Serving the unbanked : With strategic focus on the most neglected markets, Merry Life Plus works in the poorest areas of India. It has adopted effective micro-finance and banking methodologies and suitably modified them for the target clients.
Group Lending Model : In the field of traditional micro-finance, Merry Life Plus is a replicator of the Grameen model which ensures that financing reaches each individual member of the group based on merit. Merry Life Plus has complete control over the loan disbursement process, which is critical for its efficacy and relevance. The Grameen model has been suitably modified at Merry Life Plus to a more practical and workable JLG model.
Group Formation : 5-6 men/women (MKR) or 6-30 women (MMR), who live in the same area and have known each other for the past 3-5 years come together to form a group. The group is self-made with support from the Merry Life Plus Executive and includes members who are comfortable but unrelated with each other. A clear Leader for the group is also identified.
Compulsory Group Training : Once the group is formed, the group is given training on:
Group Recognition Test : Once the training is completed, Merry Life Plus conducts a formal test to ensure that all the members of the group are aware of and understand the loan concepts as enumerated above. For a group to be eligible to receive a loan from Merry Life Plus, this test has to be compulsorily passed.
Group Meetings (Only for MMR) : Each group is typically comprised and has a mandatory weekly or fortnightly meeting. During these meetings, the following takes place: