MFI Grading Scale

Our MFI Grading reflects our current opinion on the ability of an MFI to conduct its operations in a scalable and sustainable manner. Using MICROS - CRISIL's evaluation framework - the grading is assigned on an eight-point scale: mfR1 (highest grading) to mfR8 (lowest grading). There are no individual definitions for each grading.

This grading cannot be considered to be a proxy for timely payment of interest and principal, nor is it a recommendation to purchase, sell or hold any debt instrument issued by an MFI. The MFI Grading does not constitute an audit of the graded MFI by CRISIL. In the case of NGO-MFIs and entities with multiple businesses, our MFI Gradings apply only to their microfinance programmes. The MFI Grading is not for use by MFI to mobilise deposits/savings/thrift/insurance funds/other funds (including equity) from their members/clients or general public.

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