Ranjana was a member of Om Sai Ram Self Help Group that was formed in the year 2013. Ever since its inception, she has been associated with Annapurna and was regular in repaying her loan instalments.
With her loan that she borrowed from the company she was into income generating activities. Gradually, her financial and social status improved. She was taking little steps to fulfil her dreams for her family. One of those many dreams was having a commodious house that would be adequate for her family.
Ranjana and her husband started by constructing a room above their then-existing house, with the savings they have had over the years. Things were moving with ease, till they had to discontinue their construction because of an unavoidable expense they had to endure. This made them cease the construction further as they didn’t have adequate finance to complete the construction of their house.
Unable to meet the expenses for finishing with the construction, Ranjana’s husband started seeking for help from other financial institutions, such as, banks; as well as other informal financial sources, such as, local money lenders. The exceedingly high rate of interest for the borrowers by the local landlords and the documentation formalities of banks made it nearly impossible for them to have financial access.
Soon, Ranjana came to know about the home improvement loans by Annapurna; that is aimed at providing financial and technical assistance to low income families for home improvement and reconstruction.
Considering her regularity in repayment of her previous loans from Annapurna, she got the loan from the company. She took a loan of INR 60000 for a duration of 24 months at 22% reducing rate of interest.
With this loan amount Ranjana could finish the construction. Annapurna provided her with assistance at the time when she had no place to go.
She feels grateful to Annapurna for being there during the challenging times and by assisting her in completing what she started.