Mrs. Tom Mil Village Bank Group
This village bank loan, which consists of nine people, is located in Hang Chhouk village in the Kampong Chhnang province. All of the members will use this loan for different purposes. Mrs. Tom M. is a village bank president who has been selected by the members. She and her husband, Mr. Kham Sophal, are farmers who own a small piece of land and cultivates rice. The plantation has been yielding a smaller crop due to the infertile soil. To rectify with this problem, Mrs. Tom M. has decided to request a loan to buy fertilizers to support the field and make her crop more productive. Mrs. Tom M. is 41 years old and the mother of six children two of whom are employed in a garment factory, three are attending the local school and the youngest one is only five years old.
Seven members in this village bank loan are end-of-term loans and the rest have monthly payment loans. They are not required to pay any 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 tH. to repay portions of the principal whenever they are financially able. Most clients start to make payments many months before the end of the loan term. Almost all of AMK’s clients make their payments on time. 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