A new Bangalore startup, DhanaX aims to be the primary lending platform for low-income borrowers. While at first glance it may look simply like a Kiva.org knockoff, with 70% of India still living in the rural areas and current access to such microfinance platforms still limited, another player in this field may not be that bad.
Here is how it works:
- dhanaX identifies and partners with recognized microfinance organizations, NGOs and credit societies that look into the economic needs of the poor.
- As a lender, you can extend credit at a mutually agreed rate of interest to a suitable enterprise or individual through dhanaX.
At the end of the stipulated loan period, dhanaX will facilitate the repayment of principal amount with interest with the help of partner organizations.
dhanaX’s core USP lies in it’s attempt to eliminate the intermediaries and be the platform to bring lenders and borrowers together.