
Determination leads to success
Rachel Baby is a 46-year-old native of Puzhavathu near Changanassery in Kottayam district of Kerala. She makes colourful and elegant umbrellas and other decorator items used for temple/church festivals and ceremonies for a living. However, she doesn’t have any lineage in making these hand-made umbrellas as she was forced to do the job after her nursing career came to a standstill due to some personal reasons.
Rachel was looking for a new job and was interested in artisan works. She already had acquired the talent and skills for making these colourful items but needed capital investment to get a start. All her efforts to secure a loan failed on her inability to produce collateral security demanded by the financiers. She was so desperate and had almost given up when she was introduced to Muthoot Microfin by a relative.
Rachel was impressed by Muthoot Microfin’s hassle free loan procedures and availed her first cycle loan of ₹20,000 in quick time. She bought all the required materials to start her venture. Things began to gradually improve after she started working. With further loans and skill trainings Rachel now sells a range of items from umbrellas to facemasks. Her earnings began to increase as demand for her products steadily grew. The financial literacy training gave her insights about the importance of saving regularly, something which allowed her to re-invest in her business.
Rachel says, “Despite the Covid-19 pandemic, there is still a high demand for my products and my business remains profitable and successful”. Since she started her business, her daily income has tripled to ₹ 2,000 now. She is now on her 4th loan cycle.
People in her locality now look at Rachel as an inspiration. She was forced to end her nursing career but didn’t lose her hope and has been able to create a successful business which many others didn’t thought was possible. She now hopes to continue growing her business and open a small gallery to display and sell her products with further Muthoot Microfin loans.