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BSS Microfinance has been providing financial aid and assistance to the downtrodden for almost 20 years, with the microfinance wing taking shape in 2008. The primary aim of BSS Microfinance is to involve the rural and urban poor, providing them adequate opportunities to improve their quality of life. It is registered with the RBI as a Non-deposit taking NBFC-MFI, i.e. a Non-Banking Financial Company-Micro Finance Institution. BSS offers a number of products to work towards its mission of poverty alleviation through microfinance services, ensuring people have increased revenue earning modes. It currently has an mfR3 rating from CRISIL.
BSS Microfinance Private Limited offers 6 products catering to different microfinance requirements of people. These products are mentioned below.
Individuals who wish to avail this loan need to satisfy the following criteria.
A borrower can avail loans ranging from Rs 5,000 to Rs 30,000, depending on her previous association with BSS Microfinance and the financial requirement for a particular project.
BSS Microfinance Private Limited currently charges interest at the rate of 26% per annum on its financial products. This interest is computed using the diminishing balance principle, taking multiple factors into mind while computing it.
Note: Current rates mentioned above are for December 2015. Interest rates could change at the discretion of BSS Microfinance and borrowers should check these before applying.
The loan tenure depends on the type of loan availed by a member, with tenures ranging from 36 weeks to 108 weeks for fortnightly repayment, 50 weeks and 1 year, as per the policies of each loan.
The loan can be repaid through equal instalments, with an option to make payments every week, fortnight or month.
A borrower is not expected to provide security in order to avail a micro loan.
Individuals who wish to prepay their loan can do so without worrying about prepayment charges. BSS does not charge a penalty for loan prepayment. A processing fee equivalent to 1% of the loan amount is charged.