Parveen M. Khalid Group
Parveen baji is a seamstress; she sews clothes to pay the school fees of her children. Her husband, M. K., has been involved in a scrap business for the past 10 years. Parveen baji is applying for a loan to buy scrap for her husband’s scrap business.
Parveen baji is a group leader of some more women of her locality. Kosar baji and Shahnaz baji each want a loan to buy donkey carts for loading.
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