Her husband is a rickshaw driver and provides transport services to passengers and school children. Shamim has applied for a loan from the Kiva partner, Asasah, because her husband needs to repair his rickshaw. Due to excessive usage, its engine has started creating problems and needs repair urgently. He has been operating his transport business for the past ten years and Shamim is confident that after repairing his rickshaw, her husband will be able to continue his work and earn better profits.
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