VFS offers loans of Rs 20,000 to Rs 60,000 to women borrowers from impoverished and marginalized communities by organizing them into small groups. As at the end of 2019-20, the company operated in 13 states, working primarily in rural and peri-urban areas. VFS offers competitive rages and continuously builds upon its goal to serve society by expanding economic access.
Loans for small and medium enterprises, and housing
In May 2018, VFS launched loans of Rs 50,000 to Rs 2,00,000 for SMEs and housing in May 2018. It essentially rewards borrowers who have with the company for many years. By incentivizing this long-term relationship, VFS hopes to encourage greater financial participation to empower poor women.
Workshops in collaboration with RBI: The Reserve Bank of India has noted that an appreciable amount of money remains unclaimed in bank accounts. The central bank attributes this to a variety of reasons, mainly a lack of financial awareness. The RBI uses this money to fund a Depositors’ Education and Awareness (DEA) programme to promote financial literacy. The RBI has given VFS the task of implementing this programme in three West Bengal districts—Murshidabad, North Dinajpur and South Dinajpur. For each program, VFS chooses a batch of 40 people from different economic strata. 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 distributes 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 nurtures leadership qualities in its staff. It feels that better leadership can eliminate productivity drag and staff turnover and improve customer satisfaction. VFS conducts these leadership workshops regularly. For borrowers, VFS conducts such leadership sessions during CAT.