Bharat Financial Inclusion loan EMI payment
Bharat Financial Inclusion Ltd. (BFIL) is a leading microfinance company in India that aims to support the financially underserved and unbanked communities through financial inclusion. It was formerly known as SKS Microfinance and was renamed Bharat Financial Inclusion Ltd. in 2015.
BFIL provides microcredit, insurance, and savings products to the rural, semi-urban, and urban poor. It offers loans for small businesses, agriculture, home improvement, and education.
You now have the convenience of making loan EMI payments anytime from anywhere and without the stress of filling out lengthy documents thanks to the BBPS platform on Bajaj Finserv. The platform is simple to use and very welcoming to users and offers quick and hassle-free payment solutions to customers.
The Reserve Bank of India (RBI) introduced the concept of BBPS, intending to streamline digital payments.
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Benefits of making BFIL loan repayment using the Bajaj Finserv BBPS platform
Some of the benefits of making Bharat Financial Inclusion loan repayment on the Bajaj Finserv BBPS platform include:
- Quick and hassle-free
With the BBPS platform on Bajaj Finserv, you can repay your Bharat Financial Inclusion loan quickly and effortlessly. - Safe and secure
The Bajaj Finserv BBPS is a safe and secure payment platform. Your payment details are secure with the platform’s robust security measures. - Multiple payment options
Bajaj Finserv offers multiple payment options, including debit card, credit card, net banking, e-wallet, and UPI. This allows you to choose the payment method that suits you best. - Instant confirmation
After making the payment, the platform immediately confirms the payment through an email and SMS.
Fees and charges
A convenience fee of up to 2% will be charged depending on the transaction amount and payment mode (inclusive of applicable taxes). For more information on fees and charges, click here.
Note: For failed transactions, the total amount including charges except taxes are reversed.
Types of loans provided by BFIL
- Income Generation loans: These loans are provided to customers who are either looking to start or expand their small businesses. The loan amount can be used for the purchase of inventory, working capital, equipment purchase, or for any other business expense. The loan amount may vary based on the borrower's repayment capacity.
- Agriculture loans: These loans are offered to farmers for crop production, livestock purchase, and farm equipment. These loans help farmers to modernize their farming techniques and improve their yearly production rate. The loan amount depends on factors such as land holding capacity and borrower’s repayment capacity.
- Home Improvement loans: BFIL offers loans to customers for building or renovating their homes. The loan amount can be used to construct a new house, add additional rooms, or to make improvements to the existing house.
- Education loans: The education loan is provided to children of its customers to facilitate their academic growth. The loans cover school fees, tuition fees, and other educational expenses. The loan amount may vary based on the borrower’s repayment capacity and the educational expenses.
- Microfinance Plus loans: This is a combination of microcredit and non-credit services, such as insurance, savings, and livelihood support. Microfinance Plus Loans are targeted towards families with multiple sources of income and are designed to suit their diverse requirements.
Pay bank loans by other financial institutions
Apart from Bharat Financial Inclusion loan repayment, you can pay EMI for other loan providers across India, such as:
- Quick and hassle-free
Steps to make Bharat Financial Inclusion loan repayment on the Bajaj Finserv app
Making Bharat Financial Inclusion loan repayment on the Bajaj Finserv app is a very easy process. Follow these simple steps to make your payment online:
- Download and install the Bajaj Finserv app from Google Play Store or App Store
- Login with your credentials
- Go to ‘BILLS AND RECHARGES'
- Select ‘LOAN REPAYMENT' under the ‘FINANCIAL SERVICES AND TAXES’ section
- Select ‘BHARAT FINANCIAL INCLUSION’ as the issuing bank and enter your Loan Agreement Number
- Enter the loan amount and select the preferred payment mode
- Make the payment to repay your loan
Once you have completed the payment, you will receive an e-receipt, which you can keep for future reference.
Steps to make Bharat Financial Inclusion loan repayment on the Bajaj Finserv website
Here is how you can repay Bharat Financial Inclusion loan online on the Bajaj Finserv website:
- Visit the Bajaj Finserv website or click on https://www.bajajfinserv.in/
- Go to the ‘BILLS AND RECHARGES’ under the ‘PAYMENTS’ section
- Under ‘FINANCIAL SERVICES AND TAXES,’ select ‘LOAN REPAYMENT’
- Choose your biller from the drop-down
- Enter your loan account number and click on ‘FETCH YOUR BILL’
- Select a payment method from the list of available payment options such as credit cards, debit cards, and net banking
- After choosing your preferred payment mode, enter the requested payment details
- Check the details you entered and click on 'PAY NOW’
You will receive a notification from Bajaj Finserv after successful payment.
Recharge and Pay Bills
Frequently asked questions
Yes, Bajaj Finserv also provides other recharge services such as:
Bharat Financial Inclusion Limited (BFIL) is a non-banking financial company (NBFC) that focuses on providing microfinance services. It is not a bank but operates as an NBFC. BFIL was formerly known as SKS Microfinance and is now a subsidiary of IndusInd Bank.
The interest rates for loans from Bharat Financial Inclusion Limited can vary based on the type of loan, the loan amount, and other factors. Typically, microfinance loans have higher interest rates compared to traditional bank loans due to the higher risk involved. For the most accurate and current interest rate information, it is best to contact BFIL directly or visit their official website.
The documents required for a loan application with Bharat Financial Inclusion Limited generally include:
- Identity proof: Aadhaar card, Voter ID, Passport, or any other government-issued ID.
- Address proof: Utility bills, Aadhaar card, Voter ID, or any other document that verifies your address.
- Income proof: Salary slips, bank statements, or any other document that shows your income.
- Photographs: Recent passport-sized photographs.
- Loan application form: Duly filled and signed application form provided by BFIL.
Additional documents may be required based on the specific loan product and the applicant's profile. It is advisable to check with BFIL for a comprehensive list of required documents.
