Bashiran begum is also a very hardworking lady. She not only manages the household activities but also has a domestic sewing business. Her talent earns money for her family. Bashiran has applied for a loan from Asasah to invest in her son's business. He will buy a buffalo to improve his milk-selling business. Bashiran begum is hopeful that this investment will increase her sons’ income so that she will be able to send her youngest son to school soon.
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