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Garmaarinchen, 60, is married and lives with his wife in Uvurhangai province in Mongolia. His wife is retired and they live apart from their son, who is grown. In 2004, Garmaarinchen started a business trading animal hides. More recently, he bought a car and opened a taxi business. He is a hardworking and modest person, and is applying for this loan for 1,000,000 MNT to buy spare parts for the car that he uses as his taxi.

Additional Information

About XacBank

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.

About Mongolia

  • $5,900
    Average annual income
  • 0
    View loans »
    Mongolia Loans Fundraising
  • $15,491,375
    Funds lent in using Kiva
  • 1,252.5
    Mongolia Tugriks (MNT) = $1 USD

Success!! The loan was 100% repaid

A loan of $800 helped Garmaarinchen to buy spare parts for his taxi.
100% repaid
Repayment Term
26 months (Additional Information)
Repayment Schedule
Jan 13, 2011
Feb 12, 2011
Currency Exchange Loss:
Sep 15, 2012