DhanaX India
Description
Dhanax was first launched in Karnataka in May 2008 and its operations were expanded to Gujarat in May 2009. It is an online – offline social lending network that facilitates loans to poor women self help groups in India. Individuals interested in lending can register on the Dhanax website and view the details of the groups which are in need of loan. On picking a group to lend to, the mode of payment (online transfer, cheque, online DD) can be selected. Once they transfer the money, an acknowledgement is sent from Dhanax. The legal contract made between the lender, borrower and the company is then couriered to the lenders address. The self help groups borrow at lower interest rates (14%) and they have to contribute a nominal (5%) to the facilitators, Dhanax, making the whole process self sustaining. 100% repayment has been recorded in the areas where this concept has been implemented. JUROR’S EVALUATION Only 34% of India’s population has access to formal banking systems. India has the second-highest number of unbanked population in the world – about 135 million households or approximately 675 million people. Total credit supply through existing formal channels reaches only 15% of the $90 billion demand. The only credit alternatives for hundreds of millions of people are local pawnbrokers or moneylenders, who usually charge exorbitant 50% – 120% interest rates per annum. Dhanax supports and provides easy access to low cost credit for poor borrowers to supplement their income, and provides a credible and lucrative investment opportunity for the social investor.
What we deliver
Through Dhanax individuals can lend out money to needy woman entrepreneur groups and also earn a good return on their investment. Dhanax conducts all the due diligence on the groups and also takes up responsibility of repayments and stands as a guarantor to the lenders principal amount. Dhanax aims at connecting the underprivileged class with the affluent investors.
Why is the project unique?
DhanaX is inspired by the unique ability of an online community to pool in their might to help others. Dhanax aspires to be a pioneering model for successful and innovative online social lending. Dhanax aims to: 1. Support and provide easy access to low cost credit for poor borrowers to supplement their income. 2. Provide a credible and lucrative investment opportunity for the social investor. DhanaX targets unbanked Indian population whose monthly income is between Rs.5000 to 10,000/- DhanaX aims to enhance their hopes of availing easy credit from the fellow Indians.
Roadmap
ICT tools, especially mobile technologies, have great potential to bridge the “financial exclusive problem” for millions of self employed poor women, farmers and other individuals. This will have tremendous impact on their standard of living and thus create a vibrant India.
Contact
Siva Cotipalli
DhanaX Information Services Pvt. Ltd
32/1, Ranga Rao Road, Shankarpuram
Bangalore, Karnataka, India
560004
URL/Website – www.dhanax.com
