VFS offers loans of Rs 20,000 to Rs 60,000 to women borrowers from impoverished and marginalized communities who are organized into small groups. The company operates in 11 states and works primarily in rural and peri-urban areas. The interest rates offered are extremely competitive and the company continuously builds upon its goal to serve society by expanding economic access.
Loans for small and medium enterprises, and housing:
VFS launched loans of Rs 50,000 to Rs 2,00,000 for these purposes in May 2018. It essentially rewards borrowers who have been associated with the company for many years. By incentivizing this long-term relationship, VFS hopes to encourage greater financial participation amongst the poor and to empower them.
Workshops in collaboration with RBI: The Reserve Bank of India has noted that an appreciable amount of money remains unclaimed in bank accounts. This can be attributed to a wide variety of reasons, the primary one being the lack of financial awareness. The RBI makes use of this money to fund a Depositors’ Education and Awareness (DEA) programme aimed at promoting financial literacy. The RBI has given VFS the task of implementing this programme in three districts of West Bengal—Murshidabad, North Dinajpur and South Dinajpur. For each program, a batch of 40 people from different economic strata are chosen. The participants do not have to be borrowers of VFS.
Tree Plantation: As part of its commitment to protecting nature and combat global warming, VFS has been distributing saplings to its borrowers.
Customer Awareness Training: These CAT sessions help in financial inclusion. VFS gets feedback from its customers about financial and non-financial issues that they face in their daily lives. The front-line staff of VFS suggests solutions to help the customers make informed decisions about the financial assistance that can enhance their lives and livelihoods. Some of the CAT sessions focus on a particular subject such as skill-building training or tackling environmental issues such as judicious use of water or the ban on single-use plastics.
Leadership Training: VFS puts in a lot of effort in helping its employees develop leadership qualities since it believes that better leadership can eliminate various problems like productivity drag and staff turnover, and improve customer satisfaction. These leadership workshops are conducted regularly. For borrowers, sessions on building leadership qualities are conducted during CAT.