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Nidhi Company is one kind of Non-Banking Financial Company (NBFC) which is an excellent choice of company for individuals looking to save money and lead a careful business and life. Nidhi Company registration allows a Nidhi to borrow funds from the members and lend them to the members. Nidhi Companies that are registered in Tamil Nadu are created to cultivate the habit of saving amongst the members.
To register as Nidhi Company in Tamil Nadu it is first to be registered as the Public Limited Company and needs to have the last word as Nidhi Limited. The Nidhi companies fall under the purview of the Reserve Bank of India as the functioning of the Nidhi Companies is similar to the NBFCs.
Very Easy formation: Starting a Nidhi company or Nidhi registration is very simple and the level of complexness is less in Nidhi Company when compared to other types of finance-related business like NBFC.
This type of Company encourages all its members or shareholders to save money and promote a thrifty lifestyle. A Nidhi license is just a mutual benefit society in which members can borrow or lend money and take financial help among them.
Cheaper To Borrow Money
Being a member, one can borrow money at a less interest rate, relative to the interest rate at which banks lend the loan. This is one of the major advantages in times of need, as each individual in the company or mutual benefit society is likely to require funds at a different time period.
Borrowing and lending procedure to known persons is fixed and it is much less complicated when compared with the procedure of banks or in an informal setting.
Nidhi finance registration Company provides banking services to the rural and remote people of India as it is designed for far-off locations and is, therefore, devoid of getting at finance from nationalized banks and NBFCs