Irshad's husband has a construction supplies business, but at the old age of 60 he can’t work full-time. Irshad has applied for a loan from Asasah for her sons who want to start a motorbike spare-parts sales business. With the loan amount, they will buy spare parts for motorbikes which they will sell from their motor workshop. They have been running their motor workshop for over five years and Irshad is hopeful that this investment will prove beneficial for their business. This is the 1st time that Irshad has applied for a loan to any MFI and she hopes that it will be a long term relationship between her and Asasah.
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