Borrowing

In emergencies when our income is less than our expenses we tend to borrow debt from individuals, institutions and traditional money lenders. The stagnant income doesn’t give us any saving but this debt and associated interest increases burden of loan and repayment. If there is no saving plan and no financial planning, the burden of loan increases day by day,

Something like picture given below:

MANAGE YOUR DEBT OTHERWISE DEBT WILL DAMAGE YOU (Courtesy: Poster from Pradhan Mantri Jan Dhan Yojan)

BORROW TO UNDERTAKE AN ACTIVITY WHICH ENHANCES YOUR INCOME

OPTIONS FOR BORROWING

Banks are reliable, transparent and safe institutions and one should always opt to borrow from banks only. There are reliable and safe organisations at local level like SHGs, local NGOs and financial institutions that facilitate lending with banks. Such organisations not only help to get linked with bank but also provide required guidance and education so that you and money is always safe.

BORRWING FOR NEW HOUSES, HOME IMPROVEMENT AND SANITATION FACILITY

HFH India provides loan to construct new houses, improve existing houses and to construct toilet facilities, construct bathroom, construct water storing options etc. HFH India also helps to create linkages with banks and financial institutions to get loans. HFH India also has financial education facility for beneficiaries to understand loan, banking, functional literacy for micro financing etc.