Bharat Financial launches instant microloan facility

Hyderabad based non-banking finance company Microfinance institution Bharat Financial Inclusion Ltd launched an instant loan approval at a village near Bassi in Jaipur district, Rajasthan.

The objective of this initiative to help rural areas embrace cashless transactions. The loan amount will be deposited directly to the loanees bank account.

The loan facility based on a three-step verification process of Aadhar-based eKYC, credit bureau authentication and eSign and non collateral loans up to Rs 60,000 for one year to rural women. It will be rolled out by June 2017 in all microfinance companys nationwide network with several being in Rajasthan, Bihar and Delhi.