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Finally, limitations followed by scope for advance research is depicted at the end.
The literature on microfinance covers a variety of outcomes related to impact. Various
studies confirm that the microfinance program has a significant positive impact on
women's empowerment in terms of knowledge building, self-confidence, economic, social
and political awareness, psychological improvement, interpersonal development,
knowledge about legal rights, mobility, organizational skills development, etc. On the other
hand, there are a number of studies that explain that the population does not reach the
poor and that group loans are used for non-income generating activities such as
consumption and other needs of emergency. As a result, the result is limited on
empowerment of the participants. The literature review provides an overview of the
positive and negative aspects of microfinance services. In India, most studies have been
conducted in the central and southern regions and the impact of microfinance studies in
western and northern India, including Gujarat, is insufficient.

After identifying the gap through the literature review, the research design adopted was
an amalgamation of descriptive and exploratory techniques. The sample size taken by
statistical calculations and logical consideration was 600. For sampling purpose, five
districts of Gujarat named Ahmedabad, Gandhinagar, Mehsana, Anand and Kheda were
identified. Micro-finance institutions based on the different legal setups like Shri Mahila
Sewa Sahakari Bank Ltd. (SEWA-Co-operative Bank), Kaira Social Service Society (KSSS -
NGO), Light Microfinance Pvt. Ltd. (NBFC) and Saath Savings & Credit Co-Operative
Society Ltd. (Co-Operative Society) were identified and their respective clients were
sampled. The sampling technique used for the study was cluster sampling followed by
stratified sampling.

The data was collected by using both sources primary and secondary. The tools used for
primary data collection were structured questionnaires (for survey) and semi-structured
and open-ended questionnaires (for depth interviews). Both the tools were checked for
reliability and validity. The industry experts, academicians, researchers of micro-finance
and experts of marketing research were consulted before finalizing the questionnaire. The
questionnaire development has been explained thoroughly in chapter 3 related to
research methodology. Analysis was done using both the techniques quantitative and
qualitative. For analyzing the hypothesis using quantitative techniques parametric and
non-parametric tests have been carried out in this study. Different statistical tests have
been applied based on the level of the data namely, nominal, ordinal and data collected by
using Likert scale. The data has been interpreted with the help of various statistical tools
like frequency analysis, cross tabulation, chi-square test of independence, correlation,
paired samples t-test and One Way ANOVA. Information collected through direct

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