Benefits Of Micro Loans In India
April 4, 2011 | Author Microloan
What are the benefits of Micro Loans in India?
Whatever positive things that are said about what Micro loans have done in India does not really match what they have done in actuality. The empowerment of rural women is a huge benefit micro loans have caused. But there are other benefits worth mentioning as well.
The fact that a micro loan is not a hand- out is something that should be talked about. Giving out food, blankets and money to the poor is a noble gesture no doubt, but none of this makes anyone self- reliant. A micro loan helps an individual do something with his skills and abilities. It gives the borrower the self- confidence to think that he is
being given a loan so that he can do something good out of it and repay the loan along with interest. This self- confidence boost goes a long way in making people realize their inner potential.
Micro loans in India have helped millions of rural, poverty- stricken women from low- income families to set up small businesses. making soft toys, accessories, cane artifacts, etc. These women have gained the respect of society because they are now doing something that is financially helping their families.
Micro loans have paved the way for long- term economic growth. As more and more people avail such micro loans and set up businesses, however small they are, it is actually helping the country’s economic growth.
Micro loans in India truly deserves the good feedback it gets from all quarters.
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