Loans to Seti Devi Cooperative in Ilam using the wholesale Finance Model
Devika Dulal is a 34-year old ginger farmer in Ilam district. She lives with her husband, parents-in-law and 9-year old son in Malate village of Maipokhari VDC. Devika is a member of Namuna Mahila Sangha, one of the 21 groups that are part of the Seti Devi Multi-Purpose Cooperative. The Cooperative received a loan facilitated through SAFAL project, which enabled it to extend a loan of NPR 50,000 to Devika for ginger farming at 16% interest, the cheapest loan she had ever received.
Devika suggested that "a grace period for loan repayment would be helpful" and said that she would prefer to repay the loan on a quarterly, instead of monthly, basis as she cannot sell the ginger immediately after harvesting.
Through the SAFAL project’s wholesale financing model, a total loan of NPR 5,000,000 was facilitated to the Seti Devi Multi-Purpose Cooperative in Ilam through the First Microfinance Development Bank. The Seti Devi Multi-Purpose Cooperative has 1,810 members (410 male and 1,400 female).