He realized the only way to empower women was to provide them financial freedom and stability.
This made Dr. Prabhakar started the Society for Rural Improvement (SRI), a non profit organization, to provide socio-economic support to poor rural women.
Dr. Prabhakar was well settled and leading a successful life as an English professor in the US. But when he returned to Palakkad, he saw the poor living condition in villages and the lack of livelihood options.
“We identify those people who are living in remote areas where there are no facilities, or women who have abusive husbands or a family to support,” says Dr. Prabhakar.
Through his model, he started giving collateral free loans to the women. He chipped in Rs. 2 lakh from his own pocket and started giving micro credits. The loans model has been customized according to the needs of the women. The minimum loan provided is Rs. 10, 000, which the women can repay on a weekly basis.
The one-on-one relations with the beneficiaries and regular communication is what Dr. Prabhakar believes are the success mantra of the model.
Another USP of this micro credit loan model is the low interest rate, which is around two percent less than the market.
Read the original story here- http://www.thebetterindia.com/22686/dr-prabhakar-kerala-women-empowerment-english-professor-micro-finance/
Do you agree with this way to empower women?
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