Nasira is the group leader of the above-mentioned ladies. They all live in a city called Borewala, a city famous for its shrines in Pakistan. Nasira's husband's name is M. S. and he has a fruit-selling business. He has been in this business for over 10 years. He sells his fruit on a fruit cart going to different areas. Nasira is a housewife but she also helps him arrange the fruit on his cart every morning. She is applying for a loan to buy seasonal fruit to expand her husband's fruit-selling business.
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