Microfinance, which is supposed to help the poor out of precariousness, has been a huge success in India. But nearly 50 years after its introduction, the results are mixed. Microcredit, mainly for women, has disrupted India's social structures and plunged thousands of women into a spiral of debt. In the agricultural state of Maharashtra, the mirage of microfinance has become hell. Entire villages have all their women in debt. Léa Delfolie and Camille Poulain report.