RangDe.org disburses microloans of Rs 17.9 lakh among 281 borrowers

RangDe.org, a Chennai-based non-profit peer-to-peer online micro-lending platform which was launched recently to make low cost microcredit a reality, claims to have raised and disbursed microloans of Rs 17,89,000 among 281 borrowers.

Smita Ram, co-founder and CEO, RangDe.org, has said, “Microlending stimulates job creation, poverty alleviation and grass-root economic development. Even if 10 million people pledge to make a loan -- a loan and not a donation -- of Rs 500 every month, we can reach out to thousands of entrepreneurs in a sustainable manner.”

RangDe.org believes that affordable microcredit can help people get the much needed financial support to break the cycle of poverty. One can become a social investor on RangDe.org by investing Rs 500. The investor will get back this money at the end of the loan tenure and earn a return of 3.5 per cent per annum.

According to RangDe.org, borrowers on Rang De are people from Indian villages and semi urban areas who have limited access to financial credit and products. The RangDe site features a range of businesses, from cycle repair shops to rural artisans to dairy products.