Milaap

Milaap
Milaap
Type Social Enterprise
Industry Microfinance
Founded 2010
Headquarters Singapore, India
Area served India
Key people

Co-founders: Sourabh Sharma, Anoj Vishwanathan,

Mayukh Choudhury
Website http://www.milaap.org

Milaap is a social enterprise that enables people around the world to give a loan to the working poor in India. Based in Bangalore, India, with its headquarters at Singapore, Milaap claims that it is the world’s first[1] and currently, the only online microlending platform that enables non-Indians & non-resident Indians (NRIs) to make a loan to India. Milaap's loans are aimed towards providing people with access to basic essentials like clean drinking water, sanitation, renewable energy, vocational training with guaranteed jobs, apart from enterprise development.

Microcredit, traditionally aimed at entrepreneurs, tends to have high interest rates because Microfinance institutions (MFIs) that fund these loans borrow from banks at high interest rates. Besides, loans for basic necessities like sanitation, drinking water and vocational training are not easily available as they need to be at low interest rates. By sourcing funds from individuals all over the world, Milaap has been able to eliminate the need for their partners MFIs to borrow from banks. Thus, the end-borrowers get to avail low-cost loans.

Milaap and its field partners (NGOs and MFIs) facilitate and disburse the loans from online lenders to the borrowers. The loans are given out to borrowers at interest rates of 12-18%[2] (50% lower than existing interest rates available to microcredit borrowers.) After the loan has been repaid, it will be returned to lenders as Milaap credits which they can either withdraw or re-lend to other borrowers. As of August 2011, working with four field partners, Milaap has raised USD $140,000 in loans for 800 borrowers[3] across India.

Contents

Lending

Milaap provides a list of profiles of borrowers seeking a loan, listing their background and their need for the loan. Lenders can browse through the profiles, choose who they want to lend, and using their credit or debit card, make a loan online. The amount they choose to lend starts from USD 50 or Rs 1000. Once the borrower begins to make his/her repayment, the lender can choose to re-lend the amount or withdraw it.

Origin

Anoj Viswanathan was inspired by the impact of a $10 solar lantern[4] sold on credit to the extremely poor in tribal Orissa.

Founded in June 2010 by Sourabh Sharma, Anoj Viswanathan and Mayukh Choudhury,[5] it took Milaap almost a year to gain approval from the Reserve Bank of India (RBI) to enable lenders outside India to lend to India through their website.

Field partners

Awards and honours


References

External links


Wikimedia Foundation. 2010.

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