18 Aug '11, 4am

Milaap creates opportunities by being India’s first global lending platform

First in India to enable global lending : Milaap is the first platform that enables anyone in the world to lend to India’s working poor. Other international players such as Kiva follow similar crowd-sourcing models but haven’t been able to work in India . But Milaap holds the unique advantage of sourcing capital for India’s poor from both foreign and domestic lenders. This opens up a whole new segment of people who can pave the way for bringing essential services to the 700 million who live on $2 a day. Cheapest Loans for the poor in the world: Milaap passes on the benefits of low cost loans from individuals to the end borrowers who end up paying interest as low as 6 – 9%. In contrast, the average interest rate on Kiva’s loan is around 34%. Self-sustaining business model: while Kiva depends on grants and donations to cover its operating costs and doesn’t have a revenue mod...

Full article: http://e27.sg/2011/08/18/milaap-creates-opportunities-by-...

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