Munhtulga is 22 years old and lives with his parents in Hovd province, Mongolia. He began operating a cell phone repair service in 2009 and he supports his parents with his profits. He is a hard-working and polite person. He wants to expand his business and increase his business revenue.
Munhtulga says, "I am planning to buy a car and start a taxi service so that I can increase my income." He is requesting a loan of 600,000 MNT as he needs extra money in addition to his savings to buy a car and operate a taxi service business.
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.