Irshad M.yunas Group
Irshad Baji runs a dairy business to help meet expenses and operates this business independently. She uses her income to pay her children's school fees, and her husband contributes his income toward house expenses. She successfully repaid five previous loans from Asasah (a microfinance institute of Pakistan). Now she is applying for another loan to buy a buffalo.
She is the leader of a group of women also seeking loans. Majidan Baji and Naheed Baji each want a loan to buy goats for resale. Razia Baji and another Razia Baji each want a loan to buy buffalo for their dairy businesses.
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