Tsogt began a taxi business in 2004 with his own car. He supports his family with the profit that he makes from the business and his daily net income is 30,000 MNT. He is trying to save some money to buy a new car as his current car is getting out of date. Tsogt is a hardworking and polite person who says, " I am planning to buy a new car since I want to expand my taxi service business more." Tsogt is requesting a loan of 2,500,000 MNT to buy a new car.
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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