Her husband drives an auto rickshaw which is their only source of income. He drives his rickshaw from 9am to 7pm. He goes to different areas in search of customers, and this keeps his rickshaw working for ten continuous hours. Now the rickshaw needs maintenance; otherwise, its engine will seize up.
Mansab has applied for a loan from Asasah which will be used for overhauling and maintaining her husband’s rickshaw. A newly maintained rickshaw will help him make more money because he will be able to work for greater periods of time and can work more efficiently.
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