Perveen's husband has had a business selling scrap for the past 10 years. He provides scrap material to different factories and to other scrap dealers to earn an income for the family. Perveen has applied for a loan from Kiva's partner, Asasah, for her husband’s business. With the loan, he will purchase scrap such as used papers, plastic bottles, iron, etc. in bulk to help him complete his orders and make a good profit. Perveen is hopeful that an investment will have a good impact on the business and will earn her husband more income than before. Perveen is a regular lender with Asasah and this is her 4th loan application. In previous loan years, she has proved herself as a responsible client who never missed a single meeting and who paid her installments on time.
Note: In the photo, the woman raising her hand is Perveen.
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