Bandhan Financial Services Microfinance

Bandhan Financial Services

Bandhan Financial Services helps poor communities to establish small businesses in the society. The beneficiaries include fishermen, artisans, farmers, small entrepreneurs, deprived communities etc.

Getting access to credit, sometimes, becomes difficult even for a salaried or self-employed professional. Imagine, how would a poor un-employed individual get a loan amidst enormous banking formalities? A large segment of people who live under poverty find it hard to get finance from established lending institutions. As the country aim for an inclusive growth at all sectors, the provision of micro credit is certainly a powerful tool that will bring financial inclusion.

Advantages and Features of Bandhan Financial Services

• To empower poor women and their livelihood
• To improve the living conditions of the marginalised people
• To fund the small and micro business entrepreneurs
• Loan for low-cost house building
• To generate regular income for the downtrodden
• To help poor communities to become self-supportive

Bandhan Financial Services Products and Services

Bandhan Financial Services provides to poor men and women the following products and services.

Suchana Microloan

This microfinance is offered to poor women either individually or collectively to generate additional income in their daily life. Women can get up to INR 25,000 under this scheme which should be repaid in a year. The loan is provided at the interest rate of 18.40%.

Under this scheme, the borrowers can get loans up to INR 35,000 at 23% interest rate with the maximum tenure of 2 years.

Srishti Microloan

Bandhan Financial Services provide capital for home-based business with regard to buying machineries as a group. The maximum loan amount that can be availed is up to INR 1 Lakh which can be repaid in 2 years of time.

Suraksha Microloan

Any medical emergencies can be met with Suraksha Microloan provided by Bandhan Financial Services. The borrower can get up to INR 10,000 under this scheme which can be repaid over a year. The rate of interest for this micro loan starts from 10.52%.

Bandhan Financial Services Student Education Loan

Poor students who are in need for financial support can avail a microloan through their parents. The borrower can get up to INR 10,000 under this scheme which can be repaid over a year. The rate of interest for this micro loan starts from 10.52%.

Bandhan Financial Services Location

To apply for a loan with Bandhan Financial Services, you can contact them at their branches or the head office located in Kolkata.

Corporate office Address

DN 32, Sector V,

Salt Lake City,

-Kolkata 91

You can also reach them out to register your feedback, complaint, grievance or query at infor(at)bandhanmf(dot)com.

Grievance Redressal Mechanism at Bandhan Financial Services

Level 1: Submit a complaint

You can fill up the online complaint form and submit it. You can also call the toll-free customer care number 18002588181 or email at getintouch(at)bandhanbank(dot)com.

Level 2: Contact the Cluster Head

If the grievance is not redressed or you are not satisfied with the response, it can be escalated with the Cluster Head. The contact details are provided at the official website of the bank.

Level 3: Contact the Nodal officer

If you are still not satisfied with the response, you can escalate the grievance with Nodal Officer at Head Office. The Nodal Officer can be contacted at pno(at)bandhanbank(dot)com.

What Is Microfinance?

Microfinance is a type of banking service that is provided to unemployed or low-income individuals or groups especially people who have no access to credit in the formal banking system. Microfinance is an alternative to banks for people who live in remote villages of the country. The goal of micro credit companies is to provide a financial opportunity to poor people to become self-supportive and to those who did not have to avail formal credit. While microfinance is concentrated in the rural regions, it is also prevalent in urban poor, who have continued to be a segment that has been neglected by the organized form of banking.

Microfinance, an Alternative to Banks

Though India is experiencing a rapid growth at all sectors, there are still a certain percentage of people who are not covered by the formal banking system. Firstly, most of these people do not have a bank account and getting a loan from bank is even more a tough task.

Banks demand a steady source of income, worthy collateral, credit score etc. to provide a loan. People who have none of these have no chance of availing a credit to become self-supportive. More importantly banks require authenticated documents like ID proof, address proof, PAN, Aadhar card, proof of continuous employment which is not easily available with the segment that does not have much or any of the above documents required. These documents form the bulk of the qualifying criteria, which if an applicant does not meet will be rejected for a loan. Microfinance in India is addressing this need of the people.

Microfinance, identifying, small entrepreneurs come forward to uplift their lives by providing micro credit within their repayment capacity. The Microfinance companies conduct camps at remote villages and some urban pockets and offer financial assistance.

Who Are the Beneficiaries of Microfinance?

The established lending institutions generally cover salaried or self-employed professionals who have a steady source of income or work in an organised sector. Microfinance benefits the people who are involved in profession such as fishery, artisans, constructions works, vendors, small entrepreneurs etc. These individuals generally work in unorganised sectors and live in remote villages or slums in urban areas.

How Does Microfinance Help?

Economically weaker section of people get access to micro credit to enhance their lifestyle in several ways. With varied products from the Microfinance companies, the borrowers can use the funding for start a small business, build a low-cost house, get sanitation facilities etc.

Microfinance companies generally work through self-help groups in the rural and urban localities to provide the financial assistance to economically deprived people.

How Can Indians With No Credit History Get Loans and Credit Cards?

Our country can boast of a vibrant economy only when all segment of people can get access to credit. This is the only way to achieve an inclusive growth. CreditMantri, helps individuals who are otherwise unable to get credit in any form through formal banking system. The first-time borrowers who do not have a credit score or collateral can use CreditMantri platform to explore lenders who are willing to lend to them based on other criteria.

CreditMantri works with multiple lenders which include leading banks and NBFCs to also develop special products like small ticket loans which are able to provide such applicants a loan even with no credit score, a bad credit rating and with negative issues.

About Bandhan Financial Services

Bandhan Financial Services is one of the fastest growing Non-Banking Financial Corporation (NBFC – MFI) based out Kolkata. The company has been engaged in Microfinance services since its inception in 2001. Poverty alleviation and women empowerment are the two important focus areas of Bandhan Microfinance services.

Frequently Asked Questions About Bandhan Financial Services

1. Who can avail credit from Bandhan Financial Services?

People who are not covered by formal banking system, living in urban slums or remote villages can avail micro credit from Bandhan Financial Services.

2. For what purposes the micro credit is offered by Bandhan Financial Services?

Bandhan Financial Services is provided for the purpose of micro business units, low-cost house building, construction of toilets, setting up irrigation system, student finance and generating income for widows, single mothers, unmarried women, person with disability etc.

3. What is the maximum amount of loan you can get under Bandhan Financial Services?

The loan amount is disbursed as per the scheme and repaying capacity of the borrower.

4. Does Bandhan Financial Services provide micro credit only for women borrowers?

No, the micro credit is provided for men, women and third gender, especially for individuals who have no access to financial help through formal banking system.