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On the repayment of the whole loan, the mortgage is lifted and the land is transferred within the title of the borrower. In case of failure of repayment of mortgage attributable to pure calamities or failure of crop, there will probably be rescheduling of the loan by which repayment interval will probably be prolonged to 25 or 30 years.

His answer to these issues was twofold. First, Grameen Financial institution would hire agents to travel the countryside on a regular schedule, making loans and accumulating mortgage repayments. Second, only ladies belonging to Grameen’s “mortgage circles” can be eligible for loans. If one girl in a loan circle did not meet her obligations, the others in the circle would either be ineligible for future loans or be held answerable for repayment of her loan. In this fashion the collective liability of the group served as collateral.

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