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@milaap-blog
Milaap takes low cost capital, loaned by you and your loan will help the poor children of India. Have you even spared a moment for those poor souls who are not lucky as you? If not, then now is the time to make your presence felt by donating money to through an online platform. What ever the amount you can donate here. Even your $1 is also helpful for help poors children.
The meaning of microfinance is to providing financial services to poor people for their better life. Milaap is an online platform that enables you to lend to India's working poor so they can get access to education, clean water, energy and more. It’s a loan, not a donation. Give a loan and change a lot.
Social investment is an online platform which allows the microfinance institutions in developing countries for raise microloans from individual users or donors. Milaap is dedicated to improve the scale and effectiveness of social investing and microfinance in India.
The main aim of Gramin Banks are for the purpose of serving the poor people of rural areas. It play an important role in India's rural development. A small loan can make a big difference to a poor person. The borrowers typically repay back the loan in small weekly installments. Milaap gives small loans to poor people for improve their life styles.
Grameen Bank
The microfinance model developed by Prof. Muhammad Yunus has proved that an organization can still earn profits by extending small loans. The traditional micro lending model propagated by the Grameen Bank has been implemented successfully in various countries. But the advancement in communication technologies have changed the way a person extends or receives financial assistance. The web based technologies have made it easier for the microfinance institutions to raise funds in a more transparent manner.
How Internet Has Transformed the Traditional Micro Lending Models
Each microfinance institution uses different options to collect money from the lenders. Most of the microfinance institutions in India still collect the loan amount from the lenders in form of cash, cheques and bank drafts. But these options require the organization to deploy additional staff to collect and process the loan amount. The traditional micro lending model propagated by the Grameen Bank has been implemented successfully in various countries.
The Traditional Micro Lending Models
The microfinance model developed by Prof. Muhammad Yunus has proved that an organization can still earn profits by extending small loans. The traditional micro lending model propagated by the Grameen Bank has been implemented successfully in various countries. But the advancement in communication technologies have changed the way a person extends or receives financial assistance.
Grameen Bank
The micro lending business model implemented by the Grameen Bank has transformed the lives of millions of poor people. As the poor people do not meet the credit requirements of commercial banks, they often find it difficult to raise capital to start small business. The traditional microfinance models aim to provide income sources to the women to improve the standard of living of their families.
Every person with a regular source of income wants to contribute towards making a difference to the world. Many people are exploring options to develop and increase social capital from the scratch. But these people do not have any idea about how to start. Many people are even not sure about the changes that can occur through development of social capital.
You can find many websites collecting online donation promote charity in India. The online platforms also mention detailed information of the borrowers. So the donor can contribute to the poor and underprivileged people by clearly understanding their needs. The online donation platforms also utilize and monitor the funds in a completely transparent manner.
A large percentage of people residing in villages and rural areas are dependent on agriculture. Often the all members of a family have to work in agricultural lands without fetching ay additional income. But the scenario is changing now due to the developmental and welfare projects run by NGOs, self-help groups (SHGs) and microfinance institutions in India. A number of livelihood financing organizations have also launched web based lending platforms to provide financial assistance to the job creating enterprises.
A large percentage of the rural people still live without clean water, sanitation and renewable energy sources. So these people must be provided with adequate education and vocational training options to develop an alternate and steady source of income. The vocational training will further enable the rural youth to pursue an occupation and trade without depending on agricultural lands.
How Your Financial Assistance can Help the Job Creating Enterprises
As per the recent economic data, consistent increase is noted in the quantum of non-agricultural employment generation in India. A large percentage of people residing in villages and rural areas are dependent on agriculture. Often the all members of a family have to work in agricultural lands without fetching ay additional income. But the scenario is changing now due to the developmental and welfare projects run by NGOs, self-help groups (SHGs) and institutions of microfinance in India. A number of livelihood financing organizations have also launched web based lending platforms to provide financial assistance to the job creating enterprises. However, some of the recent reports have highlighted that less than 10% of the total conventional micro finance funds are used to finance the job creating enterprises.
The sharp rise in the prices of raw material and commodities has also made it essential for the microfinance institutions to divert more funds into the hands of grass root producers. You can always extend financial assistance to these producers by accessing the online lending platforms. Your contribution will be treated as a loan rather than donation. Once the producers start repaying the loan amount, the same will be deposited in your online account. You also have options to withdraw the amount or recycle the funds by selecting new grass root producers based on their profiles and requirements.
Providing Working Capital
The grass root level producers often find it difficult to get working capital at affordable interest rates. Many people also look for working capital loans with flexible and easy repayment options. The loan extended by a borrower will be used to fund the women and SHGs who are primarily involved in producing value added products. For instance, your loan can enable the women and SHGs to buy bamboos and use their skill to produce commonly used items like cell phone stands, business card holders, flower vases and incense stick containers. Your loan can make it easier for these producers to increase their current income levels and enjoy a better standard of living.
Linking to the Market
You can even consider extending financial assistance to the artisan and artists to become entrepreneurs. With the working capital availed at a low rate of interest from the livelihood funding organizations, the artisans can produce accessories, crafts and handicrafts by using their skill and expertise. The produced items are further marketed at fair trade certified prices to get maximum returns to the entrepreneur. So your online loan can also enable the artisans to market their products in a professional manner and increase their earnings as well as savings. The organization also assists in procuring regular orders for the entrepreneurs to scale up their business.
Providing Ownership Capital
Many people residing in Indian villages also find it difficult to arrange low interest loans to buy machinery, vehicle and other equipments required to run their own enterprises. For instance, many rickshaw drivers have to hire the rickshaws by paying high rent to the owners. Your online loan will enable these people to drive their own rickshaw and repay the loan amount in flexible EMIs. After repaying the loan amount, the rickshaw driver can earn regular income without getting into debts. You can simply browse through the various sections of the online lending platform to understand the ways you can extend your support to these job creating enterprises.
Clean and Renewable Energy Sources to Solve the Indian Energy Crisis
The decline in the production and growth in the consumption of energy has become essential for India to develop and promote renewable energy sources. A large section of Indian population still depends mainly on coal, oil and gas to sole their energy requirements. In comparison to oil, gas and renewable energy sources, coal is popular as the cheapest energy source. But usage of coal impacts the environment negatively by causing pollution. Despite of its consistently growing economy, over 450 million people still do not have access to electricity. So India must develop alternate energy sources to complement the needs and activities of the common men.
Commonly Used Sources of Energy:
According to available statistics, coal is uses as the major source to produce power in India. The usage of coal is followed by oil and gas, which are followed by the renewable sources of energy. The renewable energy sources are used only to produce about 12% of the total power generation. If the alternative sources of energy can be popularized among the masses, their energy needs can be addressed without causing any negative impact on the environment. In villages, people mostly cook using firewood and study by burning kerosene lamps. The usage of traditional energy sources also results in various types of illness and health hazards. With regular access to electricity and appliances running through clean energy sources, the current lifestyle and standard of living of the poor people will change completely.
Sources of Renewable Energy:
In India, renewable and clean energy can be produced from various sources. Some of the sources like solar and wind can be used directly as the alternative source of energy. At the same time, energy sources like bio-mass can be created by using wood, cow dung, seeds and similar agriculture related products, and utilized as a source of clean and renewable energy. The people residing in rural areas must be encouraged to replace their kerosene lamps with solar/LED lamps. Similarly, people should also use the cooking solutions and household appliances operated through these renewable energy sources. After using these advanced appliances, lamps and cooking solution, the rural people can further live in a cleaner and healthier environment.
Promoting the Alternate and Renewable Energy Sources:
The renewable sources of energy must be promoted by the government as well as private sector. In India, the average per capita consumption of energy is about 500 W that is much lower than the energy consumption in developed countries like USA, UK, Australia and Japan. But an increase is expected in the current per capita energy consumption due to rapid industrialization and consistent economic growth. Therefore, the private organizations must provide financial assistance to the rural people to use clean and renewable energy on a regular basic.
Some of the livelihood funding organizations havepartnered with NGOs, self-help groups and institutions of microfinance India to run projects that encourage the rural people to use the alternative energy sources. The organization also provide financial assistance to the people at lower rate of interest to buy solar or LED lamps, cooking solutions, and household appliances that use renewable energy sources. These projects also aim to enable the poor people to live in a cleaner and healthier environment.
Author Info:
Gurudutta Mohanty has a distinct flair for writing with particular interest in penning research-based articles. He is adept at writing articles for the web, and has attained mastery over a number of subjects in both technical and non-technical fields. He has written many research based articles highlighting various aspects of Microfinance India.
For more information about the Milaap please visit http://www.milaap.org/
Touch the Lives of Indian Labourer Families by Extending Small Online Loans
In India, the lifestyle and standard of living of the rural people is completely different from the people residing in various cities and towns. The people working as labourers also often find it difficult to get loans at affordable and low rate of interest. The lower income level of the people does not allow them to save money for the rainy days. So these people have to take loans from the moneylenders by paying a much higher rate of interest. Some people even have to sell their properties and assets to repay the loan amount. A number of livelihood financing organizations have recently introduced an internet based lending model that aims to provide financial assistance to the poor people at a much lower interest rate. Also, a lender can access the online platform to choose the borrowers and know how exactly his charity India money is going to be used.
Low Rate of Interest:
The commercial banks do not offer loans to the people working in unorganized sectors. The debt recovery methods used by some of the micro finance companies also discourage many rural people to avail financial assistance from these companies. But there are many NGOs and self-help groups that arrange finance for the labourers at low interest rate. When you give loan through the online platform, the money reaches the specific borrower through the NGOs and self-help groups. The borrower can further get the money at a low rate of interest within a few days.
No Collateral:
It is a common practice among the rural people to get immediate loan from the moneylenders by mortgaging their jewelry, land and other valuable property. Many people also have to sacrifice their agricultural land pledged as mortgage. The organizations offering online livelihood finance extend the load without any collateral security and mortgage. Also, the unsecured loan EMIs are calculated in a convenient manner by keeping in mind the monthly income and savings of the borrowers. So the labourer in need of immediate finance can take and repay the loan without mortgaging his valuable property and asset.
Loan for Different Purposes:
The online platform also brings the lenders and borrowers together. You can access the website and browse through the information posted about individual borrowers. Some people need financial assistance to increase their monthly income, whereas others need money to get health care services and live in a healthier environment. A lender can simply read the profile to understand the exact needs of a borrower along with his location, occupation and monthly income. Based on your personal choice, you can extend financial assistance to a borrower by clearly knowing how the money is going to be used.
Options to Withdraw or Recycle the Recovered Loan Amount:
The livelihood financing organizations do not pay any interest to the lenders. But they have implemented an efficient recovery mechanism to repay the complete amount of the loan. An online account is opened for each lender and the amount is transferred to the account when the borrower repays the EMIs. Further, you have options to withdraw the amount by transferring to your bank account, or recycle the amount to extend fresh financial assistance to new borrowers. The entire process also makes the entire transaction looks like and online donation or online charity rather than an online loan.
Author Info:
Gurudutta Mohanty has a distinct flair for writing with particular interest in penning research-based articles. He is adept at writing articles for the web, and has attained mastery over a number of subjects in both technical and non-technical fields. He has written many research based articles highlighting various aspects of Microfinance India.
For more information about the Milaap please visit http://www.milaap.org/
How Maximize the Social Impact of Your Small Loans
Description: You have various options to help the poor and underprivileged people by extending small loans. But the online livelihood financing platforms allow donors to choose the borrowers to maximize the social impact of their small donations.
The concept of charity varies from one individual to another. Some people want to offer financial assistance to the projects run by the NGOs and self-help groups. At the same time, many donors want to know how their money is going to be used for benefitting the society. Despite of the constant growth of the Indian economy, there are still many people who live in unhealthy and unhygienic conditions. Basic necessities like clean water, sanitation and electricity are a luxury for the people residing in villages and rural areas. Most of these people also have to get loans from money lenders by paying a higher rate of interest.
Some of the livelihood financing organizations has developed an online platform to bring the lenders and borrowers together and offer loans to the poor people at a lower rate of interest. A lender can access these online platforms and browse through the profiles of the people who need money. Along the name, location, occupation, monthly income of the borrowers, you can clearly understand the needs of the borrower and how your money is going to be utilized. Also, you can finance the needs of the borrowers partially or in full based on your own choice. The online platform treats your support just like a loan and repays the amount in full, after receiving EMIs from the borrowers. You can extend loans as social impact investing to maximize their potential to change the society.
Increase the Current Income of the Borrowers:
Most of the people residing in villages cannot avail financial assistance from the commercial banks. So they often take loans from moneylenders at a higher rate of interest. The debt recovery methods used by some of the micro finance companies have created a negative impact on the mind of the rural borrowers. You can always contribute towards enterprise development and sustainable farming to increase the current income of a group of individuals. You may extend a loan of few thousand rupees to make a huge impact to the standard of living of the Indian labourers.
Support the Price of Healthcare:
The income level of the Indian labourers does not allow them to save some amount to meet the future needs. So the poor people have to sell their assets and properties to meet the healthcare cost. Many people even have to sacrifice their primary source of income, when they sell their agricultural land to meet the medical expenses. The online livelihood financing organizations allow you to finance the healthcare needs of the poor and underprivileged people. The labourers can avail immediate financial support to meet their healthcare needs. They can further repay the loan amount in monthly installments at a much lower rate of interest.
Provide a Healthier Living Environment:
In many parts of the country, people do not have access to basic needs like clean water, energy and sanitation. Most of these people depend on the public water supply that is inadequate and irregular. The unhygienic living conditions also made these people suffer with measles, malaria, influenza or diarrhea. For a professional working in a multinational company, Rs 5,000 may seem meager and insignificant. But with the same amount, a family of laborers can build toilet or access clean water that they can otherwise only dream of. So your small loan can make a huge difference to the living environment and standards of the poor people residing in various parts of India.
Author Info:
Gurudutta Mohanty has a distinct flair for writing with particular interest in penning research-based articles. He is adept at writing articles for the web, and has attained mastery over a number of subjects in both technical and non-technical fields. He has written many research based articles highlighting various aspects of Microfinance India.
For more information about the Milaap please visit http://www.milaap.org/
Web Based Microfinance Model Touching the Lives of Indian Laborers
Description: The Indian government is trying to regulate the functioning of microfinance institution by passing the Micro Financial Sector Development and Regulation Bill, 2011. But many microfinance companies have already used the latest communication techniques to provide financial assistance to the poor and underprivileged in a transparent manner.
The original microfinance model was devised by Professor Muhammad Yunus with an intention to provide small loans to the poor and underprivileged people without any collateral security. The distinct financial model uses a group-based credit approach to develop god credit standing of the borrowers through strict financial discipline and easy repayments. But some of the microfinance companies in Andhra Pradesh, India created a negative impact on the mind of poor and underprivileged borrowers by acting as loan-sharks. According to the reports published in various newspapers, the debt recovery measures used by the microfinance companies led to the suicide of 200 debt-ridden residents of Andhra Pradesh.
The state is still considered as the microfinance hub of the country, but the recent incidents have made the poor skeptical about borrowing money from these companies. The Indian government has drafted the Micro Financial Sector Development and Regulation Bill, 2011 to make the companies offer financial assistance to the poor at a lower rate of interest. But a number of organizations have already switched to an advanced web-based lending model to make the process of extending and recovering the loan more transparent and organized.
Identifying the Needs of the Poor and Underprivileged People:
Some of the livelihood financing organizations like Milaap extends financial support to the poor for increasing their existing income, as well as to live in a healthier and cleaner environment. The organization implements an internet based methodology to identify the basis needs of the individuals and communities. It also raises the required capital to extend loans to the borrowers. The borrowers are further provided with adequate training and support to utilize the loan amount in the most efficient way and earn higher income.
Once the borrowers start repaying the loan amount, the amount is credited to lenders through the MIlaap credits. A lender also has options to recycle the recovered loan amount and extend support to more underprivileged people. The online lending model has been effective in increasing the monthly income of the families of laborers along with contributing towards their education, training, healthcare and sanitation.
For instance, Dhanam Selvaraj is a 46-year old woman from Idayapatti in Tamil Nadu, who works as a laborer along with her husband. The family manages to save about Rs 2,000 from their monthly income. As the family has to depend exclusively on the local public water supply, they have to manage with insufficient water. A lender can provide the family with a small loan amount of Rs 5,000 for piped water connection at home. The family can repay the loan amount within a few months. The loan amount may look meager and small, but the money can make a huge difference to the living conditions of the Indian family.
3 Steps Online Lending Approach:
A person interested in supporting the Indian poor can simply follow some simple steps to give a loan and receive repayments. You can visit the projects section of the Milaap website to choose a borrower. The website also allows you to customize your search by focusing on some key areas. The profiles of individual borrowers also clearly explain their needs along with their age, location, family background and source of income. The lender also has options to choose the amount he wants to invest. You can finance the needs of a borrower in full or contribute the desired amount towards a higher loan amount.
After deciding the key elements, you can join Milaap by completing the online registration form, and transfer the amount you want to invest. Once the borrower starts repaying the loan amount, the same will be deposited as part of your credits. You can simply withdraw the funds or recycle it to contribute towards the progress of Indian society. The online portal also makes it simpler for the lenders to choose a borrower, extend your financial support, and receive the installments. The simple and technology driven online lending model also adds more transparency to the business model of the microfinance companies.
Author Info:
Gurudutta Mohanty has a distinct flair for writing with particular interest in penning research-based articles. He is adept at writing articles for the web, and has attained mastery over a number of subjects in both technical and non-technical fields. He has written many research based articles highlighting various aspects of Microfinance India.
For more information about the Milaap please visit www.milaap.org