Ghafooran has given birth to 4 sons. Her first two sons work at different jobs. The eldest son has a business of hosiery and second one works in a factory. Her two youngest sons are enrolled in a school and are getting their education.
Ghafooran has applied for a loan for the improvement of her husband’s business. With the loan, her husband will put a variety of fresh seasonal vegetables in his shop for reselling. Ghafooran is hopeful that this loan investment will be profitable for her husband’s business. She is a new loan user of Asasah and this is her first experience of taking a loan from any MFI.
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