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Milind
Milind Palav, Individual Business Loan Client
Automobile engineer Milind Palav runs a car-repair and servicing workshop in Mumbai. With Swadhaar’s loans, Milind has launched a side-business in second-hand vehicles, moving closer to meeting his long-term aspirations.
Read more.

The Client
Milind Palav is an automobile engineer who has his own workshop in Government Colony, Bandra (East), Mumbai. He runs a stable, self-sustaining business of repairing, painting and servicing cars. Profits have been consistent over the past several years, and Milind now has 5 employees at his workshop (2 painters and 3 technicians).

The Aspiration
It was about 2 years ago that Milind first thought about starting up a side-business. He had reached a stage where his workshop was in autopilot mode, and he felt he could take on a new business, possibly with higher returns. As his area of expertise is automobiles, Milind decided to purchase second-hand cars, repair and then re-sell them. This venture would require an initial investment, but additional overheads would be few as he already had a staff in place.

Milind needed capital in order to purchase the second-hand vehicles. He heard about Swadhaar through another client who had taken a loan from the organisation. Milind’s first loan from Swadhaar bought him his first second-hand car and helped launch his new business. Milind hopes that someday he can open a 1,000 – 1,200 square foot workshop that services and repairs automobiles. (His shop today covers about 150 square feet.)

The Impact
Milind is now in his 4th loan cycle with Swadhaar. He has used the loans to fund the expansion of his second-hand car business, hopefully bringing him one step closer to meeting his aspirations. He now has 3 second-hand cars at his workshop and earns a guaranteed minimum profit of Rs. 30,000 for each car he sells.

“Banks require many documents, and the process takes very long. I like that Swadhaar gives the loan quickly and does not ask for much documentation. Swadhaar is convenient for me.”
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Shaila
Shaila S. Satpute, Individual Business Loan Client
For the last 15 years, Shaila Satpute has worked in her and her husband’s footwear shop in Mumbai. After borrowing from Swadhaar, Shaila has seen her monthly profits double, enabling her to save regularly and send her three children to college. Read more.

The Client
Shaila Satpute runs a footwear shop on the streets of Vakola (East), Mumbai. Her store, which she has been running with her husband for the last 15 years, stocks a variety of footwear from closed shoes to chappals (flip-flops). Income earned from the store helps the Satputes care for their 3 children - Jatin (26), Ketan (23) and Sonam (21).

The Aspiration
Shaila and her husband have been trying to grow their business, but unfortunately have lacked sufficient surplus income to consistently invest in it. Since educating their children has been their foremost priority, they have used any surplus income earned over the years to pay for educational expenses. Although Jatin (the eldest child) has obtained a diploma in management and now contributes to the household income, the younger two children are still studying. Ketan, the middle child, is currently studying hotel management in Singapore, while their daughter, Sonam, is in medical school. The Satputes’ dream is to educate their children and to provide them with the kinds of opportunities that Shaila and her husband lacked during their childhood.

The Impact
Before taking a loan from Swadhaar, Shaila’s business earned a profit of Rs. 7,000 per month. However, due to high tuition fees and household expenses, she was unable to save. Now in her 3rd loan cycle, Shaila’s monthly profit has doubled to Rs. 15,000. The loans from Swadhaar have enabled her to invest in her business and smooth her cash flows. With future loans, she hopes to start saving regularly.

“Through these loans, Swadhaar is uplifting poor people like us so that we can support our families and educate our children, thus pulling them out of poverty. What Swadhaar is doing [for us] is the most effective way to break the cycle of poverty.”
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Ajay
Ajay Gamare, Individual Business Loan Client
Ajay Gamare became an entrepreneur when he opened the only bike-servicing center in his neighborhood. Ajay’s thriving business has given him a stable source of income, consistent profits and increased savings. Read more.

The Client
Ajay Gamare runs a bike-servicing center in Government Colony, Bandra (East), Mumbai. As he runs the only two-wheeler service center in the neighbourhood, Ajay has a monopoly in the locale, due to which his business has enjoyed fairly stable revenues over the past few years.

The Aspiration
Prior to opening his service center, Ajay used to work at a video and DVD store across the street. Although the job earned him a steady income, it did not cover all his household expenses. Ajay knew that setting up a business was the next logical step for him. Having had some prior exposure to working with automobiles, he decided that he would rent a space and open a service center in the neighbourhood.

The security deposit for the space he chose was Rs. 1.5 lakhs. After paying such a steep deposit amount, Ajay knew that his primary goal would be to set up the business and turn a profit as soon as he could.

The Impact
Ajay has now taken 4 loans from Swadhaar. He used his most recent loan of Rs. 50,000 to purchase equipment for washing vehicles with a high-intensity spray pipe. Each year, the rent on his service center has increased, but the growth of his business has enabled him to absorb the costs thus far. Swadhaar’s loans have been especially helpful in this regard. The additional working capital has enabled him to channel his profits elsewhere—towards savings, a life insurance policy and miscellaneous household expenses.

“Swadhaar’s loans are for 1 year only. If I wanted to take a loan from a bank, the term would be at least 3 years. With a Swadhaar loan, I can also prepay the loan within 6 months and get a second loan of a higher amount. This has been very beneficial for my business.”
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Sunita
Sunita Kadam, Joint Liability (JL) Client
Sunita Kadam was one of Swadhaar’s first JL clients at its second branch in Malad (East), Mumbai. Through her business selling a traditional Indian sweet, Sunita improved her family’s income and broke free of high-cost debt. Read more.

The Client
Sunita took her first JL loan from Swadhaar in 2006, as part of the very first group to have been disbursed a loan at Swadhaar’s 2nd branch in Malad (East), Mumbai. At the time, Sunita earned a minimal income from commission work that she did with bangles.

The Aspiration
When she took her first loan from Swadhaar, Sunita was seeking a steady source of income that would enable her to contribute to her family’s expenses and hopefully to the education of her 3 children: Purnima, Chetan and Gayatri. However, Sunita lacked the means with which to set up a stable business. The little money she earned from supplying bangles on a commission-basis was a limited and erratic source of income.

The Impact
Sunita used her first loan from Swadhaar to set up a business selling laddus – a traditional Indian sweet. Now she sells 200 – 250 laddus daily, and during the festival season this number often doubles. Sunita’s second loan helped her repay high-cost debt. In 2007, she had suffered an almost fatal accident that left her limbs burned. Due to her urgent need for money to cover medical expenses, Sunita approached a local money-lender for a loan. After recovering from her injuries, she used her loan from Swadhaar to repay the money-lender and start afresh. Today, Sunita is in her 4th loan cycle and has not had to return to the local moneylender since the accident.

“Thanks to Swadhaar’s loan, my business has prospered and continues to flourish day after day.”
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Malama
Malama Hamsa Syed, Joint Liability (JL) Client
Malama Syed runs a small general store in Mumbai. With the help of JLG Loans, she has expanded her inventory and turned her business into a neighbourhood-wide supplier. Read more.

The Client
Malama took her first JL Loan from Swadhaar in 2006. She was a member of the very first group to receive loans at Swadhaar’s 2nd branch at Malad (East), Mumbai. At the time, Malama ran a small general store in her neighbourhood. She used her first loan to purchase inventory.

The Aspiration
Malama would regularly travel to Vashi (a distance of 30 km from her home) to purchase stock for her store, because prices were cheaper in that locality. The commute would affect Malama’s business, as she would keep her store shut when she traveled. Malama wanted to expand her business to include all kinds of items, from soaps to stationary.

The Impact
Malama recently took her 5th cycle loan of Rs. 15,000 from Swadhaar. The loans have enabled her to purchase a larger quantity and variety of stock for her store. Malama now supplies to all households in her neighbourhood. The profits, accrued month after month, have enabled her to stock up for peak-season sales, such as the festival of Diwali, weddings, etc. As Malama explained: “Before taking a Swadhaar loan, I would never be able to cash in on the increase in demand during the peak season because I could not afford to buy more inventory for my store.”

“I used to borrow money from money-lenders. All my profits would go towards repaying those loans. With Swadhaar, I get to keep my profits.”
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Anusaya
Anusaya Kohli, Joint Liability (JL) Client
Anusaya Kohli, a wife and mother of two, wanted to help support her family. She succeeded when Swadhaar’s loans gave her the resources to stabilise her chakki business and generate a valuable source of income for her family. Read more.

The Client
Anusaya Kohli runs a chakki business from her home in Malad (East), Mumbai. A chakki is a traditional Indian grinding machine that grinds rice, wheat and other grains into powdered forms. Indians use these ground grains extensively in the preparation of traditional Indian food.

Anusaya lives with her husband, an auto rickshaw driver, and their two children, Vinod and Vandana. Vandana helps her mother run her chakki business, especially during peak season months, such as the festival of Diwali.

The Aspiration
While Anusaya's husband's income helps support their family, her profits make a valuable contribution toward covering household expenses. Her business, though small, has provided a consistent source of income to Anusaya over the years. For Anusaya, its sustainability is paramount, so that she can help her husband make ends meet each month and support their family.

The Impact
Anusaya took her first loan from Swadhaar to replace a part of her chakki that had broken. By the time her first loan cycle was reaching maturity, the motor of her machine began malfunctioning. As a result, Anusaya used her second loan from Swadhaar for repair costs.

In addition to having incurred high fixed costs while setting up her business, Anusaya has had to repeatedly invest in the upkeep of her machine for optimal functioning. Her earnings alone are insufficient to cover maintenance-related expenditure. Swadhaar's loans have served as a valuable source of capital to help Anusaya run her business without being over-burdened by recurring repair and upkeep costs.

With the help of Swadhaar's loans, Anusaya has enjoyed stability and sustainability in her business.
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I know many clients who have borrowed from Swadhaar over the years and have put their loans to good use. They talk about Swadhaar with respect and appreciation. This makes me feel really proud to be a part of the Swadhaar family.
 
 
– Neelima Sarang,
Loan Analyst
 
   

 

 
Copyright February 2011 Swadhaar Finserve Pvt. Ltd.                CIN: U65990MH2007PTC175181