A lot of people are puzzled by the near perfect repayment rates on microfinance loans of >98%. To me, a much more puzzling phenomenon is that of repayment rates of 20%, which, apparently, is the current rate on Indira Awas Yojana loans (a government subsidized housing "loan") according to one knowledgeable person I talked to. Who are the people who repay these loans while other borrowers just pocket the money? Are there some people in the world who are simply congenitally honest?
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