Milaap
Partner description:
Milaap (which means 'connecting people' in Hindi and Urdu) is a crowdfunding platform for social impact in India. Similar to Kiva, Milaap partners with proven, credible grass-root level organizations to identify deserving borrowers and the amount of financial assistance they need. The borrowers are published on the Milaap website and the profiles get funded by both individuals and organizations around the world. Milaap’s loans are facilitated through Milaap’s network of partner organizations.
Milaap was started with a vision to change people’s concept of giving and make it a personal, transparent and sustainable process. Milaap enables individuals all over the world to give a loan to the deserving working class of India – students, small businesses and families – who need a small amount of capital to get ahead and change their lives for the better.
Milaap's target population is borrowers who primarily live in rural or semi-rural settlements in India. The organization provides loans to people who are engaged in income-generating activity but do not have basic needs like water connections, home lighting, toilets, etc. By enabling access to loans designed to meet these needs, Milaap hopes to help low-income households increase their productivity, save on medical expenses and live healthier lives.
A unique lending approach:
Milaap facilitates lending in the areas of energy, education and training, enterprise development, sanitation and water. The organization seeks to fund loans that create permanent change in people’s lives by providing basic needs, job guaranteeing skills and working capital that helps small businesses grow.
Milaap’s loans are facilitated through local MFIs and social enterprises, and borrowers repay their loans to these Milaap partner organizations, in accordance with the established repayment schedule. Milaap does not require its partner organizations to report repayment information from individual borrowers, so they are unable to pass this information along to Kiva. Because of this, in the case of a borrower default, the Milaap local partner organization will cover the repayment of the loan to Kiva lenders, with the exception of large-scale defaults due to major events, such as natural disasters.
Repayment Performance on Kiva
This Field Partner | All Kiva Partners | ||
Start Date On Kiva | Dec 9, 2014 | Oct 12, 2005 | |
---|---|---|---|
Total Loans | $7,027,375 | $1,497,678,775 | |
Amount of raised Inactive loans | $0 | $182,775 | |
Number of raised Inactive loans | 0 | 154 | |
Amount of Paying Back Loans | $1,840,600 | $155,202,075 | |
Number of Paying Back Loans | 3,969 | 189,784 | |
Amount of Ended Loans | $5,186,775 | $1,342,293,925 | |
Number of Ended Loans | 14,079 | 1,760,590 | |
Delinquency Rate | N/A | 22.21% | |
Amount in Arrears | N/A | $22,011,011 | |
Outstanding Portfolio | N/A | $99,125,494 | |
Number of Loans Delinquent | N/A | 99,703 | |
Default Rate | N/A | 1.74% | |
Amount of Ended Loans Defaulted | N/A | $23,350,638 | |
Number of Ended Loans Defaulted | N/A | 58,028 | |
Currency Exchange Loss Rate | N/A | 0.40% | |
Amount of Currency Exchange Loss | N/A | $6,269,398 | |
Refund Rate | 0.01% | 0.62% | |
Amount of Refunded Loans | $475 | $9,336,825 | |
Number of Refunded Loans | 1 | 8,666 |
Loan Characteristics On Kiva
This Field Partner | All Kiva Partners | ||
Loans to Women Borrowers | 99.96% | 76.92% | |
---|---|---|---|
Average Loan Size | $336 | $393 | |
Average Individual Loan Size | $363 | $606 | |
Average Group Loan Size | $1,195 | $1,777 | |
Average number of borrowers per group | 6 | 7.9 | |
Average GDP per capita (PPP) in local country | $4,000 | $5,707 | |
Average Loan Size / GDP per capita (PPP) | 8.40% | 6.89% | |
Average Time to Fund a Loan | 3.33 days | 7.8 days | |
Average Dollars Raised Per Day Per Loan | $100.87 | $50.42 | |
Average Loan Term | 14.68 months | 11.36 months |
Journaling Performance on Kiva
This Field Partner | All Kiva Partners | ||
Total Journals | 2,001 | 933,016 | |
---|---|---|---|
Journaling Rate | 11.41% | 43.15% | |
Average Number of Comments Per Journal | 0.00 | 0.03 | |
Average Number of Recommendations Per Journal | 0.00 | 0.69 |
Borrowing Cost Comparison (based on 2017 data)
This Field Partner | Median for MFI's in Country | All Kiva Partners | ||
Average Cost to Borrower | 28% APR | 22.00% PY | 26.39% PY | |
---|---|---|---|---|
Profitability (return on assets) | -1.9% | 1.2% | -0.71% | |
Average Loan Size (% of per capita income) | N/A | 10.00% | 12.11% |
Country Fast Facts
- Country:
- India
- Capital:
- New Delhi
- Official Language:
- English (official), Hindi 41%, Bengali 8.1%, Telugu 7.2%, Marathi 7%, Tamil 5.9%, Urdu 5%, Gujarati 4.5%, Kannada 3.7%, Malayalam 3.2%, Oriya 3.2%, Punjabi 2.8%, Assamese 1.3%, Maithili 1.2%, other 5.9%
- Population:
- 1,236,344,631
- Avg Annual Income:
- $4,000
- Labor Force:
- agriculture: 49%, industry: 20%, services: 31%
- Population Below Poverty Line:
- 29.80%
- Literacy Rate:
- 62.80%
- Infant Mortality Rate (per 1000):
- 43.19 deaths
- Life Expectancy:
- 67.8 years
Field Partner Staff
Mayukh ChoudhuryClarisse Kehler Siebert
Prateek Maheshwari
Biswadeep Ray
Roshini Ross
Anvesh Vemula
Anoj Viswanathan