Enhbat operates a taxi service using his own car that was bought by his parents for him in 2008. He began his taxi business that year and has built a stable operation within this short period. In addition, he owns a house with ten rooms, and twenty students rent his house with monthly rent fees of 50,000 MNT for each room.
Enhbat is requesting a 2,500,000 MNT loan in order to pay half of the cost of his car. In the future, he plans to operate a car repair shop in his yard after remodeling his garage.
About XacBankThis 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.
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