Alam’s business is now established and she has maintained a good customer base from different cities such as Lahore, Faisalabad and Islamabad. Now she receives a good number of orders. To fulfill those orders on time he has to have the blankets in large quantities, otherwise it will negatively affect her business. Therefore, she has applied for a loan from Asasah. With the loan amount she will buy blankets in larger quantities, which will minimize her cost and improve her chances of making more income.
Alam’s only daughter, named Madiha, has a dream to get higher education. For that purpose, Alam works very hard to provide her with all the facilities of a good & quality education. Alam is in her 2nd loan cycle. She fulfilled her responsibilities as a loan user very well last year and paid all the installments on time.
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