Hajran’s son’s name is Majid Ali and he is thirteen years old and is studying in 8th standard. She wants to provide him with a good education and that’s why she works hard by operating her sewing business. She is very good at her art and gets regular orders from her neighbors and relatives as well.
Hajran’s husband’s name is M. A. and he runs a grocery shop in the nearby market. His shop is the busiest one in the marketplace and his customers respect him for his good behavior. He never compromises on the quality of his goods and this is one of the reasons that people come to him to buy their groceries. He has been in this business for the past four years.
Hajran has applied for a loan from Asasah for her husband’s business. With the loan, he will put more groceries in his grocery shop and increase his clientele base by fulfilling their requirements. This is Hajran’s 2nd loan and she has been found to be a responsible loan user with her previous loan. She never missed any meetings and paid her 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