Zaib Muhammad Ramzan's Group
Zaib's husband is a rickshaw driver. He has been in this business for the last five years and it enables him to manage his children's education expenses. His eldest son contributes financially to his family as well in order to keep things running smoothly. Zaib has applied for a loan from Kiva partner, Asasah, for her husband because he has problems driving his rickshaw. With the loan, he will repair its engine and give it a new look by replacing the old seat covers with new ones. Zaib thinks that a fully repaired rickshaw will allow her husband to work with more efficiency.
Zaib is a regular loan user of Asasah and is in her third loan cycle. In previous years, she has proved herself to be a responsible client who attended every meeting and paid her installments on time.
Note: In the picture, the lady who is raising her hand is Zaib.
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