Mrs. Cheng Sovann's Village Bank Group
Mrs. Mork Sophal did not come to receive her loan, but her husband did; so he is shown in the picture instead of her.
This is a village bank loan consisting of mainly end-of-term loans. Six members have end-of-term loans, and the rest have monthly payment loans. Group members are not required to pay any principal on the loan until the very end of the loan term. End-of-term (EoT) loans are AMK's main product because it is the most beneficial to Cambodia's poor. It allows them to repay portions of the principal whenever they are financially able to do so. Most clients start to make payments many months before the end of the loan term. Almost all of AMK's clients make their payments on time. AMK [Kiva’s Field Partner] has a delinquency rate of only 0.09% and a default rate of 0% on Kiva.
The borrowers in the group are:
1. Nu S.
2. Prak Linda
3. Nov Yon
4. Loem Sovannara
5. Soa Saran
6. Pov Sokhon
8. Cheng S. ( Village Bank President)
9. Mork Sophal
About AMKAngkor Microfinance Kampuchea (AMK) is a leading microfinance institution in Cambodia with a wide reach of operations. AMK works with over 6,000 villages and serves clients in every Cambodian province. With an average loan size of US$115, AMK’s focus is to provide credit and savings products to the very poor in rural areas. For more information, please visit AMK's website.
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