Batjargal C., who is 44 years old, lives with his wife and two children in a ger, a traditional Mongolian nomadic tent, in Huvsgul province of Mongolia. His oldest daughter is a student and his youngest son attends a local secondary school. His wife operates a grocery business, selling a variety of food products at her pavilion in a local market. Batjargal operates a taxi service in his town, an enterprise he began in 2002, and has gained many years of experience. A very modest, open-minded and hardworking person, he is requesting a 1,000,000 MNT loan in order to improve the car that he uses as a taxi.
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.