Namsrai H. is 37 years old and lives with his family in a ger (Mongolian nomadic dwelling) in the Songinohairhan District of Ulaanbaatar, Mongolia. His three children attend school while his wife operates a taxi service in the city.
Namsrai has been driving a taxi since 1995 and has built a successful operation. This enabled him to open a car repair center in his yard in 2008. Over the years, his businesses have been successful. He now earns 10,000 MNT from his taxi service (per day) and 500,000 MNT from his car repair center (per month). Namsrai also raises dogs and sells those dogs at reasonable prices.
Namsrai has proven himself a reliable borrower who always pays off his loans on time. He is a modest, honest man who says, "I am planning to save money for my son's future education." He is requesting a 1,500,000 MNT loan to purchase a new car.
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.