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From Blaming Destiny to Dreaming High

Jayanthi

Place : Mugapur, Chennai

“Few years back, I had been running from one bank to another hoping to get a small loan for the expansion of my business but everyone turned me down as I have nothing to provide them as collateral security. I thought my dream to start a small provisional store in our area will never come true until I was introduced to Muthoot Microfinance” Jayanthi recalls with a smile.

Hardly three years ago, 38 year old Jayanthi and her family (consisting of her husband and two teenage daughters) from rural Mugapur West near Chennai in Tamil Nadu, was a typical example of a low income household trying to meet two ends on a daily basis. Jayanthi’s husband, who runs a small Travel agency in the locality, was the only bread winner of the family. His income alone wasn’t enough for the family as their children’s education requirements began to grow substantially every year along with other expenses. Jayanthi on her spare times tried to run small businesses (including a saree selling venture near her community) but without much luck. But she knew the potential for a provisional store in the locality and approached banks in the hope of getting the initial capital and was rejected every time for the lack of collateral security the banks were demanding. She could do nothing but blame her destiny and was utterly disappointed.

Jayanthi’s fortunes took a somersault the moment a Muthoot Microfinance RO from Chennai branch visited her 3 years ago while covering the community as part of street survey. She never expected to get a business loan in such a quick time, that too without giving any collateral security. Jayanthi availed the first cycle loan and started her business. Easy weekly repayment system also suited her well. Her business grew in quick time and now she is in her third cycle of loan. Her daily income increased to Rs 500 a day now from a meager Rs 200 at the time of her first loan cycle and expected to touch the Rs 600 mark soon. By the end of the year, Jayanthi expects her business to reach a new level and wants to give employment to at least one woman in her community.

For Jayanthi and her family, association with Muthoot Microfinance helped them transform their life like many other people in their community. She feels that one reason for the success of Muthoot Microfinance is its commitment in serving the client.

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