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Gantulga

Update on Gantulga

Recently, Gantulga has bought a small-sized plot of land in a suburban district. He still could not finish making the payment due to insufficient funds. According his plan, next year he will start his dream house building.

The loan he is taking out will be used to cover the payment for his new land for family needs.

Previous Loan Details

Gantulga is 33 years old. He lives with his wife and two sons in Ulaanbaatar, the capital city of Mongolia. His family lives in a ger, a traditional Mongolian nomadic tent. Galtulga’s wife is hairdresser and works in a beauty salon. Since 2009, Gantulga has been running a taxi business using ... More from Gantulga's previous loan »

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.

Concurrent and Successive Loans

Our Field Partners often work with borrowers over a series of loans as the borrowers build credit, take out bigger loans, and expand their businesses. In order to make it easier for our Field Partners to post loans for borrowers who have been listed on Kiva before, we allow them to post successive and concurrent loans for their Kiva borrowers. This means that our Field Partners are able to post a borrower's second, third, etc., loan on Kiva without having to re-enter all of the borrower's information.

This borrower has been listed on Kiva before, so you'll see an updated loan description, as well as excerpts of the original descriptions from earlier loans. Most borrowers take out loans consecutively, meaning that they receive a second loan after having repaid the first. However, sometimes our Field Partners give out concurrent loans, allowing borrowers to take out one primary loan and a secondary "add-on" loan along with it. These "add-on" loans are typically smaller than the borrower's primary loan and serve a different purpose. Because Field Partners can now post loans as successive and concurrent loans, you will be able to track borrower progress over time and see the various ways a borrower is working with our Field Partners through funds from Kiva’s lenders.

About Mongolia

  • $2,175
    Average annual income
  • 0
    View loans »
    Mongolia Loans Fundraising
  • $15,289,050
    Funds lent in using Kiva
  • 1,292.5
    Mongolia Tugriks (MNT) = $1 USD

Success!! The loan was 100% repaid

A loan of $2,800 helped Gantulga to cover the payment for new land for family needs.
100% repaid
Repayment Term
19 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
Oct 31, 2011
Listed
Nov 8, 2011
Currency Exchange Loss:
Covered
Ended:
Oct 15, 2012
This photo was used before for a previous loan for Gantulga. It was first posted on Kiva on Jun, 2011. Learn More