A hardworking man who has been able to expand his business, today Lhagvajav is one of the most successful businessmen in his town. With his earnings he started to build a house on his plot of land and says, "With the loan received from Xacbank I had an opportunity to finish the construction work of my house. Now I want to have a car to use for my business." He is therefore requesting a 3,000,000 MNT loan to purchase 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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