Faizan is the group leader for the above-mentioned ladies. They all live in a city called Borewala, in Pakistan. Borewala city is famous for its shrines.
Faizan is a very talented lady. She is skilled at sewing clothes and preparing embroidered dresses. She generates income from her skills. She utilizes her income to pay the utilities. Her income also helps her to pay the education expenses of her kids: two sons and one daughter.
Her husband's name is M. N. and he runs a cosmetics selling business. He purchases cosmetics from a city named Lahore because of its quality and trustworthy products. He has a good customer base. Presently, he is short of some cosmetics, therefore Faizan is applying for a loan of worth Pak Rs. 20,000 which would be a great help for him.
This is a group loan. The loan funds will be distributed among the group members, each of whom will invest in her own business. The members mutually guarantee one another's loans. If one member does not repay, the other members are responsible.
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