Impact Story – Freedom from the Debt Trap


Residing in Kalyan, Manisha Suryavanshi is a married lady whose husband works as a transport truck driver. Her two sons have cleared their class 12th board exams and aspire to serve the nation by joining the armed forces. Due to limited financial resources, this small family used to live in the present only and could only cater to their more pressing needs. Expenses on the education of the kids and catering to financial emergencies, the family was unable to plan their financials for the future.

Manisha’s Story

Manisha joined Care24 and started working as a professional home care provider for the elderly, disabled or unwell individuals. While this added to the monthly income of the family but in order to meet the more pressing needs, the family had to seek loans occasionally. She tried availing small loans from various financial institutions, but not having the status of a permanent employee acted as a major hindrance. This resulted in her application for a loan being rejected several times.

Manisha’s Problems

Consequently, Manisha was forced to borrow money from private moneylenders or her neighbours at an exorbitant interest rate of 10% per month. Extremely high interest rates and no fixed repayment plan exerted substantial burden on the family’s financials, and their monthly expense cycle started going awry. As a result, most of the family’s monthly income went towards servicing the exorbitant interest rates, leaving little or no money for other essential expenses. Stress and anxiety started taking a toll on Manisha’s health, and she was unable to focus on her work as well.

Role of Entitled Solutions

When Manisha discussed her problems with the HR department at Care24, they informed her regarding the services offered by Entitled Solutions. She contacted our helpline number and discussed her problems. After understanding her situation, our team created an informal credit profile for her and approved her for a loan of Rs. 16,000. She availed the loan and repaid it promptly within 2 months. This timely repayment qualified her for a new loan of Rs. 40,000 to be repaid over a period of 5 months.

She used this money to repay her existing high-interest loans from the neighbours and private money lenders. Now, the family is free from the debt trap of high interest rates; they only need to service one EMI and that too at a much lower interest rate.

Now, Manisha gets in touch with us, as and when she has an urgent need for money. She has developed a better understanding of the lending mechanisms and consequently is able to save some money every month. Moreover, she is better able to focus on her job and kept working through the COVID pandemic. Regular income ensured timely repayment of the EMIs, strengthening her credit profile significantly. Enjoying better financial independence and awareness, she is now planning to buy her own room.

With Entitled Solutions, Manisha managed not only to break free from the clutches of private money lenders but also become more aware regarding her finances and managed to get a true taste of financial independence. 

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