Her husband, A. R., is a motor mechanic and runs a motor workshop in the main market. He has eight years of experience in this profession and can repair all types of vehicles.
Kaniz is a regular client of Asasah, a microfinance institute in Pakistan. She has successfully repaid three loans to Asasah and now is applying again for a loan to purchase the repairing tools for her husband’s motor workshop.
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