Loan Illustration

I am an auto mechanic. I chose a profession in the footsteps of my father. As a child, I watched his work and learned from him. Now we work together in the same…

Services Services

Tajikistan Tajikistan

Loan amount €260

Funded 100%

by 5 members

Project closed to funding, awaiting disbursement to MFI

Disbursement date: 09/01/2022
Final repayment of the loan: 03/01/2023

MicroWorld's investors have funded: €260

Nekruz - Expand activity

Borrower

First name: Nekruz
Gender: Male
Age: 22
Marital status: Single
Number of children: 0
Region: Kulob

Loan Request

Purpose: Expand activity
Amount: €260
Duration: 6 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 am an auto mechanic. I chose a profession in the footsteps of my father. As a child, I watched his work and learned from him. Now we work together in the same auto repair shop. I would like to open my own auto repair shop and for this purpose I applied for a loan. I believe that they will support me and thank you in advance.

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