In India, when someone starts a tiny business like a tea shop or a grocery shop on a low scale getting funded is a little bit of a problem because the amount required is like 2000 to 4000. These amounts are generally not entertained by banks, so what we do is get help from relatives or local people who are involved in this business. Taking this factor into consideration, RangDe is giving a solution.
It helps both the borrower and the lender. If you have only a small amount to lend, you can connect with them, and the amount becomes the microloan for someone who needs the most.
Rang De: An excellent solution for getting Small business loans and Microloans
To start using Rang De, you can be either person who is looking for a loan or an investor who wants to help people by investing in their small business.
On asking RangDe, How do you assure that loan given comes back. Since its a small scale loan, how do you track people just don’t run away or is there any security taken against it.
Smita, one of their representative, said :
Rang De works with a network of credible organisations at the community level. The responsibility of these organisations is to screen applications and facilitate disbursal and repayments. No individual can approach us directly for loans.
The field partner also ensures that applicants are members of either self help groups and joint liability groups. In both cases, the group plays a very crucial role in ensuring that repayments go on time. They are aware that failure to repay will affect their credit worthiness in the long run and will bring down their chances of getting the next loan. It is this model that works very well, especially with women.
Sounds good to me. So if you are looking for a small business loan or you know anybody is looking for these kinds of loans which are even difficult to get from the bank, you can get in touch with Rang De !!