Her husband's name is M. M., who is a driver by profession. He drives a rented rickshaw and earns an income. His business has struggled because he has to share his earnings with the owner of the rickshaw. Therefore, Rozi has applied for a loan from Asasah for her husband. With the loan amount her husband will purchase his own rickshaw, earn more income, and work with more efficiency.
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