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Otgonjargal
Otgonjargal is 55 years old and lives with his daughter and wife in Ulaanbaatar, the capital city of Mongolia. He is a mechanical engineer for the railway and has been working in this position since 1973. His daughter will live separately from him this year, so he has been trying to support her with a house.

But recently, he ran into financial problems with it. He needs to purchase some necessary building materials including brick, wood and window glasses to finish the building. According to his calculation, it will be finished in this October if he can find funding. The loan Otgonjargal is taking out will be used to purchase building materials to finish the housebuilding for his daughter.

Additional Information

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.

About Housing Loans

Many poor families cannot afford housing that meets their needs. When you make a housing loan on Kiva, you give people access to flexible capital to obtain or improve their homes. Better housing means better health, sanitation, and even educational outcomes for children. A house can also be much more for entrepreneurs who run businesses out of their homes. In this way, housing and small business loans on Kiva share a common purpose: to alleviate poverty and enable families to enjoy more stable lives.

About Mongolia

  • $5,900
    Average annual income
  • 3
    View loans »
    Mongolia Loans Fundraising
  • $15,401,550
    Funds lent in using Kiva
  • 1,239.0
    Mongolia Tugriks (MNT) = $1 USD

Success!! The loan was 100% repaid

A loan of $2,825 helped Otgonjargal buy building materials to finish a house for his daughter.
100% repaid
Repayment Term
27 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
Aug 22, 2011
Listed
Aug 29, 2011
Currency Exchange Loss:
Covered
Ended:
Oct 17, 2013