06 February 2009
A company which collects the money from the public and lends it to the B-school students at a little bit higher interest rate 12.5(Educational Loan).
The public investors who have invested, have an option to trade the debt receipts with others investors.
The loan will be paid back by the student in 5 years after he finish studying in the next 2 years.
Can a NBFC Do this? for NBFC the max time for lending is only 60 months whereas i want the time to be 84 months... Also i want to know if nbfc can allow the trading of their debt receipts with others....
Is there a different way to start a company like this? i mean if not a NBFC or Microfinance company in wat name can i register this company....
06 February 2009
You should start a NIDHI company wherein the members of the nidhi can deposit their excess amounts and also the nidhi can lend to its members.
You cannot trade in debt receipts however what you have to do is the shares alloted to members are transferable within the members.
Regarding 84 months what you have to do is first sanction a loan for 48 months. Say fixed portion and repayable portion for 48 months. At the end of the period fixed portion has to be converted into 36 months installment loan.
This will solve your problem. If you really want to form a nidhi company please contact me through my mail id Sahanaseena@gmail.com i will be in a position to help you.
CAclubindia
