Mr. Ariunbold is 27 years old and lives with his wife and two sons in Ulaanbaatar, the capital city of Mongolia. He drives a taxi and has been running it since 2007. And his wife has been working as a hotel organizer for many years. This family owns a small-sized plot of land and a house.
Recently he decided to build a house with 6-8 rooms inside his fence to rent out to others. One room's price will be USD20-25 a day. It is absolutely beneficial for his family income. If he can manage it, his income is going to increase rapidly. Maybe he could start to gain a return from renting after year or an even shorter period. But he needs additional funding for it.
Therefore Ariunbold requested a loan to use as additional funding to build his rental house. Before this, he took out a loan from another source and was able to repay successfully on time.
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.