MICRO FINANCE LENDING

It is sin to charge interest @ 26-36%p.a. on the monies lent to the hapless poor and the down trodden. These MFIs are no better than the blood sucking money lenders. The argument that we can not lend below 26% holds no water. The fact remains that the MFI s are in business to make more money by exploiting the situation. MFIs should function as NGOs. If you can not do business like an NGO do not do that, no body is forcing you to do that. The government is bound to regulate interest rate. That will happen sooner than you think. The MFIs which are not functioning on the lines of an NGO will crumble. These MFIs will realize their sin. If you want to help the poor, lend it like an NGO. Even if you lend it 10 people it is a noble work.