Farzana sells bangles to financially support her family. Her husband is a rickshaw driver. He drives someone else’s rickshaw. He wants to buy his own auto rickshaw which will stop him from paying rent. In this way, his income will increase and the rickshaw will become an asset for his family as well. Farzana has applied for a loan from Asasah to financially assist her husband in this regard. She is very confident that her husband will be able to improve his business and income by investing money in purchasing his own auto rickshaw.
Farzana is the mother of a 4-year-old daughter. She wants to give her an education so it is very necessary for her husband’s business to improve. She is a regular loan user of Asasah and is in her third loan cycle. In previous years, she has proved herself a responsible client who has paid her installments on time and never missed any meeting.
Note: In the picture, the lady who holds a book (an Asasah passbook) in her hand is Farzana.
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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