Mrs. Oyuntuya, age 47, works as a cook in a hotel located in Ulaanbaatar, the capital city of Mongolia. She has been doing her job for over 10 years, and her customers are always satisfied. She lives with her husband and her nephew in a boundary district of Ulaanbaatar. Her home is located 12 miles from her job. So she always has the problem of finding transportation to her job. Therefore, she decided to repair her old car, which has not functioned for two years. The car needs over 1,000,000 MNT in repairs to change the engine and other parts. She thinks that if she can easily get to her job, she can work normally, and it will influence her work efficiency. The loan she is taking will be used to purchase the necessary spare parts to repair her broken 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.