

Distribution channels2 records

Marketing channels3 records

Core offering

Anjali MFI is an RBI-regulated NBFC-MFI that provides collateral-free microfinance loans to low-income rural households—predominantly women—using the Joint Liability Group (JLG) model where 4–10 members guarantee one another's loans. The company offers a laddered suite of six loan products spanning income generation, emergency needs, welfare, home/WASH improvements, individual business loans, and secured high-ticket loans, priced on a reducing balance basis at 18.0%–23.5% p.a. with cashless disbursal to bank or UPI accounts.

Product overview

Anjali MFI offers a laddered suite of six collateral-free microfinance loan products designed for low-income households, predominantly women in rural India. The product portfolio follows a progression from group loans to individual loans: borrowers start with Joint Liability Group (JLG) loans (Anjali Aay for income generation, Anjali Turant for emergencies, Anjali Parivar for welfare, and Anjali Ghar for home/WASH), then graduate to individual unsecured loans (Anjali Unnati) and secured asset-backed loans (Anjali Vikas). All products use the Joint Liability Group model where 4–10 women guarantee one another's loans, with no collateral required for group loans. Pricing uses reducing balance methodology with indicative interest rates ranging from 18.0%–23.5% p.a.

Differentiator

Problem solved

Functional benefit

Brands

• Anjali Aay: Income Generation Loan - Joint Liability Group loan for micro-businesses including stock, sewing machines, milch animals, and seeds. Loan range ₹5,000 – ₹1,75,000, tenure 12 – 36 months.
• Anjali Turant
• Anjali Parivar
• Anjali Ghar
• Anjali Unnati
• Anjali Vikas

Products and services

• Anjali Aay — Income Generation Loan Joint Liability Group loan for income-generating micro-businesses such as stock purchase, sewing machines, milch animals, and agricultural inputs. Loan range ₹5,000–₹1,75,000 with tenure of 12–36 months, priced at 20.0%–23.0% p.a. on a reducing balance basis. Collateral-free, with peer guarantee replacing security.
• Anjali Turant — Emergency Loan Joint Liability Group loan for medical or urgent household needs, designed to prevent families from turning to informal moneylenders during crises. Loan range ₹3,000–₹10,000 with tenure of 8–12 months, priced at 20.0%–23.0% p.a. on a reducing balance basis.
• Anjali Parivar — Welfare / Product Loan Joint Liability Group loan for small-ticket welfare purchases including bicycles, smokeless stoves, water purifiers, and school fees. Small ticket size with short tenure, priced at 20.0%–22.5% p.a. on a reducing balance basis.
• Anjali Ghar — Home / WASH Loan JLG loan for home extensions, toilets, water connections, and repairs to make housing safer and healthier. Mid-ticket size with tenure of 1–3 years, priced at 18.0%–21.0% p.a. on a reducing balance basis.
• Anjali Unnati — Individual Business Loan Individual unsecured loan for graduated borrowers with proven repayment records, ready to grow beyond group guarantee capacity. Loan range ₹50,000–₹2,50,000 with tenure of 12–36 months, priced at 21.0%–23.5% p.a. on a reducing balance basis.
• Anjali Vikas — Secured High-Ticket Loan Asset-backed secured loan for established businesses, the only secured product on Anjali MFI's credit ladder. Loan range ₹3,00,000–₹20,00,000 with longer tenure, priced at 18.0%–21.0% p.a. on a reducing balance basis. Requires security/collateral.

Quantifiable outcome

• Repayments capped at 50% of household income — no over-indebtedness
• +5 more outcomes

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature2 records

Scale indicators9 records

Recent moves7 records

Expansion highlights6 records

Direct peers

• Svatantra Microfin Private Limited: Svatantra Microfin is an NBFC-MFI founded by Ananya Birla focused on lending to rural women entrepreneurs through the Joint Liability Group model. Its operating model, customer segment and product set closely mirror Anjali's microfinance approach.
• Satin Creditcare Network Limited: Satin Creditcare is a listed NBFC-MFI offering group and individual microfinance loans to low-income women across multiple Indian states. It is a directly comparable peer on customer segment and product ladder.
• Fusion Microfinance Private Limited: Fusion Microfinance is a listed NBFC-MFI providing JLG and individual microfinance loans to low-income women across underbanked Indian states. It directly competes with Anjali on ticket size, geography expansion and JLG distribution.
• Spandana Sphoorty Financial Limited: Spandana Sphoorty is one of India's largest listed NBFC-MFIs, lending primarily to women in rural India through the JLG model. Its scale, product suite and customer overlap make it the closest scaled direct peer to Anjali.
• Asirvad Microfinance Private Limited: Asirvad Microfinance is an NBFC-MFI majority-owned by Manappuram Finance, providing JLG and micro-enterprise loans to women in southern and eastern India. It is directly comparable on product mix and customer profile.
• CreditAccess Grameen Limited: CreditAccess Grameen is India's largest NBFC-MFI by AUM, providing income-generation and home improvement loans to rural women via JLG groups. It is the natural scaled benchmark peer for Anjali on product, customer and regulatory profile.
• Muthoot Microfin Limited: Muthoot Microfin is a listed NBFC-MFI offering group and individual loans to women entrepreneurs across rural India. It is a direct peer on JLG lending, customer segment and product ladder.
• Arohan Financial Services Limited: Arohan Financial Services is an NBFC-MFI offering JLG and individual loans to under-served households in eastern and central India. Its east-India focus and group-lending model make it a strong direct peer to Anjali.

Broad incumbents

• Ujjivan Small Finance Bank: Ujjivan is a Small Finance Bank that originated as an NBFC-MFI serving low-income women borrowers via JLG groups. It is a broader incumbent operating across group lending, micro-enterprise loans and deposits, providing a benchmark on graduation pathways out of pure microfinance.
• Bandhan Bank Limited: Bandhan Bank grew out of Bandhan, one of India's earliest and largest MFIs, and now offers full banking services alongside microfinance. It is a broad incumbent comparable in customer base and JLG heritage, illustrating the scaled end-state for an eastern-India NBFC-MFI.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Anjali MFI