I recently heard about it from a blog that I regularly follow. Before I start writing about it, let me make it clear that I donot use the service as of now. I just heard of it very very recently and liked it. So decided to write about it.
dhanaX is an online-offline person-to-person lending platform that allows Indians to lend and borrow money from each other. For a lender looking for a social investment, or a borrower seeking an affordable loan, dhanaX is the best forum. Broadly the process is something like this:
1. Borrowers form themselves in Self Help Groups (SHG). These SHGs are formed on the basis of affinity, profession, location etc. These SHGs take loan under joint guarantee.
2. These SHGs approach Dhanax for Micro Credit.
3. DhanaX does a two step due diligence:
- Due diligence on the SHG - Some of the checks done on SHGs include:
- Verification of their passbooks
- Number of years of existence
- Maintenance of proper ledgers and other books of
- Frequency of meetings and mechanism of operation
- Leader's credentials
- Due diligence on individual members of the SHG - DhanaX checks each member's credentials on an internally developed 40 points parameter. Some of these parameters
- Their residence history
- Their financial position
- The purpose of the loan.
- Other outstanding loans
4. The profile of these borrowers is displayed on the website. Lenders can see the profiles of the members and decide which SHG they want to lend to.
5. Lenders then lend the money to the SHG that they have chosen either online or offline.
6. The borrowers then make regular monthly repayments by cheques which is collected by us from their doorsteps and deposited to the lenders account.
7. The lender earns back his money with an interest rate of 14% (reducing EMI method) with repayments every month.
If interested then find out more about the same here:
https://www.dhanax.com
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