Microfinance and Self Help Groups are playing a pivotal role in providing financial assistance to the poor women belonging to the informal economy especially in the rural areas. The SHG-Bank Linkage programme has added to the pace and volume of this assistance. The aim of the study to gauge the impact of this financial assistance and support in the transformation of the women in terms of personal, emotional, financial, social, communal and legal aspects with special reference to Shahapur region. Data required for the study was collected through primary and secondary sources. Data analysis revealed that Microfinance and SHG has played a significant role in empowering the lives of the women in all the above aspects and a clearly distinction could be observed in their lives before and after the support of microfinance and SHGs.