Anwari is also a very hard working lady. She operates her own handbags sales business, which she purchases from different places of Lahore named (Ichra and Anarkali) and then sells them in the community. She does this work to share the financial burden with her husband.
Anwari has successfully repaid her first loan to Asasah (a microfinance insitutute in Pakistan). Now she is applying again for a loan to purchase an electric sewing machine to expand her husband’s tailoring business.
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