Mrs. Phal Saing Villag Bank Group
Mrs. Phal S. is a village bank president who has been selected by the members. She and her husband, Mr. On Hol, own a small piece of land to cultivate rice to earn for livI.. They have seven children, one of whom is employed in a garment factory, while the others are enrolled in the local school, and the youngest one is too young to work or study because that child is at the age of five years old.
Although Mrs. Phal S. and her family have different businesses, they still cannot provide better conditions for the family. In order to improve these livI. conditions, Mrs. Phal S. decided to ask for a loan to add to her savings to bU. a motorbike for her husband to start a motorbike taxi drivI. business. She hopes to improve her livI. conditions with this new loan.
This is a village bank loan consistI. of mainly end-of-term loans. Nine members have end-of-term loans and the rest have monthly payment loans. These nine 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 they are 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