Sharifan Riasat Ali Group
Sharifan Baji is a 42-year-old lady who resides in the city of Lahore, Pakistan. She has been living in this city for the past 25 years. Her husband name is R. A. who is a driver by profession and drives an auto-rickshaw (a local three-wheeled motor vehicle).
She has five children: four sons and one daughter. Her eldest son completed his education to the 8th grade and works in a factory. The next oldest is a driver and also drives an auto-rickshaw. The next younger son is studying in 7th grade and her youngest son is in 5th grade. Her daughter makes embroidered dresses and also does household tasks.
Sharifan Baji is a very responsible woman and performs her duties very efficiently. She also handles her decorative embroidery business which she started 15 years back. Now she has became expert in this business. She makes embroidered dresses and sells them in big clothing shops. She charges 1,500 Pak Rupees per dress. She is saving her income for her children’s education and for her daughter’s marriage.
She successfully repaid her two loans from Asasah (Kiva's microfinance institution partner in Pakistan). Now, she is applying for a loan to repair her auto-rickshaw (a local three-wheeled motor vehicle).
This is a group loan. The loan funds will be distributed among the group members, each of whom will invest in her own business. The members mutually guarantee one another's loans. If one member does not repay, the other members are responsible.
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