India is still country with large differences. Kiva states that ‘With more than 32% of India’s population falling below the international poverty line and 68% living on less than US$2 a day, the country is in dire need of responsible, affordable sources of capital. But India has a complex history with microfinance, leaving many financial institutions unable or unwilling to serve poor and socially-excluded borrowers. Recognizing this need and opportunity, Kiva wanted to give the global lending community a simple, ethical channel to support India’s most geographically-isolated, underserved and vulnerable groups. These groups include widows, the disabled, leprosy-affected families and many more who have had virtually no chance at making a sustainable living for themselves before now.‘
To start its p2p microfinance for India Kiva has partnered with 3 MFIs: People’s Forum, Mahashakti Foundation, and WSDS.
To comply with regulation in India loans will have a minimum term of 3 years and there will be no repayments to the lender during the 3 years. More details on Kiva’s country page.