Mr. Sar Phlang Village Bank Group
The village bank consists of twenty two members and is located in Chek village in Kandal province. They plan to use the loan they obtain for different purposes. Mr. S. P. is the bank president and was selected by the members. He and his wife, Mrs. Nhey Cham, are farmers who own a plot of land to cultivate rice to earn for living.
They face an obstacle in the plantation because their field is infertile, which has a bad effect on their crop. In order to deal this problem, Mr. S. P. decided to ask for a loan to purchase fertilizer to support the crop and make it more productive. He hopes to increase their incoM. and improve their living conditions with this loan. He is 49 years old and the father of five childrE.. Two of the childrE. are employed in a garment factory while the others are enrolled in the local school.
This is a group loan consisting of mainly end-of-term loans. Six members have end-of-term loans and the rest have monthly payment loans. These members are not required to pay aN. 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. Most clients start to make their payments maN. months before the end of the loan term. Almost all of AMK’s client make their payments on tiM.. 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