Update on SibongiseniSibongiseni is applying for a second loan to support his last year and a half of studies at Maharishi Institute. He will graduate in December 2014. When asked about his progress since the first Kiva loan, Sibongiseni reports:
"Right now I am taking Business Law and Ethics. The subject is a bit challenging because of the analysis of all the legislations that are binding companies, but I am coping very well since I have even passed all the assignments and class tests. Other courses before the current one have also been going as planned, as I have managed to pass Algebra 2 with good marks. As far as the whole semester is concerned, everything kicked off well up to this point."
Previous Loan DetailsSibongiseni is applying for a loan to support his studies for a year at the Maharishi Institute. This is his story: I'm Sibongiseni, I am 21 years old and I live in Mapetla, Soweto. I am currently studying towards my Bachelor of Business Administration. I am an only child, and I speak Zulu and... More from Sibongiseni's previous loan »
More information about this loan
This Kiva loan will be used to provide borrowers with needed goods or services, as opposed to cash or financial credit.
Maharishi students repay their loans with work-study wages while attending school. However, due to the unpredictable nature of their work-study schedules, they may not be able to make regular repayments. In these instances, Maharishi Institute provides an advance that is deducted from students' future wages. This gives student borrowers more flexibility in meeting their loan repayment obligations while they are still in school.
Important InformationThe Maharishi Education for Invincibility Trust (MEIT) extends educational opportunities to poor and historically excluded students in South Africa. By combining distance and computer learning with practical experience, the institute equips students with access to the skills and training they need to compete in tough job markets and build bright futures. Kiva funding will help students pay for tuition and other basic expenses so they can study and thrive.
Maharishi students take out loans for each year of tuition separately on Kiva. Each concurrent loan's repayment period begins after the previous load has been fully repaid.
Concurrent and Successive Loans
Our Field Partners often work with borrowers over a series of loans as the borrowers build credit, take out bigger loans, and expand their businesses. In order to make it easier for our Field Partners to post loans for borrowers who have been listed on Kiva before, we allow them to post successive and concurrent loans for their Kiva borrowers. This means that our Field Partners are able to post a borrower's second, third, etc., loan on Kiva without having to re-enter all of the borrower's information.
This borrower has been listed on Kiva before, so you'll see an updated loan description, as well as excerpts of the original descriptions from earlier loans. Most borrowers take out loans consecutively, meaning that they receive a second loan after having repaid the first. However, sometimes our Field Partners give out concurrent loans, allowing borrowers to take out one primary loan and a secondary "add-on" loan along with it. These "add-on" loans are typically smaller than the borrower's primary loan and serve a different purpose. Because Field Partners can now post loans as successive and concurrent loans, you will be able to track borrower progress over time and see the various ways a borrower is working with our Field Partners through funds from Kiva’s lenders.
About South Africa
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This loan has been fully funded!
- Repayment Term
- 123 months (Additional Information)
- Repayment Schedule
- Jul 15, 2013
- Apr 22, 2013
- Currency Exchange Loss:
Photo from previous loan
Kiva allows our Field Partners to re-use the same photo for individual borrowers that have been posted on Kiva's website once before in a 24 month period, and we allow them to re-use group photos for up to 24 months, provided that 80% of the current group's membership is represented.
Taking, collecting, and uploading photos of borrowers is one of the most challenging elements of using Kiva for our Field Partners. In order to make Kiva easier for Field Partners to use, we have allowed them to post successive and concurrent loans without taking a new photo of the borrower if the criteria above are met.