Mr. Soninbayar, 21, drives a taxi around the districts of Ulaanbaatar, the capital city of Mongolia. He has been conducting his business since 2009 and has gained enough experience by himself. He is divorced and his children live with his wife.
Recently, he has changed his old Russian car by buying a new one for serving and improving his business. But he still could not pay its costs off to the seller. Changing cars will influence the passengers' satisfaction and increase the number of them. The loan he is taking will be used to cover the cost of his new car for his taxi business.
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.