IIT Madras is renowned for intellectual students, faculty and innovative technology. However besides being talented engineers they are also socially conscious and aware about building a better future. The college has formed a group called 'India Microlending Consortium' and through this group they've actively been lending on Milaap. We spoke to Mr. V.K. Tangri who manages and leads this group. This is what he had to say:
Q1) Can you tell us how you came across Milaap.org
Q1) Can you tell us how you came across Milaap.org
Some of our friends were lending to the needy through Kiva since 2009. However, we could not do so in India as Kiva wasn't operating here. This realization led us to search for a similar organization on the net and we landed up with Milaap.
Q2) What's the idea behind the IIT-Madras group lending on Milaap?
We were looking for a transparent, proactive and imaginative organization which can lead us to help the needy and I guess we have found that.
Q3) What was the motivation to start lending on Milaap?
We started as skeptics but over the few months our experience has been good and now we believe, we can realize our goal of helping the needy through Milaap.
Q4) What is your view on Microfinance in India?
It has a great potential. For example by loaning as little as Rs.5000/- one can provide a water connection in one's home which is a basic necessity. The earnings of rural poor can be increased by more than 30% by a small loan of Rs.8000/- to Rs.10,000/-
Q5) Any feedback for us on how we can make the experience of lending much better for our lenders?
If progress of projects can be monitored on say monthly basis and can be reported back to the lenders through photos or text, it would go a long way in making your venture successful. I feel there are a lot of people who would like to come on board but are afraid of misuse of the money loaned which holds them back.
Q6) One word that describes Milaap to you?
An organization which brings together the needy and the provider.........I guess that is why the name Milaap was chosen.
Q7) Is there any specific sector that you make loans repeatedly to? If yes, why?
We are very keen to provide loans to develop skills which is very important to urban/semi-urban areas. We are keen to provide loans to students who are unable to pursue such vocations as Electricians, Welders, Carpenters, Auto-mechanics etc. Progress can be achieved by turning laborers to skilled workers to well educated people. As of now, we feel, formal private education is very expensive.
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THANK YOU Mr. Tangri for your kind words. The support this group provides on Milaap has impacted so many lives in rural India.
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THANK YOU Mr. Tangri for your kind words. The support this group provides on Milaap has impacted so many lives in rural India.
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