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 payment 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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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
- 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.
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.
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:
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.
Recharge and Pay Bills
Frequently asked questions
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.
You can contact Bharat Financial Inclusion Ltd customer care through the following methods:
Toll-free numbers: 1800-572-6000 / 1800-599-10000 / 1800-300-10000
Email: info@bfil.co.in for general queries, communications@bfil.co.in for business opportunities, and careers@bfil.co.in for job-related queries.
Head office: Raheja Commerzone, 10th & 11th Floor, Plot No. 16/A/ 1 & 2, Knowledge City, Raidurg, K V Rangareddy District, Telangana - 500 081, India. Tel: +91 40 4452 6000, Fax: +91 40 4452 6001
You can repay your Bharat Financial Inclusion Ltd loan through various online and offline methods:
- Online: Use the BBPS platform on Bajaj Finserv for a quick and hassle-free payment experience. You can choose from multiple payment options, including debit card, credit card, net banking, e-wallet, and UPI.
- Offline: Visit any Bharat Financial Inclusion Ltd branch to make your payment in person.
The eligibility criteria for loans offered by Bharat Financial Inclusion Ltd include:
- Income generation loans: Minimum loan amount for the first loan is Rs. 9,100, with a maximum of Rs. 20,010. Subsequent loans can be for higher amounts based on the borrower's credit history and repayment performance.
- Agriculture loans: Offered to farmers for crop production, livestock purchase, and farm equipment. The loan amount depends on factors such as land holding capacity and the borrower’s repayment capacity.
- Home improvement loans: For building or renovating homes, with loan amounts based on the borrower's repayment capacity.
To close your loan with Bharat Financial Inclusion Limited, follow these steps:
- Contact customer support: Reach out to Bharat Financial Inclusion Limited's customer support to initiate the loan closure process. You can contact them via their toll-free number or email.
- Request loan closure: Inform the customer support representative that you wish to close your loan. They will guide you through the necessary steps and documentation required.
- Settle outstanding amount: Ensure that all outstanding dues, including any interest or penalties, are paid in full.
- Obtain No Objection Certificate (NOC): Once the loan is fully paid, request a No Objection Certificate (NOC) from Bharat Financial Inclusion Limited as proof of loan closure.
- Update credit report: Verify that your loan closure is reflected in your credit report to maintain a good credit score.
Changing your EMI date with Bharat Financial Inclusion Limited may be possible, but it typically depends on the bank's policies and your loan agreement. To request a change in your EMI date, follow these steps:
- Contact customer support: Reach out to Bharat Financial Inclusion Limited's customer support via their toll-free number or email.
- Submit a request: Inform them of your request to change the EMI date and provide a valid reason for the change.
- Provide necessary documents: You may need to submit certain documents, such as proof of income or a revised repayment schedule.
- Approval process: The bank will review your request and inform you of their decision. If approved, they will provide the new EMI date and update your loan account accordingly.
