New Initiatives About Microfinance?q=123 WHat We Do?q=123 How We Do?q=123 Financial Info?q=123 What Impact We Make?q=123
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BFIL is currently reaching over one lakh (1,00,000) villages in India with a presence in 15 states and 1,256 branches. BFIL has begun leveraging this extensive branch network and its financing ability to provide more financial services to the bottom of the pyramid. In this direction, BFIL undertook initiatives like mobile handset and solar lamps financing program.

 

Solar Lamps Financing Program

A majority of families in rural India use kerosene lamps to light up their homes. As rural homes are poorly ventilated, prolonged exposure to the fumes and harmful particles emitted by such lamps poses a serious threat to the health of women and children who spend most of their time indoors. To tackle this problem, Bharat Financial Inclusion Limited has partnered with d.light solar to make solar lamps available to its members. A loan product has been designed to facilitate finance for the purchase of solar lamps. Bharat Financial Inclusion Limited has piloted the initiative in 10 branches across two states, disbursing 2,700 loans to its borrowers. The pilot expansion is estimated to reach 475 branches spread across nine states of North and East Zones by the end of this financial year. This initiative has not only brightened the homes of Bharat Financial Inclusion Limited’s borrowers but has also made them more healthy for their families.

 

Mobile Financing Program

Mobile Financing ProgramIndia has a high potential in the mobile telephony market, but the high cost of mobile handsets is a key deterrent for rural borrowers of BFIL. Considering this, BFIL has launched a mobile finance program that offers its borrowers mobile phones at a relatively lower price with the option of paying in small, easy installments. BFIL has partnered with Nokia India Pvt. Ltd. to supply quality handsets to its borrowers. A loan product has been designed to facilitate finance for handset purchases. Under this program, BFIL has disbursed 3.5 lakh mobile loans to its borrowers in six states of India. This initiative has instilled confidence in its borrowers and improved their business through better access to communication.