Experiments with microfinance
Milaap.org is another microfinance website which connects lenders and borrowers. However, unlike Rangde.org where a lender can lend in multiples of Rs 100, the minimum amount is higher at Rs 1000 . The loans taken by the lenders at Rangde.org are usually less than Rs 10,000, but the loans taken by the borrowers at Milaap.org are significantly higher at Rs 40,000 – Rs 50,000 each.
A significant number of the microfinance loans are made to borrowers for whom tailoring is a major income source .
These loans are then used to
1. Buy a sewing machine
2. Repair sewing machine
3. Purchase consummables / inputs like thread and needles
4. Buy fabric , if the borrower sells readymade garments. Most borrowers specialize in ladies garments.
A few of the borrowers for microfinance loans are involved in the repair of electrical and electronic appliances.
The loans they have availed will be used to
1. Buy tools and equipment, which will make the repair work easier
2. Purchase consummables / inputs
No defaults in loans so far
Some of the states where microfinance companies are active are:
2 websites for online lending / microfinance in India are