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Baasanjav

Update on Baasanjav

Baasanjav, 47, lives with his wife and two children in a ger (a traditional Mongolian yurt) in Hovd province, Mongolia. His wife helps with his business, his elder child is a college student and his younger child is in school. He started his business journey in 2003 selling firewood and coal. Later, he expanded his business by selling dairy products and running a taxi service using his own car. He is a sharp and hardworking man who says, "Now that my daughter is in college, I need to work as hard as I can in order to support her." As the Mongolian holiday season is now approaching, demand for coal and dairy products is increasing and therefore he has requested a loan of 1,000,000 Mongolian tugriks (MNT) to buy fuel at a wholesale price.

Previous Loan Details

Baasanjav B. lives with his wife and two children in Hovd, a western province of Mongolia. They live together in a traditional Mongolian nomadic housing tent, known locally as a "ger". His son currently attends a local secondary school, and his daughter is set to begin study at a university.… More from Baasanjav'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

  • $2,175
    Average annual income
  • 0
    View loans »
    Mongolia Loans Fundraising
  • $15,289,050
    Funds lent in using Kiva
  • 1,320.0
    Mongolia Tugriks (MNT) = $1 USD
Ended with Loss - Currency Exchange Loss learn more
A loan of $775 helped Baasanjav to buy fuel at a wholesale price.
98% repaid
Repayment Term
26 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
Feb 10, 2012
Listed
Feb 19, 2012
Currency Exchange Loss:
Possible
Ended:
Dec 17, 2013
This photo was used before for a previous loan for Baasanjav. It was first posted on Kiva on Aug, 2010. Learn More