She herself is a housewife; she prefers to stay at home and take care of her children. She is a very responsible person and fulfills her responsibilities very well.
She is a resident of Faisalabad, which is a big city in Pakistan famous for its textile industry. She has lived there in the area of Yaseenabad with her family in a two-room brick house for past 15 years.
She has applied for a loan from Kiva partner Asasah for her husband, who wants to buy a new stitching machine because his old machine has become rough and doesn’t produce quality work; it also takes too much time to sew a single dress.
He has been doing this business for the past seven years and Mumtaz is hopeful that a new machine will help him finish his orders in less time and will earn him a better income.
She is a regular loan user of Asasah and this is her fourth loan application. In previous loan years, she has proved herself as a responsible client who never missed a single meeting and paid 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