{"id":42331,"date":"2015-08-22T02:27:37","date_gmt":"2015-08-21T20:57:37","guid":{"rendered":"http:\/\/vskills.in\/certification\/blog\/?p=42331"},"modified":"2024-04-03T13:13:21","modified_gmt":"2024-04-03T07:43:21","slug":"micro-lending","status":"publish","type":"post","link":"https:\/\/www.vskills.in\/certification\/blog\/micro-lending\/","title":{"rendered":"Micro lending"},"content":{"rendered":"

Micro lending – how money is reaching out to the bottom of the pyramid<\/strong><\/h3>\n

\"Micro<\/a><\/p>\n

Muhammad Yunus, a Bangladeshi economist and founder of microlender grameen bank, describes the practice of micro-lending as \u201cIf banks lent to the rich, I lent to the poor. If banks lent to men, I lent to women. If banks required collateral, my loans were collateral free\u201d.
\n2006, this micro-lending pioneer won a noble peace prize for his work.
\n<\/strong><\/p>\n

Capitalist system:<\/strong> Make the most of resources, opportunities available and be as rich as possible, as if there\u2019s no tomorrow. Golden door to wealth or self-sufficiency is open only to those who have a solid background or meet certain specified standards. (A sad epiphany)<\/p>\n

For some micro-lending<\/strong> is a noble concept, which does not work in real life. It is noble in a way that micro-lenders lend money to the indignant, those without any financial support or without any work experience. This breaks the myth that poor cannot be trusted<\/strong> to pay back the rent!<\/p>\n

Historically, the drive to alleviate poverty<\/strong> marked the inception of micro-lending. For a lady living in an isolated village where there is not even an iota of financial help, the concept of micro-lending offers her to drastically change her life, thus availing the minimum amount of loan to support her bare necessities.
\nHad this micro-finance not existed, thousands and lakhs of men and women like her would have made it back to life.<\/p>\n

There are two sides of lending business<\/strong>,<\/p>\n

1. Either you just want your money back within the agreed-upon time; you will not give a damn about how hard your borrower\u2019s life is. After all a lender, in the truest sense, is a capitalist. Best way to ensure that you\u2019ll make a deal out of it is by lending to those who are most likely to repay the loan. Hence the minimum standards and basic interest rates imposed.
\n2. Second is a more philanthropic approach in this business. You take a major risk by lending to those in dire need. You loan a small amount (micro) and change not only their financial status, but also their mental attitude! The repayment of loans in this case is as higher as the traditional loaning institutions.<\/p>\n

Micro-loan is often made by an individual rather than by a lending institution. Micro-lenders are mindlessly risky, lending to low-income entrepreneurs in small amounts.
\nMicro-loans become a god option for those who
\n1. Cannot avail traditional banks financing.
\n2. Have no support system
\n3. Cant pay high interest rate<\/p>\n

Click here for government certification in Accounting, Banking & Finance<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Micro lending – how money is reaching out to the bottom of the pyramid Muhammad Yunus, a Bangladeshi economist and founder of microlender grameen bank, describes the practice of micro-lending as \u201cIf banks lent to the rich, I lent to the poor. If banks lent to men, I lent to women. If banks required collateral,…<\/p>\n","protected":false},"author":1318,"featured_media":42380,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_joinchat":[],"footnotes":""},"categories":[1519],"tags":[6119,1102,6117,2456,1271,6116,6118],"class_list":["post-42331","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-accounting-banking-and-finance","tag-borrower-lender","tag-business","tag-grameen-banks","tag-interests","tag-lending","tag-micro-loans","tag-philanthropy"],"acf":[],"yoast_head":"\nMicro lending - Vskills Blog<\/title>\n<meta name=\"description\" content=\"What is micro lending ? 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