Client's Name : Amna Khatun
Branch : Loni
Amna Khatun lives in the Puja Colony of Loni with her fifteen family members. Her husband was an embroidery worker but fell ill and could no longer work. Her eldest son started working at Khamji as embroidery worker and earns Rs 150 per day, but his income was not enough to cover expenses and provide adequate housing. As a result, Amna Khatun had to take loans from a local moneylender at a high interest rate of 10% per month.
Amna Khatun heard news about Satin from a friend who was trying to organize a group of five women who would be eligible to take low interest rate loans. She decided to join the group and take a business loan of Rs. 10,000 to start her own embroidery business called “Adda” which she would run out of her own home. She used the loan proceeds to purchase raw materials for her embroidery product, and started earning Rs. 3,000 a month from her business. Amna’s income combined with her son’s earnings helped the family meet its financial needs. To date, Amna has repaid twenty installments of the loan borrowed from Satin and has also reduced her loan obligation to her local moneylender. Amna Khatun now looks forward to expanding her embroidery business.
Client's Name : Jamila Khatoon
Branch : Loni
Jamila Khatoon says, “I am happy with the weekly repayment system. This helps ensure I receive regular work and income." Four months ago, Jamila took a Rs. 10,000 loan from Satin to set up a small embroidery production unit in her hometown of Loni. She used the loan to purchase 3 sewing machines and raw materials for the production process. Jamila, who is in her mid-40’s, has seven children, and her husband and daughters assist her with the embroidery business. Jamila now earns up to Rs.150 for a 5 meter long sari or suit piece, which she is able to complete in 2 days.
The local moneylender in Jamila’s neighborhood charges about 60% per annum, but with the introduction of Satin's rural loan program, Jamila now has access to affordable financing and earns regular income.
Client's Name : Himanshu Aggarwal
Branch : Loni
Himanshu Aggarwal lives with her family in Loni Ghaziabad, Uttar Pradesh. Prior to taking a loan from Satin, Himanshu’s family was struggling to meet its basic requirements such as food, clothing, and shelter. Her desire to grow her family’s clothing business with sufficient stock was hampered by a lack of access to any financial institution. After hearing about Satin, she was able to avail a Rs 10,000 loan to help fulfill her family’s financial needs. Himanshu greatly appreciates Satin’s transparency in terms of loan size, loan term, and interest rates, all details that were communicated to her during the training (CGT) process. With the loan, she was able to purchase sufficient stock in her clothing shop, and feels that she and her family are living better lives. She thanks Satin on behalf of her entire family and hopes that many more poor people will be able to benefit from Satin’s loan program.
Client's Name : Nirmala Devi
Branch : Bulandshahar
Nirmala Devi hails from a small town called Paundry in the Bulandshahar district of Uttar Pradesh. She is self-employed and runs a grocery shop from her residence. When Nirmala wanted to increase her stock to generate more income for her family she went to a local moneylender in her village but was told she would have to pay a flat 5% interest rate on a monthly basis (60% annual). Nirmala refused to pay this high rate of interest and by chance was told about Satin Creditcare by fellow villagers who were receiving loans through the rural microcredit program. She asked to meet a representative to find out more about the loan program and upon meeting with a Satin loan officer she was told the terms and conditions of the loan products and that she was eligible for a loan. After forming a group, she received a loan for Rs 10,000 with an 18% annual interest rate, which she recognized was much less than the rate the local moneylender was charging. Nirmala invested her loan proceeds in stock for her grocery shop and is now earning substantially more money from her business. Nearing the end of her loan cycle, she has already mentioned that she wants to take another loan to further grow her business. Nirmala wants to convey her special thanks to Satin for helping poor and needy people like herself.
Client's Name : Geeta
Branch : Siyana
Prior to becoming a member of Satin’s microfinance program, Geeta struggled to find work and provide for her family. Geeta used her first loan of Rs 8,000 to purchase a cow for milk production and then began selling the milk locally. Her new business provided her with daily work, and the income generated helped her family meet its basic financial needs. With her second cycle loan of Rs 10,000 Geeta purchased a buffalo for milk production, which further increased her income generating capacity. The additional money earned from the buffalo milk production has been used for the benefit of her family. Geeta willingly admits none of this would be possible without Satin’s assistance and says, “Earlier we didn’t have any livestock, but now we have two animals and are earning income from both of them.” Geeta and her whole family are very grateful for the opportunity they have been provided by Satin.
Client's Name : Gulistan
Branch : Gulaothi
Gulistan, 22 years old, smiles shyly but is full of confidence. Since the age of 10 she has been doing embroidery work and contributing her share of the family income. She is now running a successful embroidery business from the Rs.10000 loan she took from Satin and has seen a 33% increase in her earnings over the last 6 months. In the past, she was a daily wage earner, but now she purchases the raw material on her own and sells her end product directly to the dealer. Gulistan says, “Now I am able to earn more and save my money, which I deposit at the bank. I can now meet my household expenses and feel independent. ”
Client's Name : Meena
Branch : Gulaothi
Meena has been doing embroidery work since she was young and now takes contracts on a daily basis with her three daughters. She is able to earn daily wages of around Rs 150; however, her earnings are subject to seasonal fluctuations. Her husband is a painter and has irregular income as well. One of her three sons works as a truck driver and is able to earn around Rs. 5000 per month, and the other two are currently unemployed. The combined income was not sufficient to satisfy the needs of her eight member family, and during the very difficult times, Meena had to ask her neighbors for money. Fortunately, Meena heard about Satin from some friends in the village and was granted a Rs. 10,000 loan to buy a buffalo. She started selling the milk to local community members and is earning additional income for her family. The increased income even helped her prepare for her daughter’s wedding in June 2009. Meena says, “In case I urgently need money I no longer have to go door to door in the village or pay high interest rates to the local moneylender. Satin is helping me lead a more independent life.”