When you make a small loan to someone in need on Milaap.org, you’re helping a family either get access to a basic necessity, or a livelihood generating opportunity. You see where your money goes and also get to see the impact your contribution creates. We share these stories of change with you in the form of videos, photos and newsletters. The best part? Because your contribution is given out as a loan, you get 100% of your money back. As of April 2013, we have raised over $750,000 and helped 15,000 people and we are just getting started!

How It Works

Make an Impact in Three Easy Steps

How is Milaap different from other microlending platforms? Milaap offers unique loans that focus on high impact areas and sustainable income for our borrowers. Our product offering targets the areas of entrepreneurship, vocational training, artisans, solar energy, affordable private schools, water and sanitation and small to medium enterprise development loans.

Who We Are

The idea for Milaap was born when Anoj, one of our co-founders, saw what a difference solar lighting made to underprivileged households in rural India while working at SKS Microfinance. He realized that one of the reasons such products failed to make a bigger impact was because loans for these were unavailable at low interest rates. He teamed up with Sourabh, who was looking to build a consumer-facing internet startup for social impact, and Mayukh, who was trying to build loan programs for small scale retailers, and started Milaap in June 2010.

Meet the Founding Team

  • Sourabh Sharma

    Sourabh is a tech turned social entrepreneur. Before Milaap, Sourabh started & exited a mobile applications company. Sourabh graduated with honors in Computer Science from National University of Singapore (NUS). Sourabh is passionate about mass market activation and Milaap for him is an extension of this passion, an opportunity to involve the masses & bring permanent change with every loan made.

  • Anoj Viswanathan

    Anoj, a graduate of NUS (Singapore) is the product visionary behind the idea of crowdsourcing and creating a platform to connect the haves and have-nots. Previously, he worked at a large microfinance company in India and saw the change which a Rs. 500/- solar lamp could bring in the entire family and decided to enable that at scale.

  • Mayukh choudhry

    Mayukh heads the lending strategy at Milaap. He is responsible for all field partner due diligence and on boarding. He helps ensure timely repayments to all lenders, and enables Milaap to innovate with new loan programs. Before Milaap, this IIT-IIM graduate worked with various microfinance organizations to understand their distribution model before which he was doing risk management at EnY.

Meet The Rest of The Milaap Team Around The World here

FAQs

We have raised over $750,000 and have touched over 15,000 lives. Milaap’s loans go out in a variety of areas and we are able to track impact for each loan category. Based on the information provided by our ground officers, we able to understand effects of the loan and ensure the well-being of the borrower. Across the board our loans have proven positive results and the best part is that when you recycle your funds to a new borrower your impact multiples!

Traditionally Milaap's borrower demographic includes people from low income households that require a loan of less than $1,000 in a year. Our borrowers are between 18 to 50 years-old and usually have multiple dependents. Many of our borrowers are members of Self Help Groups (SHG) or Joint Lending Groups (JLG). This demographic may occasionally vary according to the loan program and the field partner.

Milaap is a lending service that takes loans, not donations, made by you to impoverished borrowers across India. All loans made through Milaap are repaid by borrowers thus these loans are unlike charitable contributions that are not returned to the giver. For these reasons, Milaap’s loans are not tax- exempted.

As the borrower repays the loan, your account on Milaap.org will be credited each month and you will receive an email alert with your repayments. You will be able to re-lend your credits to other borrowers as you are repaid. This allows a small amount of money to make an impact on multiple families in all areas of our loan programs.

Milaap and its field partners cover all of the costs/fees associated with the transactions involved in the crowd funding exerpience for its users. In addition, our administration incurrs operating costs that entails managing disbursements, monitoring and collection of loans and ensuring the quality of the loan programs benefitting the families. For this reason, borrowers are asked to part with a flat interest rate of 6 to 12%, with a portfolio average of 8%, which is nearly 50% cheaper than the current interest rates charged by existing microcredit loan services.

Milaap offers unique loans that focus on high impact areas and sustainable income for our borrowers. Upon completion of training courses, entrepreneurs are connected to markets at the national and local level to ensure steady lines of business. Our product offering targets the areas of entrepreneurship, vocational training, artisans, solar energy, water and sanitation and small to medium enterprise development loans. Additionally, we are on the ground with our partners and able to see the impact of our loans first hand.

You can call (+91) 8880340333 or email us at feedback@milaap.org