Update on MunkhsaikhanMunkhsaikhan is 34 years old and lives with his wife and two children in a ger, which is a traditional Mongolian nomadic tent. They live in Ulaanbaatar, the capital city of Mongolia. His son attends a local secondary school and his wife looks after their youngest daughter at home.
He has been operating an on-call carpet cleaning service business since 2008 with his three employees. During these years, he has gained a lot of experience. Munkhsaikhan decided to purchase new equipment for house cleaning such as a vacuum cleaner. He wants to expand his business in the future. He thinks purchasing the new vacuum cleaner will be very beneficial and important to take more orders from customers. Therefore, the loan he is taking will be dedicated to cover the cost of the vacuum cleaner.
His loan history is very clean. He has taken loans two times before and both of them have been paid on time successfully.
Previous Loan DetailsMunkhsaikhan is 32 years old and lives with his wife and 2 children in a ger, which is a traditional Mongolian nomadic tent. They live in Ulaanbaatar, the capital city of Mongolia. His son attends a local secondary school and his wife looks after their youngest daughter at home. He has been… More from Munkhsaikhan's previous loan »
About Credit MongolCredit 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.
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.
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Success!! The loan was 100% repaid
- Repayment Term
- 14 months (Additional Information)
- Repayment Schedule
- Feb 16, 2012
- Feb 28, 2012
- Currency Exchange Loss:
- Sep 15, 2012
Photo from previous loan
Kiva allows our Field Partners to re-use the same photo for individual borrowers that have been posted on Kiva's website once before in a 24 month period, and we allow them to re-use group photos for up to 24 months, provided that 80% of the current group's membership is represented.
Taking, collecting, and uploading photos of borrowers is one of the most challenging elements of using Kiva for our Field Partners. In order to make Kiva easier for Field Partners to use, we have allowed them to post successive and concurrent loans without taking a new photo of the borrower if the criteria above are met.