Sunita Devi and group, More Beldih
Loan requested $877.19
Loan issued $877.19
Funds raised $482.46
Funds released $0.00
Sector Retail
Repayment term in months 18.0


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About Sunita Devi and group, More Beldih

Sunita Devi supports her family by stitching clothes, as her husband is no longer alive. She does the stitching work at her home. She has applied for a microloan to rent space, furnish it with goods and purchase a sewing machine. She hopes to increase her income and meet the growing needs of her children. Sitting beside her in group photo is Gayatri Devi, who is the group Leader. She organizes monthly meetings and ensures that repayments are on time. She has applied for a microloan for her vegetable shop. Sitting next to her is Gita Devi. She has also applied for a microloan for her vegetable shop. Besides her is Durgawati Devi, she has applied for a microloan for her tailoring shop. Next to her is Rakhi Devi, she sells fish. They understand the concept of Joint Liability Group. In case any member is unable to repay the microloan, they will pay on the behalf of the member whose loan is delinquent.


Partner MFI
Name: Ajiwika Society Ownership: Non-profit
Year Founded: 2006 Credit Risk Rating: Beta Plus
Partner Since: 2009 Rating Agency: M-Cril
Interest Rate: 24.0 % Delinquency Rate: 2.67 %
Target Clients: Poor, Ultra poor Default Rate: 0.0 %
Repayment overview

Total Funded Amount = $482.46
Total Loan Amount = $877.19

Repayment Overview chart

Note: This chart indicates the repayment by entrepreneurs on the principal amount. The actual repayment amounts include the interest on the loan and will be different.
Progress Report
  Date: Dec 16, 2009

Sunita Devi and all her group members are very thankful to all their guarantors for their help. Each of them received Rs. 8000/- as a microloan. She was able to buy two sewing machines with the loan and has also employed two people to handle the increasing number of customers. Her income is now Rs.3000/- and she is able to save a little. Gayatri Devi has increased the size of her business by purchasing more vegetables. She is now able to handle more customers. The recent drought in Jharkhand has affected her business a little though. Before taking loan her income was Rs.2500/- and after loan her income is Rs.3500/-. She is able to save a little amount of her income. Gita Devi has increased the size of business by purchasing more vegetables. She is now able to handle more customers. The recent drought in Jharkhand has affected her business a little though. Before taking loan her income was Rs.2000/- and after loan her income is Rs.3000/-. Due to the increase in her income her standard of living has increased a little bit. Durgawati Devi was able to purchase two sewing machines and hire one person. She is now able to handle more customers. Before taking loan her income was Rs.2000/- and after loan her income is Rs.3000/-. Her standard of living has increased a little bit. She is also able to save something. All the group members are happy to take this loan from Ajiwika as they have to make monthly repayments where as other MFIs operating in this area require weekly repayments which is quite difficult for them. After repaying this loan they want a bigger loan to expand their businesses further.

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Very interesting that it is mentioned that group members are already saving some of their incremental income. I understand that the key to successful microlending is the fact that most of the money goes to women, who are said to spend money more carefully than men, on things like education for their children and things that ultimately improve the living standard of the communities they live in while men often spend on short term gratification... In that sense it is good to see that the money is spent carefully - or even saved!
Posted by Andreas on   07 Jan 2010 03:24 AM

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Good luck for your business!
Posted by P2P-Banking.com on   09 Jun 2009 12:23 PM

Funders to this entrepreneur

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Anonymous
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Anonymous
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SK
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April Newman
The Imran Family
P2P-Banking.com
Geoff
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Anonymous
Christy
rohit
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Lakshmi
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dyuen
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Anonymous
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Anonymous
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Anonymous
 
 
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