Rani has applied for a loan from Asasah for her son who wants to buy his own rickshaw. A new rickshaw will not only help him avoid paying the cost of vehicle rent but he will also able to do his work more efficiently.
Rani hopes that a new rickshaw will bring in more income for her family and she will be able to send her younger ones, who still couldn’t start their education, to school.
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