Microfinance is an effective tool that can help reduce poverty and spread economic opportunity by giving poor people access to financial services, such as credit and insurance. BFIL distributes small loans that begin at Rs. 2,000 to Rs. 12,000 (about $44-$260) to poor women so they can start and expand simple businesses and increase their incomes. Their micro-enterprises range from raising cows and goats in order to sell their milk, to opening a village tea stall.

BFIL uses the group lending model where poor women guarantee each other’s loans. Borrowers undergo financial literacy training and must pass a test before they are allowed to take out loans. Weekly meetings with borrowers follow a highly disciplined approach. Re-payment rates on their collateral-free loans are more than 99% because of this systematic process. BFIL also offers micro-insurance to the poor as well as financing for other goods and services that can help them combat poverty.

APPROACH

BFIL believes that access to basic financial services can significantly augment economic opportunities for poor families and in turn help improve their lives. BFIL is committed to creating a distribution network across underserved sections of society in order to provide easy access to the full portfolio of microfinance products and services. It also looks at using this network to add value to the lives of its members by providing quality goods and services that our members need at less than market rates.

Their mission is to provide financial services to the economically weaker sections.

Their vision is to serve 50 million households across India and other parts of the world and also to create a commercial microfinance model that delivers high value to our customers.

Their products, processes and people are all focused on creating the highest value for the customer. This includes being respectful to customers, understanding the needs of customers and being transparent with customers.

They will follow ethical practices in all their relationships at all times, including following the law both in letter and spirit. This includes not offering bribes, not paying or taking commissions, or any other short-cuts.

They will have standardised processes as this will enable them to reach out to the most customers cost effectively. They will foster innovation but in a way that ensures consistent quality.

BFIL has its own anthem titled “Udhte Jaayen, Badhte Jaayen” (meaning “flying on, marching ahead” in Hindi) aimed at motivating staff across BFIL. Composed by Euphoria, a popular Indian band, the BFIL anthem is energetic and positive in tone.

Their mission is to provide financial services to the economically weaker sections. Thirty two percent of these women use the loans to buy livestock.

While the evocative visual in the brand’s new identity acknowledges the woman’s warm, emotional relationship with her calf, the brand line celebrates her journey on the road to progress.