Image of the Day [16.06.2011] | Milaap

Image of the Day [16.06.2011]

Today's image shows a manual-rickshaw driver who is working with Varanasi-based social enterprise SMV Wheels. This organization gives an asset-based loan of the rickshaw which can be repaid over one year through a weekly repayment plan. After one year, the rickshaw driver will eventually own the rickshaw. Read more about their business model here.

90% of India's rickshaw pullers are at the mercy of high daily rental fees; the money they make in the day never gives them enough profit to ever be able to own the rickshaw. Also, the money required for occasional repair of the vehicle cuts into their income. Besides, these drivers, who strain themselves in mind-boggling amounts on a daily basis, never have enough money for proper treatment if they ever fall sick.

SMV Wheels is creating a perceptible change in Varanasi, by providing these rickshaw drivers a way out of this deplorable situation by eventually allowing them to own the vehicle for as little as Rs 25 a day for a period of one year. They also provide cheaper post-sales services, social security in terms of accidental insurance premium, proper uniforms, licenses, photo identity cards, and even training.

You can read more about this path-breaking company here.

Here is a video from SMV Wheels for further information.