Khursheed's husband is a government employee, earning a meager income. To run the financial circle she makes handmade decorative fans which have high demand in summer season. Her work gives her an income of Pak Rupees 10,000 in the summer season. This has become a great source for her family. She has successfully repaid her four loans to Asasah (a microfinance institute in Pakistan). Now she is applying again for a loan to purchase the electrical supplies (wires, switches, tube lights and bulbs) to expand her sons’ electrical supplies selling 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