Ownership of Autorickshaw to the driver who drives on rent

Case Study For Auto Rickshaw Drivers

Name of Beneficiary: Mr Mukesh Soni

Age: 52 Years

Drives Auto on Rent since last 15 Years

Past:

Mr Mukesh Soni is from a middle class family, with education till 10^th class. Due to the close down of his earlier company, and not having any education or skills he forced himself to drive an auto rickshaw. Not having any fund, no much support from family and because of his limitation he was not in position to get financial help from bank, he had to drive auto rickshaw on rental basis.

Mukesh bhai is the earning member of the family with some support from his wife Mrs Kokilaben in getting additional income by way of tailoring jobs.

Mukeshbhai drives rental Auto rickshaw, which is made available to him for 8 hours with a daily rent of Rs 100 in those days which has now been increased to Rs 200 per day. Driving auto on Indian roads with huge traffic is troublesome, however he has to manage to earn Rs 500 per day, so as to take home Rs 100 (after taking out the rent of Rs 200 & petrol expenses of Rs 200). If some time the auto is down or under maintenance then he is left with no choice but to stay home without any work & so income. The small earning only make both hand meet with difficulty. Saving is out of question for him.

Present:

With new auto rickshaw in his hand he is now in position to drive it 10 hours with flexibility of time, managing early morning & late night clients for some extra charges (as the availability of auto is less in this hours) earning around Rs 600 plus per day. He takes home Rs 300 per day after doing an expenses of Rs 200 on petrol / CNG and Bank Installment of Rs 100 (bank EMI comes to Rs 3500 pm). Bank installment amount kept aside is weekly deposited in the saving account, so as avoid its use and not to miss on the EMI. Due to new vehicle the breakdown is nil so he utilizes all week days on work.

Mukeshbhai is now confident of saving for his future too. He know once the EMI is done he will take home Rs 400 per day and increase his contribution to more on saving and enjoy better standard of life.

VIKAS TRUST ROLE:

Identifying Mukeshbhai’s need from our general survey on auto rickshaw drivers, we approached with our proposal of supporting him to buy a rickshaw. His creditability, behavior and drive to work for his family betterment gave a positive strong signal to support him. With a small amount contribution from him and balanced by Trust the down payment was made for auto rickshaw. The required documents were processed through DIC (District Industrial Centre) a Govt. body who support self employment by way of subsidy and convinced (it was not easy) the bank  to provide loan to Mukeshbhai.

APPEAL

Many such individuals has been identified like Mukeshbhai who does hard work but is not in position to support his family with good standard of life. We at Vikas Trust wish to support and provide helping hand to such citizens and provide them with opportunity to come up in life and prove their worth. This is only possible with the support of our DONOR. We request you to support us with your contribution / donation

Each Auto Rickshaw Sponsorship Rs 25,000. Donate any amount

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AUTORICKSHAW

Giving Ownership to Autorickshaw drivers who presently drive rental rickshaw

Survey Highlights:

·      35000 rickshaw in Vadodara, 50% are on rent

·      Average income is approximate INR 10000/- pm

·      More than 50% goes as rental payout, Time bound,

 Old vehicle so high maintenance & fuel consumption.

·     Can’t shed out down payment & low creditability 

Benefits to beneficiary:

·      Ownership of vehicle

·      Govt, Subsidies rate

·      Low EMI to more disposable income

·      Working hours freedom, can work extra hours for more earning

·      New vehicle so no or negligible maintenance

·      Good average of vehicle, so lesser fuel cost

·      After 3 years NO Bank EMI. Take home increases, whereby improving the standard of living / saving.

·      Other benefits in latter stage…

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Eligibility:

·      Licence & Badge

·      Education minimum 8th standard (School Leaving Certificate)

·      Identity proof – Election Card

·      Address proof – Light Bill, Tax Bill, Ration card. If on rent, rent agreement / rent paying slip

·      Experience letter from the present rickshaw owner

·      Guarantor’s letter, guarantor’s ID proof, guarantor’s address proof, photo

·      Photos

·      2 references

Cost of Autorickshaw	142380
Contribution by beneficiary	5000
Vikas Trust Contribution	22380
Bankable Loan	115000
Subsidiary from Govt.	15000

               

Savings to Beneficiary
Rental Payment (Rs 200x30 days)	6000
EMI to Bank	3300
Saving / Disposable Income	2700

Bankable Loan Details
Amount	115000
Interest Rate (Reducing) Flat 8.5 %	12%
Tenure	36 Months
EMI	3300
Total Amount Paid	118800
Subsidy with Interest	18800
Net Amount Paid	100000
Loan Amount	115000
Interest Part	NIL
Effective Interest Rate	0%

Years		1	2	3	4
Income	10,000	12,000	12,000	12,000	12,000
Rent	6,000
EMI to Bank		3,300	3,300	3,300
Take Home	4,000	8,700	8,700	8,700	12,000
	Time Bound	Work Extra hours			No Rent/EMI for Life
More than 50% goes in rent

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