Loan Illustration

I have been working as a taxi driver for many years. I learned this from my father. I myself can repair cars. Now I want to sell my car and buy a new one. My go…

Transportation Transportation

Tajikistan Tajikistan

Loan amount €540

Funded 40%

by 3 members

Loan fully repaid by the entrepreneur

Disbursement date: 04/01/2020
Final repayment of the loan: 04/01/2021

MicroWorld's investors have funded: €220

Jurabek - Purchase car

Borrower

First name: Jurabek
Gender: Male
Age: 44
Marital status: Married
Number of children: 3
Region: Istaravshan

Loan Request

Purpose: Purchase car
Amount: €540
Duration: 12 months
Loan type: in fine
The loan is reimbursed in one installment at the maturity date of the project (principal and possible interests).
Note: additional time may be necessary for the funds to be credited on the lenders' accounts due to delays in international transfers.

Borrower's quote

I have been working as a taxi driver for many years. I learned this from my father. I myself can repair cars. Now I want to sell my car and buy a new one. My goal is to work at night also and improve the living conditions of my family. Since I don’t have enough funds, I have applied for a loan. I hope for your kindness.

Economic and social context

Tajikistan

Tajikistan

Considered to be the poorest region of the former Soviet Union, the development of Tajikistan relies heavily on loans via microfinance, particularly in the rural areas of the nation.
Country's key figures - source Worldbank
Population 6 952 223
GNI per capita 700 USD
Economic Growth 3.4%
Poverty rate 47%
Unemployment rate No data
Literacy rate (above 15 years of age) 100%
Life expectancy 67 years

MFI Status

This loan is managed locally by our field partner which is in charge of administrating the loan and repaying MicroWorld lenders.

  • Time on MicroWorld: 640 months

Rates and transparency

  • This loan does not pay any interest to the lender.
  • Following your loan commitment, you have 7 calendar days to assert your right of withdrawal, by mail at contact@microworld.org.
  • The MFI will reimburse the lender in case of default of the entrepreneur but there is no guarantee or insurance given by the MFI.
  • 100% of the money collected is sent to the MFI, even if the project is not fully funded on the site.
  • The MFI then makes a loan to the micro-entrepreneur and charges an interest rate in order to cover its operational and financial costs.
  • The beneficiaries have been well informed about the risks of over-indebtedness and the consequences of payment default.
  • The platform earns a commission from the MFI for the service it provides, which helps to fund its running costs.
  • More effective than a simple donation, micro-credit promotes long-term sustainable economic development rather than short term help.

The MFI