Rani family is living in very poor financial condition as sometimes her husband and sons can get work and sometimes not. So, to financially support her husband, Rani makes and sells toys with which she earns a reasonable income.
She has applied for a loan for the third time from Asasah for her husband. Rani is hoping that her family’s financial condition will get better with the help of a loan they will be able tohave a better standard of life.
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