Bharat Financial Inclusion Personal Loan

Bharat Financial Inclusion has not disclosed the interest rates offered for its loan schemes. However, most lenders set the personal loan interest rates of their loan applicants based on their credit scores, monthly income, occupation profile, employer’s profile, etc.

Although the company has not specified the processing fees and other charges for availing Bharat Financial Inclusion Personal Loan, most lenders charge personal loan processing fees and other charges from their personal loan borrowers.

Microfinance Loans

Purpose: Bharat Financial Inclusion offers unsecured microfinance loans to women under the joint liability group (JLG) model for the purpose of income generation. BFIL provides microfinance loans based on the vintage and the payment history of the loan applicant.

Loan Amount: Rs 10,000 onwards

Personal Loans

Purpose: Bharat Financial Inclusion offers personal loans to loan applicants located in the vicinity of their operations through the Bharat Money Store. BFIL approves the personal loan applications of individuals based on predefined criteria. However, BFIL has not disclosed the criterion on which it evaluates personal loan applicants.

Eligibility Criteria for availing Bharat Financial Inclusion Personal Loan

The personal loan eligibility criteria set by BFIL for its personal loan schemes are as follows:

For Microfinance Loans

Bharat Financial Inclusion Microfinance Loans are offered to women under JLG for the purpose of income generation based on payment history and vintage of its loan applicants.

For Personal Loans

Bharat Financial Inclusion Personal Loans are offered to loan applicants based on a set of predetermined personal loan eligibility criteria. Although the company has not disclosed the eligibility criteria for its personal loan applicants, most lenders set their the eligibility criteria for personal loans based on their loan applicants’ credit scores, age, monthly income, occupation profile, etc.

Although the company has not provided any list of personal loan documents required for its Bharat Financial Inclusion Personal Loans, most lenders usually ask their personal loan applicants to submit KYC-related documents such as proof of identity, address, income, etc.