our_products_and_initiatives

Our Products and Intiatives

 

Bharat Financial Inclusion Limited offers a range of products and services, which have been developed based on the financial needs of working of poor women. We classify our offerings into proprietary and distributor products.

Product Features Benefits
Income Generation Loans (IGL) – Aarambh Loans range from Rs. 9,100 to Rs. 20,010 for the first loan; subsequent loan amounts determined by past credit history and increased each in set increments up to a maximum of Rs. 29,565

Term of the loan is 50 weeks with principal and interest payments due on a weekly basis

19.75 % annual effective interest rate and processing fee of 1%

Provides self-employed women financial assistance to support their business enterprises, such as raising livestock, running local retail shops called kirana stores, providing tailoring and other assorted trades and services
Mid-Term Loan (MTL) – Vriddhi Loans range from Rs. 9,100 to Rs. 15,010 for the first loan; subsequent loan amounts determined by past credit history and increased each in set increments up to a maximum of Rs. 15,010

Available any time after the completion of 19th weeks & till 46th weeks of an IGL cycle and till 96th week of LTL cycle.

Term of the loan is 50 weeks with principal and interest payments due on a weekly basis

19.75% annual effective interest rate and processing fee of 1%

Provides self-employed women financial assistance to support their business enterprises, such as raising livestock, running local retail shops called kirana stores, providing tailoring and other assorted trades and services
Long Term Loan (LTL) Loans range from Rs. 30,915 to Rs. 38,635 for the first cycle loan; subsequent loan amounts determined by past credit history and increased each in set increments up to a maximum of Rs. 49,785

Term of the loan is 2 Years 104 weeks with principal and interest payments due on a weekly basis

Members must have completed 2 IGL Cycles

19.75% annual effective interest rate and 1% processing fee of loan amount disbursed

Provides self-employed women financial assistance to support their business enterprises, such as raising livestock, running local retail shops called kirana stores, providing tailoring and other assorted trades and services

To Increase Members Working Capital for their business

Biomass Cook-stove Loan

Solar Light Loan

Water Purifier Loan

Mobile Phone Loan

Bicycle Loan

Sewing Machine Loan

Loan amount ranges from Rs. 1,799 to Rs. 5,290.

Loan tenure is 25 weeks

Annualized Interest rate ranges from 19.60 % to 19.70% depending on the product

Loans are offered to members for purchase of products like cook-stove/ solar light/ water purifier/ mobile phone/ bicycle and sewing machine to enhance their productivity and income generation ability
Note 1: “In accordance with the RBI’s circular dated May 03, 2011 on ‘Bank loans to Micro Finance Institutions (MFIs) – Priority sector status’, with effect from June 01, 2011, the Company plans to charge a processing fee of 1% (of the loan amount) on all microloans offered across India. The credit shield Insurance premium will be collected from the borrowers on actual basis without any administrative charges.”
Note 2: Per RBI circular DNBS. 204/CGM (ASR)-2009 dated January 2, 2009, BFIL’s Board of Directors has discussed and formally adopted an interest model based on cost of funds, operational costs, and riBFIL involved for each product.
Product Features Benefits
Life Insurance Weekly payment of Rs. 20 for the term of five years Upon death, we disburse to the beneficiary the full sum assured of Rs. 5,000 plus the account value, which is equal to the aggregate of the premiums paid plus interest accrued, if any, less any charges for the administration of the policy

In the event the death is deemed an accidental death, the beneficiary receives Rs. 10,000 plus the account value

Upon maturity in five years where no death has occurred, we disburse to the policyholder the account value.

Note 1: “In accordance with the RBI’s circular dated May 03, 2011 on ‘Bank loans to Micro Finance Institutions (MFIs) – Priority sector status’, with effect from June 01, 2011, the Company plans to charge a processing fee of 1% (of the loan amount) on all microloans offered across India. The credit shield Insurance premium will be collected from the borrowers on actual basis without any administrative charges.”
Note 2: Per RBI circular DNBS. 204/CGM (ASR)-2009 dated January 2, 2009, BFIL’s Board of Directors has discussed and formally adopted an interest model based on cost of funds, operational costs, and riBFIL involved for each product.