Bharat Financial launches instant micro loan facility

Microfinance institution Bharat Financial Inclusion Ltd today launched an initiative for instant loan approval and disbursed them to three women in a village near Bassi in Jaipur district.

The initiative is expected to help rural areas embrace cashless transactions. The loans are cashless since they are deposited directly to the loanee's bank account.

"Three women were approved instant loans through the technology in Dev village near Bassi, K V Rao, Chief Operating Officer of Bharat Financial, said here.

He also said that the initiative relies on a three-step verification process of Aadhar-based eKYC, credit bureau authentication and eSign. It will mow be rolled out by June 2017 across the country in the microfinance company's nationwide network with several being in Rajasthan, Bihar and Delhi.

Rao also said that it will boost operational efficiencies, enhance customer satisfaction and reduce the risk of fake customers.

The company provides non collateral loans up to Rs 60,000 for one year to women in rural areas.

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