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Tsengel J. is a 21-year-old woman who lives with her parents and two youngest siblings in Bayanhongor Province, one of Mongolia's central provinces. She graduated her high school in 2005. After her high school graduation, she decided to learn how to haircut. She took a training course in haircutting and interned at the local barbershop for a year. She launched her barbershop in 2007 by renting a small space in a local barbershop. As she became recognized by local customers, she decided to move on by herself and opened her own barbershop. She now rents some commercial space and runs her haircutting business. She says that she enjoys running her business and would like to see herself as well as her business to grow fast.
She requests a loan to purchase haircutting equipment.

About XacBank
XacBank was founded in 2001, and listed its first loan on Kiva in January 2009. It is the largest microfinance organization in Mongolia, but also has mainstream commercial operations. XacBank has the vision, scale and innovation to develop and implement new solutions to poverty. It is currently utilizing Kiva’s 0% lending interest rate to return 9% of interest paid from borrowers to them in the form of a savings account at the end of their loans. This not only allows borrowers to gain financially, but also encourages them to save.

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Additional Information

About XacBank

This loan is being administered through XacBank, a Mongolian for-profit microfinance institution. XacBank is located in every province of Mongolia, reaching some of the most rural micro business clients. With this Kiva loan, there is an opportunity for the entrepreneur to get a savings account including 9% of the interest if they pay back the loan on time. This is a special savings account that XacBank has specifically prepared for the Kiva loan borrowers to promote savings habits.

About Mongolia

  • $5,900
    Average annual income
  • 17
    View loans »
    Mongolia Loans Fundraising
  • $15,459,050
    Funds lent in using Kiva
  • 1,432.5
    Mongolia Tugriks (MNT) = $1 USD

Success!! The loan was 100% repaid

A loan of $350 helped Tsengel to purchase haircutting equipment.
100% repaid
Repayment Term
26 months (Additional Information)
Repayment Schedule
Nov 18, 2009
Nov 27, 2009
Currency Exchange Loss:
Nov 15, 2010