Now his eldest son has also started this same business to help his family financially. He left his education after10th grade and started this business because his family needed his financial support. Akber’s youngest son is in sixth grade. She wants him to complete his education and become a doctor.
She has applied for a loan from Asasah for her eldest son. With the loan amount he will buy a blender machine and spices of different kinds and improve his business. Akber is in her 2nd loan cycle and has proved to be a very responsible loan user with Asasah. She has maintained a good credit behavior and never missed any meeting.
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