What is the program about?
Microfinance started in India in the early 1980s in a very small way with the formation of self help groups. The self-help groups provided access to the much-needed savings and credit needs of the poor. From this small beginning, the Indian microfinance sector has grown significantly in the past decades. This program provide give you an opportunity to understand the inner workings of microfinance institutions with a focus on achieving financial inclusion for the otherwise "non-bankable" urban poor in India.
“Private sector microfinanciers need to acquire greater professionalism, and the government, too, can help by creating a flexible architecture for microfinance innovations, including a more enabling policy, legal and regulatory framework.” -Scaling-up Microfinance for India’s Rural Poor by Priya Basu, World Bank; Pradeep Srivastava, NCAER
Why should I attend?
If you are interested in learning about economic development at the grassroots level then this might be the program for you. Do the words ‘savings’, ‘credit’, ‘insurance’, ‘finance’, ‘fund transfers’ and ‘loans’ get you excited? This program can help you gain an understanding of a very unique model of finance and development. .
Who can attend?
This program is ideal for students and practitioners of business, economics, social science and commerce or anyone with an interest in gaining an understanding of microfinance institutions and economic development at a grassroots level.
Where is the program?
What should I expect to do on the program?
· Attend lectures by experts on microfinance to understand its need and impact in the Indian scenario.
· Visit the various microfinance institutions both ‘not for profit’ and ’for profit’ to understand the various models of development.
· Interact with self-help groups and local microfinance groups and attend their meetings to gain perspective into their daily challenges.
· You have the option of working on a small project- either on documentation, research on impact or developing strategies for fundraising for not-for-profit microfinance institutions.
How can I make a difference?
The ‘urban poor’ in India consist of farmers, weavers and other small businessmen who are badly hit due to the non-availability of funds which, in the long term, affects the economy. Private lenders have been long known to exploit the poor for their own good and there has been an alarming increase in the number of farmer suicides. There is a need to make credit facilities available to these groups at nominal interest rates to ensure their development. You can contribute in their development through research, formulating strategy, documentation, studying impact and fundraising
What is the duration of the program?
Minimum 4 weeks
What are the costs?
Application Fee: $45
For individuals: $2250 + 12.36%(service tax) for a 4 week program and $375 + 12.36%(service tax) for each additional week.
For Groups: $1900 + 12.36%(service tax) for 4 weeks, $325 + 12.36%(service tax) for every additional week. I am interested in forming a group. Tell me more.
How do I avail of the lowest cost?
If you can team up with 2 or more friends who are interested in the program, you can form a group to avail of our subsidized group prices. Click here to learn more about how to form groups.
You can also partner with ISAC to avail of our special institutional prices. To partner with ISAC write to us at firstname.lastname@example.org with the subject line “Partner”.
We may have a scholarship available at this time. Click here to see if there is an exciting scholarship cost available!
What is included in the program fees?
The program fee includes the following:
- Pre departure orientation and support
- Airport pickup on arrival
- Transportation from Mumbai to Program site (in case the program site is different from Mumbai)
- Cultural adjustment, health and safety orientation.
- Program orientation and overview by qualified program personnel (Program Director/Academic Director/Sr. Program Managers)
- Local sim card on day of arrival
- Shared accommodation at ISAC guest houses. The accommodation at all ISAC program locations is secure, centrally located and basic but comfortable.
- Most ISAC guest houses have power backup, hot water, modern amenities, internet access, television, a well equipped kitchen, day staff for cooking and cleaning .
- Three meals a day: Indian vegetarian meals. ISAC does not serve meat at guest houses for health and hygiene reasons. Often curries or breakfast might include eggs. Vegan meals can also be arranged on request.
- Support during program activities and monitoring (Program activities are Monday to Friday. Weekends are free for students’ personal travel).
- Weekly reviews of the program with qualified program personnel (Program Director/Program Manager/Academic Director). This includes reviews of the participants learning, contribution to placement organization, facilities, logistics and program content.
- Help/support/certification in completing participant’s requirements for academic credit.
- 24 Hour emergency support (7 days a week).
The cost does NOT include:
- Any overnight accommodation in Mumbai if your flight arrives before program date.
- Daily local transportation. (Proper guidance will be provided to participants on how to use local transport systems.)
- Air ticket to India, visa fees and any travel insurance will be the responsibility of the student.
- Weekend and overnight excursions outside the program activities will have to be paid by the students directly.
- Expenses of personal nature like table drinks, fruits, juices, other snacks or personal preference meal items, mineral water, international telephone calls, or any other expenses which are not included in the above list, would be borne by the students.
- Airport Drop at the end of the program is not included in program cost.