Azra Parveen's Group
Her husband is a rickshaw driver who drives someone else's rickshaw. Her husband wants to buy his own rickshaw because 30 percent of his income goes in paying rent for the rickshaw. Azra perveen wants to help her husband to buy a new rickshaw so she has applied for a loan. A new auto rickshaw will help her husband minimize costs and, also, he will be able to work full-time without any worries.
Azra’s daughter is eighteen years old and is nearly of marriage age. Azra is hopeful that she will be able to collect a dowry for her daughter’s marriage with the help of increased profits.
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