Mahila Money helps women meet their financial needs by providing a bouquet of financial products and services such as loans, savings, insurances, and investments. All of these products can be accessed through the Mahila Money app that is available on the Google Play Store.
Their main product is a micro-entrepreneur loan that women entrepreneurs can use for various reasons. Women can use this to start a new business by investing the money in buying new equipment or raw materials. They can also use it to expand their existing business by investing the money into renting an office space, upskilling themselves, or hiring new employees.
Soon, Mahila Money will also offer loans that will help women buy homes, educate their children (or themselves), and meet their short-term cash constraints. Unlike high-interest instant loans, Mahila Money only provides ‘productive loans’ that help women increase their income and growth opportunities.
Mahila Money has offered loans to women from all backgrounds such as garment resellers, tea stall owners, tuition teachers, beauty parlor owners, notebook distributors, and tiffin service entrepreneurs.
Let us take the example of Ritu Rani who is a 25-year-old woman from Moradabad. She came to Mahila Money so she could set up her own business selling brass metal decor products. She aimed
to use the money to buy raw materials and create samples that she could showcase at exhibitions.
Another loan user is Markordor Myrthong, a 35-year-old businesswoman from Shillong. She took a loan from Mahila Money so she could upskill her handicraft skills and expand her product catalogue.
After successfully managing to increase her sales, she repaid her first loan and applied for a second loan so she could further expand her business by investing that money into buying raw materials in bulk. She has been successfully repaying all her loans early and is even considering taking up a third loan in the future.
In addition to loans, Mahila Money has also built an online women-only community that helps support women Intex planning their financial future. Women from varying backgrounds can find a common space
to have conversations around money without judgment, which in turn helps them build confidence to take charge of their financial independence. They also have access to experts and relatable role models from whom they can learn tips on how to grow their businesses and good financial behaviour.
Women Power who have taken charge of their financial independence:
