Mrs.chhoen Chan Thy's Village Bank Group
Mrs. Chhoen C. T. is the village bank president and she owns a small place where she sells Khmer noodles to villagers and passers-by. She is a 40-year-old widow with four children, one of whom is employed in a garment factory while the remaining three are attending the local school. Although Mrs. Chhoen C. T. and her children have different businesses, they still live in poor conditions and in an old house. In order to improve their standard of living, Mrs. Chhoen C. T. has decided to ask for a loan to add to her saving to build a new house for her household to live in better conditions.
Mrs. Ouern P. did not come to the loan group meeting but her husband did, so he is present in the picture instead.
This is a village bank loan consisting of mainly end-of-term loans. Eleven members have end-of-term loans and the rest have monthly payment loans. These 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. 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 has a delinquency rate of only 0.09% and AMK has a default rate of 0% on Kiva.
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