Mr Enkhjargal T. is 41 years old and lives with his wife and three children ages 1, 9, and 18 in a suburb of Darkhan (the second largest city in Mongolia). He has been running a taxi business since 2008. Before 2008 he used to make noodles and sell them in the local market. But he had to close the business because it had a too many competitors and he could not make a decent income. Now his taxi business is the only source of family income. His wife is looking after the baby. His eldest son Dorjrencen,18 studies in an auto mechanic’s course and graduates this December. His other son, Buyandorj, age 9 attends a local public school. Mr Enkhjargal is planning to sell his old car and buy another second hand one because of the safety regulations of the transportation authority. The loan he is requesting will be used to replace his old car for newer second hand one in better condition.
About Credit Mongol
Credit Mongol is the largest non-banking financial institution (NBFI) in Mongolia. Its mission is to contribute to the prosperity of Mongolians by providing high-quality, affordable and varied financial services to micro-entrepreneurs and small-to-medium-sized businesses. It prioritizes serving remote, rural populations that have typically lacked access to credit and other financial services. Uniquely, it offers solar panel loans to nomadic herders, most of whom live without electricity.