Zareena Malik Bashir Ahmad Group
Meanwhile, Zareena baji has a clothes-selling business, which she has operated for the past 7 years. Indeed, she collects clothes from the famous cloth markets of Lahore (“Ichra Bazaar and Anarkali”) and sells such clothes in her community for a profit. On average, she sells 15 suits per week, and she earns $8 to $10 by doing so. Notably, she has already successfully repaid two prior loans from Asasah, a microfinance institution of Pakistan. She is now applying for another loan to expand her clothes-selling business.
She is joined in her loan group by four other members: Shamim baji seeks a loan to buy groceries for her grocery shop; Maqsoodan baji requests a loan to buy bed sheets to resell; Hakim baji is in need of a loan to buy vehicle wheels to resell; and Saima baji would like a loan to repair her auto-rickshaw (a local three-wheeled motor vehicle). In this way, this is a group loan; as such, the loan proceeds will be distributed amongst the group members, each of whom will invest in her own business. Importantly, the group members mutually guarantee one another's loans; as a result, if one group member does not repay her portion of the loan, then the other members are responsible for curing the arrears.
This is a Group Loan
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Success!! The loan was 100% repaid