SKS Microfinance (Bharat Financial Inclusion)

• Minimum loan amount for the first loan: Rs.9,100.
• Maximum loan amount for the first loan: Rs.20,010.
• Subsequent loan will be disbursed for higher amounts.
• Maximum loan amounts depend on the borrower's credit history and past performance with repayment.
• Loan amounts are increased in set increments for eligible borrowers.
• Maximum loan amount under this scheme: Rs.29,565.
• Term: 50 weeks.
• Repayment frequency: Weekly.
• Interest rate:19.75%.
• Processing fee: 1%.

The loan can be taken for the purpose of:

• Starting and running kirana stores.
• Raising livestock.
• Providing tailoring and related services.
• Providing other services that can generate a sustainable income and require running capital / investment for asset acquisition.

Bharat Financial Inclusion Microfinance Mid-Term Loan (MTL) Vriddhi

Listed below are the key features of the Bharat Financial Inclusion Microfinance Mid-Term Loan (MTL) Vriddhi:

• Minimum loan amount for the first loan: Rs.9,100.
• Maximum loan amount for the first loan: Rs.15,010.
• Subsequent loan will be disbursed for higher amounts.
• Maximum loan amounts depend on the borrower's credit history and past performance with repayment.
• Loan amounts are increased in set increments for eligible borrowers.
• Maximum loan amount under this scheme: Rs.15,010.
• Term: 50 weeks.
• Repayment frequency: Weekly.
• Interest rate: 19.75%.
• Processing fee: 1%.

The loan can be taken for the purpose of:

• Starting and running kirana stores.
• Raising livestock.
• Providing tailoring and related services.
• Providing other services that can generate a sustainable income and require running capital / investment for asset acquisition.

The loan is available between the 19th and 46th weeks of the Income Generation Loan Cycle, and between the 19th and 96th weeks of the Long-Term Loan Cycle.

Bharat Financial Inclusion Long Term Loan (LTL)

Listed below are the key features of the Bharat Financial Inclusion Long-term loan:

• Minimum loan amount for the first loan: Rs.30,915.
• Maximum loan amount for the first loan: Rs.38,635.
• Subsequent loan will be disbursed for higher amounts.
• Maximum loan amounts depend on the borrower's credit history and past performance with repayment.
• Loan amounts are increased in set increments for eligible borrowers.
• Maximum loan amount under this scheme: Rs.49,785.
• Term: 2 years 104 weeks.
• Applicants must have already successfully completed two Income Generation Loan (IGL) cycles.
• Repayment frequency: Weekly.
• Interest rate: 19.75%.
• Processing fee: 1%.

The loan can be taken for the purpose of:

• Starting and running kirana stores.
• Raising livestock.
• Providing tailoring and related services.
• Providing other services that can generate a sustainable income and require running capital / investment for asset acquisition.
• Increasing working capital for members' businesses.

Bharat Financial Inclusion also offers 6 types of specialised loans for the women class categorised under the financially weaker sections of society. The specialised loans for women are listed below:

Bharat Financial Inclusion Biomass Cook-Stove Loan

• The loan can be taken for the purpose of purchasing a biomass cook-stove to improve their income generation capabilities and / or enhance productivity.

BFIL Solar Light Loan Scheme

• The loan can be taken for the purpose of purchasing a solar light to improve their income generation capabilities and / or enhance productivity.

Water Purifier Loan by Bharat Financial Inclusion

• The loan can be taken for the purpose of purchasing a water purifier to improve their income generation capabilities and / or enhance productivity.

Bharat Financial Inclusion Mobile Phone Loan Scheme

• The loan can be taken for the purpose of purchasing a mobile phone to improve their income generation capabilities and / or enhance productivity.

Bicycle Loan Scheme by BFIL

• The loan can be taken for the purpose of purchasing a bicycle to improve their income generation capabilities and / or enhance productivity.

Sewing Machine Loan – Bharat Financial Inclusion

• The loan can be taken for the purpose of purchasing a sewing machine to improve their income generation capabilities and / or enhance productivity.

Swarna - Pushpam Gold Loan

• There are no fees or charges for late payments.
• There are no fees or charges for pre or part closures.
• There are 2 Swarna - Pushpam plans - SP3 and SP4:

• SP3 scheme has a maximum exposure of 68% of the loan to the gold value for that day.
• SP4 scheme has a maximum exposure of 75% of the loan to the gold value for that day.
• Tenure:

• SP3: 365 days.
• SP4: 270 days.
• Interest rate:

• The company will charge additional interest in the form of overdue interest if the loan has not been repaid on the same terms as it was taken on, within the applicable tenure.
• Repayment method: Bullet repayments are allowed, with the flexibility to repay and amount at any time till the total outstanding has been paid off, within the tenure.

Documentation Required for SKS Microfinance Loans

Listed below are the documents applicants will need to submit when applying for a Bharat Financial Inclusion Loan:

• Identity Proof: A proof of identity issued by a competent and legitimate government authority.
• Address Proof: A proof of address issued by a competent and legitimate authority, or any proof of address that contains the borrower's name.
• Age Proof: A document that testifies to the applicant's age.
• Other documents as may be required on an individual basis from the bank after assessment of candidate.

Bharat Financial Inclusion Life Insurance

Listed below are the key features and benefits of the life insurance product offered by Bharat Financial Inclusion:

• To be eligible for the life insurance payout, the policyholders has to pay a weekly premium of Rs.20 for a term of 5 years.
• In the case of natural death of the policyholder, the nominee will receive a payout of Rs.5,000 plus the value of the account.
• In the case of accidental death of the policyholder, the nominee will receive a payout of Rs.10,000 plus the value of the account as the death benefit.
• If no death occurs during the 5-year tenure of the policy, then the entire value of the account (premiums collected) will be reimbursed.

Bharat Financial Inclusion Initiatives

Bharat Financial Inclusion has launched two important initiatives - Solar Lamps Financing Program and the Mobile Financing Program:

• Solar Lamps Financing Program

To reduce the dependence of women on kerosene lamps, Bharat Finance Inclusion launched the Solar Lamos Financing Program in 2 states and across 10 branches. The program offered financial solutions to 2,700 loan borrowers to afford solar lamps. Bharat Finance Inclusion is looking to expand the initiative to 475 branches.

• Mobile Financing Program

This program was aimed at providing finance solutions for those who wish to buy low budget mobiles at low-cost installments. Through the project, Bharat Financial Inclusion disbursed small loans to 3.5 lakh borrowers.

About Bharat Financial Inclusion (SKS Microfinance)

Headquartered in Hyderabad, India, Bharat Financial Inclusion Limited is a non-banking financial company that was set up with the goal to bring financial services to the poor and the rural population in the country. It was founded by Vikram Akula and was initially known as SKS Microfinance Limited till 2016. In 2017, Bharat Financial Inclusion Limited merged with IndusInd Bank.

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