Mr. Batkhuyag, 40, is a taxi driver and works around Ulaanbaatar, the capital city of Mongolia. For many years he has been running his business every weekday. He lives with his wife and his three children in the a slum district. Lately his taxi has been getting old and is damaged in most of its parts. It has a bad influence on his earnings and the quality of his service. Therefore he decided to exchange his car for the new one which is named Hyundai Verna. But he lacks money to cover its cost.
Therefore the loan he is taking will be dedicated to covering the cost of purchasing the car to improve his business. As he said, his earnings will be increased notably after he has the new 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.