Lalita Devi & five entrepreneurs, Bhavanipur
Loan requested $1091.65
Loan issued $1091.65
Funds raised $600.41
Funds released $0.00
Sector Services
Repayment term in months 18.0


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About Lalita Devi & five entrepreneurs, Bhavanipur

Lalita Devi sitting first from the right corner in the back row. She has a tailoring shop with many customers. In order to buy two sewing machines and hire one person, she has applied for a micro-loan. She has a big family with six members including three daughters and one son. Her monthly income is Rs 3000/- (USD66). She is the group leader, and she organizes monthly meetings and ensures that all repayments are made on time. Revati Devi sitting first from the left in the front row has a tailoring shop. She has many customers to whom she is unable to provide timely service, hence she wants to buy two sewing machines and hire one person. Therefore she has applied for a micro loan. She has four members in her family including two sons and her monthly income is Rs 3000/-(USD66). Bimla Devi sitting in the middle in the front row sells cosmetics and other small toys for children. She wants to expand her business and wants to take a permanent shop at market place and hence applied for micro loan. She has five members in her family including three sons and her monthly income is Rs 3000/- (USD66). She is able to earn her livelihood with her present income, but she is eager to work hard and to earn more to save something to meet the contingencies. Kavita Devi sitting first from the right in the front row has a tailoring business at her home. She could not attract more customers so she wants to take a shop near market place and she will buy a tailoring machine and hire a person and hence applied for micro loan. Her husband helps her in this business and her monthly income is Rs 3500/- (USD77). Kajal Devi sitting first from the left in back row runs a tea stall. She wants to grow her tea stall and her husband helps her in her business, so she has applied for a micro-loan. She has a big family with six members in it including two sons and two daughters. Her monthly income is Rs 2000/- (USD44). Tika Devi sitting in the middle in back row sells utensils door to door. She wants to set up a permanent store at a marketplace, so she has applied for a micro-loan. She has a big family with seven members including three sons and two daughters. Her monthly income is Rs 3000/- (USD66). With her present income she is unable to fulfill the growing needs of her family and wants to earn more to save something and fulfill her family needs. These entrepreneurs are very dedicated and want to do good for themselves and their families. They understand the concept of a Joint Liability Group. In case any member is unable to repay the micro loan, they will pay on behalf of the member whose loan is delinquent. The entrepreneurs in the group support each other through the joint liability concept.


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 = $600.41
Total Loan Amount = $1091.65

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: Apr 12, 2010

I met Revati Devi and few of her group members, they were 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 Rs3500/- and she is able to save a little. Kajal Devi also expanded her tea shop and now she is serving more customers. Kavita Devi also purchased tailoring machine for her business. 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.

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Funders to this entrepreneur

Dr. J - magician
Andreas
Sverre Skimmeland
Geoff
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Bill
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Anonymous
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Vaishali Khandekar
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skh
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Erin Schopfer
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Anonymous
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Anonymous
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Victor
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Anonymous
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Anonymous
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shivani & niranjan
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Winnie
 
 
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