Gerelt-Od T. is a young man. He works as a plumber for the Gonchig Soum company since graduating from Ulaangom college, majoring in plumbing in 2010. His work is seasonal, therefore he plans to operate a taxi service in his town during summer months. He has purchased a car, through a 3,500,000 MNT loan, that will be used as a taxi. He is requesting a 2,000,000 MNT loan to pay off the car loan. For the future, he hopes to have his own plot of land and fence.
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.