Bayarsaikhan is a 52 year old retiree who he lives with his wife and 5 children in Ulaanbaatar, the capital city of Mongolia. He owns a small plot of and the family house on it. His 5 children are between 19 and 28 years of age, but none of them have married yet and currently his family live quite crowded all together. Bayarsaikhan is a former policeman who had worked as a policeman for 30 years. In 2009 he retired and bought a car with the lump sum which he received at retirement. Currently he is running a taxi business using his family car. Bayarsaikhan is planning to buy an another car and give it to his eldest son. He wants him to run a taxi business as well bringing extra income to the family. Bayarsaikhan has 1800 USDs in his savings and he needs another 2800 USDs to buy a good second hand car. The loan Bayarsaikhan is taking will be combined with his savings to buy the car.
About Credit Mongol
Credit Mongol is the largest non-banking financial institution (NBFI) in Mongolia. Its mission is to contribute to the prosperity of Mongolians by providing high-quality, affordable and varied financial services to micro-entrepreneurs and small-to-medium-sized businesses. It prioritizes serving remote, rural populations that have typically lacked access to credit and other financial services. Uniquely, it offers solar panel loans to nomadic herders, most of whom live without electricity.