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Update on Habsamet

Habsamet is 51 years old and lives with his wife and three daughters in a ger (traditional Mongolian hut) in Bayan-Ulgii province, Mongolia. His wife is employed and his son is a college student. He started his taxi service business in 2008 with his own car. He is a well experienced driver. Now that his car is old, he is unable to run his business. He is requesting a loan of MNT 1,800,000 to buy new parts for his car. He is a sharp and hardworking man who says, "It has been horrible since my car got broken apart. I have to fix my car in order to pay my son's college tuition."

Previous Loan Details

Habsamet K. is 50 years old and lives with his wife and three daughters in Bayan-Ulgii province in western Mongolia. He and his family live in a ger, a traditional Mongolian housing tent. His older two daughters both attend university and his youngest daughter attends a local high school. Habsame... More from Habsamet's previous loan »

Additional Information

About XacBank

This 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.

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

  • $5,900
    Average annual income
  • 0
    View loans »
    Mongolia Loans Fundraising
  • $15,491,375
    Funds lent in using Kiva
  • 1,290.0
    Mongolia Tugriks (MNT) = $1 USD

Success!! The loan was 100% repaid

A loan of $1,400 helped Habsamet to buy new parts for his car.
100% repaid
Repayment Term
26 months (Additional Information)
Repayment Schedule
Nov 17, 2011
Nov 23, 2011
Currency Exchange Loss:
Aug 16, 2012
This photo was used before for a previous loan for Habsamet. It was first posted on Kiva on Dec, 2010. Learn More