Irshad Begum M. Sharif Group
Irshad baji is a very responsible lady. She helps her husband at the family business, making sweetmeats. She has successfully repaid her first loan from Asasah (a microfinance institute of Pakistan). She is applying again for a loan to buy materials (sugar, cooking oil and dry fruits) to expand her husband’s sweetmeat business.
She joined her current loan group with several women in her local community, all of whom are seeking to expand their family businesses. Sugran baji wants a loan to buy clothes for her clothes selling business. Atharan baji wants a loan to expand her sweetmeat selling business. Maryam baji wants a loan to buy another buffalo for her milk selling business. Ashran baji wants a loan to drive an 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