Presently, they have one buffalo, but it has started giving less milk. As inflation is increasing day by day, one buffalo is insufficient for meeting their financial expenses. Therefore, Farzana has applied for a loan from Asasah so they will be able to buy another buffalo so they can sell its milk to more customers and increase their profits. Earning more income will help them improve their standard of living.
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