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Company on finance

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(Querist)
24 July 2012 I want to opn a Finance Company in which I will provide loan to the people at lower rate of interest thn banks? I did some research and found out tht NBFC is requd fr those kind of company and for registration of NBFC 2 crore is needed, which I dont have now.
So is there any other way of establishing such company?
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Ajay Mishra

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Ajay Mishra (Expert)
24 July 2012 Hi


For doing financing business, it is mandatory to take RBI approval which includes minimum net worth of Rs. 2 crore at the time of registration of company. You have no other option.
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Swastik Upadhyay

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Swastik Upadhyay (Querist)
24 July 2012 is ther any other way of having the company with the same motive and without nbfc??
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Ajay Mishra

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Ajay Mishra (Expert)
24 July 2012 I don't think, any other option available to register finance company without RBI approval.
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