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| Loan requested |
$1052.63 |
| Loan issued |
$1052.63 |
| Guarantee raised |
$578.95 |
| Guarantee released |
$0.00 |
| Sector |
Retail |
| Repayment term in months |
18.0 |
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| About Lalti Devi and group, Ritudih |
Lalti Devi sells gunny bags to wholesale merchants. She purchases goods in cash and sells them on credit. She has applied for a microloan to purchase goods so that she can meet the growing demand from customers. She has 2 children who study in the local area school. Her present family income is Rs 3,500 per month which is not enough to fulfill the growing needs of her family.
In the group photo, Sujata Dubey sitting on the left in the 1st row is the group leader. She organizes monthly meetings and ensures that repayments are on time. She has applied for a microloan for her grocery store which she runs with her husband. Savitri Devi, sitting beside her has applied for a microloan for her tailoring shop.
Lalti Devi is sitting on the 2nd row to the left. Sitting beside her is Kumari Parvati Devi, she has applied for a microloan for her tea shop. Labina Devi sitting on the last row has applied for a microloan for her small cosmetic store. Sitting beside her is Panna Devi (photo 2), who earns her living by rearing goats. She has applied for a microloan to purchase more goats and fodder. Their present family income is Rs. 3,500 per month.
All these entrepreneurs are very hard working, committed and dedicated to their work. 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.
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| Comment about Lalti Devi and group, Ritudih in Facebook |
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Name:
Ajiwika Society
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Ownership:
Non-profit
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Year Founded:
2006
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Credit Risk Rating:
Beta Plus
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Partner Since:
2009
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Rating Agency:
M-Cril
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Interest Rate:
24.0 %
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Delinquency Rate:
2.67 %
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Target Clients:
Poor, Ultra poor
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Default Rate:
0.0 %
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| Repayment overview |
Total Guarantee Amount= $578.95
Total Loan Amount= $1052.63
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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. |
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| Progress Report |
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Date: Dec 16, 2009
Lalti 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. After taking the loan Lalti Devi was able to purchase more materials and supply to more customers. Due to the increase in volume of business her income has also gone up. Before taking loan her income was Rs.3500/- and after loan her income is Rs.4500/-. Her two children are also happily attending school. She was also able to improve the sanitation of her house.
Savitri Devi has purchased two sewing machines and hired one person after getting her loan. She is now able to provide service to more customers. Before taking loan her income was Rs.2500/- and after loan her income is Rs.3500/-. Both her children now attend school. Her standard of living has also increased.
Labina Devi was able to purchase a variety of products to fulfill the demands of customers. Her business has increased and her income which was Rs.2500/- is now Rs.3500/-. Now she is also able to save a little amount of her earnings, which she is planning to use for her daughter's wedding.
The group members are happy to take loans from Ajiwika as it takes repayments from its clients monthly where as other MFIs operating in this area require weekly repayments which is quite difficult for the clients. Recently, Jharkhand was declared as drought affected state but their business did not get affected. They are doing well. After repaying this loan they want a bigger loan to expand their businesses further.
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Guarantors to this entrepreneur
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