Established in 2001 with a vision to empower women and reduce poverty across the length and breadth of India, Bandhan Financial Services Private Limited is one of the most awarded microfinance institutions in the country today. Starting from a village near Kolkata, Bandhan today offers financial support to people in 22 states and union territories of India, helping the country develop and prosper. The primary focus of Bandhan is on health, education, and unemployment, with its products designed to aid people in their pursuit of a better life. Bandhan Financial Services was set up under the provisions of the Companies Act of 1956 and is a registered Non-Banking Financial Company with Reserve Bank of India (RBI).
Bandhan Financial Services Private Limited believes in offering products which aid the holistic development of individuals, with a product range consisting of loans, pension and insurance. Presently, loans offered by Bandhan can be availed only by women. Listed below are the micro loans offered by Bandhan Financial Services:
This is a micro loan which is designed to aid the finances of borrowers, enabling them to take part in income generating activities.
Loan amount – Individuals can avail loans ranging from Rs.1,000 to Rs.15,000, depending on their personal requirement. One can also choose to increase it by Rs.10,000, in exceptional cases, making the upper limit Rs.25,000.
Loan tenure and repayment – This loan has a period of 1 year, with an option to repay the loan periodically, either through monthly, fortnightly or weekly instalments.
Interest rate – The interest rate for this loan depends on the current Marginal Cost of funds-based Lending Rate (MCLR) and is 22.40% p.a. as on May 2018.
This is a microfinance loan which can be availed by self-help groups or communities to enhance their source of income.
Loan amount – One can avail loan amounts ranging from Rs.16,000 to Rs.50,000, depending on their need. Bandhan can choose to increase the upper limit by Rs.10,000 in exceptional cases, provided that the loan amount is under Rs.35,000 during the first cycle.
Loan tenure and repayment – A loan under Bandhan Srishti has a tenure of 2 years, with easy and flexible repayment modes. The amount can be repaid through weekly, monthly or fortnightly instalments.
Interest rate – As on May 2018, the interest rate for this micro enterprise loan is 22.40% p.a. based on the ongoing MCLR.
This is a micro loan for small and medium enterprises, designed keeping in mind the unique requirements of micro, small, and medium enterprises (MSMEs), providing them with sufficient financial aid to grow and generate further employment.
Loan amount – An MSME can avail loans under Bandhan Samriddhi for an amount ranging from Rs.51,000 to Rs.5 lakh, depending on their immediate requirement.
Loan tenure and repayment – This loan has flexible tenures and repayment modes, with an option to choose a tenure of either 12, 18 or 24 months. The loan amount can be repaid through simple instalments either weekly, monthly or fortnightly.
Interest rate – The interest rate for this loan is 22.4% p.a. as on May 2018.
The health of a nation depends on the health of its people, and Suraksha is a micro health finance loan which aims to keep people healthy and active.
Loan amount – Individuals can avail loans ranging from Rs.1,000 to Rs.10,000 under this scheme.
Loan tenure and repayment – Loans under Bandhan Suraksha have a 1-year period, with an option to repay the loan in flexible instalments either weekly, monthly or fortnightly.
Interest rate – The interest rate for Suraksha is lower than the rate for other products, currently standing at 12% p.a. as on May 2018.
Education is perhaps the biggest need of the hour today and Bandhan Susikhsha is a micro education loan designed to help educate people from marginalised communities.
Loan amount – One can avail loans ranging from Rs 1,000 to Rs 10,000 to pursue their educational dreams.
Loan tenure and repayment - The Bandhan Susikhsha loan has a 1-year period, with an option to repay the loan in flexible instalments either weekly, monthly or fortnightly.
Interest rate – A Susikhsha education loan comes at an interest of 12% p.a..
This fisheries loan can be used to improve the condition of people involved in the fisheries industry.
Loan amount – One can avail loans ranging from Rs.10,000 to Rs.1 lakh under this scheme.
Loan tenure and repayment – A borrower has the option to choose between two tenures, 1 year and 2 years. The loan amount can be repaid through regular instalments, with an option to pay either weekly, fortnightly or monthly.
Interest rate – The interest rate for this loan is 22.4% p.a. as on May 2018.
Note: the interest rates mentioned above are subject to change. Individuals should check the rates before applying for a microloan.
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