Author(s): Vikrant Vikram Singh and Anil Vashisht
Introduction: Access to credit remains a major obstacle for poor / lower income group people in India. Today India has an extensive banking system. The value of micro finance lies in the fact that the formal / institutional banking sector has not fulfilled its social obligation to satisfy the financial needs of the poor. Muhammad Yunus began the root of microfinance in 1976, having a positive effect on the poor and communities. Objectives: Researchers of this paper have briefly mentioned microfinance and its effects on bringing social empowerment among individual women beneficiaries. Originality: This paper seeks to identify the various social factors and understanding of women as to how microcredit affects their social well-being. Research Methodology: The analysis was based on data gathered from field surveys conducted on 200 microfinance women beneficiaries. Factor analysis method is applied by using principal component method to identify social empowerment among women beneficiaries. Results & Discussion: The results found that microfinance loans can lead to positive changes in women's social well-being and the analysis ends with proper recommendations and suggestions. Conclusion: This study concludes that most of the women entrepreneurs are getting socially empowered through microfinance programmes.