Shakira is a housewife but a very talented lady as well. She runs a beauty salon, and although she has no suitable place for her business, she still serves her customers with full dedication. She earns approximately Pak Rs. 15,000 on every month. This is a big financial support for her family.
She has decided to arrange a place for her parlor so that she makes a renowned parlor for the outsiders because now her customers’ base is just her neighbors. She is asking for a loan of worth Pak Rs. 20,000 to pay the advance of the place where she wants to starts her parlor.
She has four other ladies in her loan group. Shamim wants a loan to buy clothes for her cloth selling business. Safia wants a loan to buy electric supplies (switches, tube lights etc) for her electric shop. Zaitoon wants a loan to buy cosmetics for her beauty salon. Another Safia wants a loan to buy construction supplies (cement & bricks) to resell.
This is a Group Loan
In a group loan, each member of the group receives an individual loan but is part of a larger group of individuals. The group is there to provide support to the members and to provide a system of peer pressure, but groups may or may not be formally bound by a group guarantee. In cases where there is a group guarantee, members of the group are responsible for paying back the loans of their fellow group members in the case of delinquency or default.
Kiva's Field Partners typically feature one borrower from a group. The loan description, sector, and other attributes for a group loan profile are determined by the featured borrower's loan. The other members of the group are not required to use their loans for the same purpose.
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Success!! The loan was 100% repaid