Update on MunhbayarMunhbayar is twenty-nine years old and lives with his wife and two kids in Hovd province in Western Mongolia. His oldest daughter has started to go school and the younger daughter goes to the kindergarden. With his help, his wife has been doing plumbing, construction and house decoration work since 2007. In winter time he also operates a taxi business in the local town. He accepts job proposals from both individuals and offices.
Over the years, his business services have become well-known and appreciated. Munhbayar is a diligent guy who says that "Now it is getting warm and we would like to expand my business by getting a loan and spending it on the necessary plumbing materials so that we can continue with more capability to earn better so we can feed my family members".
The total amount he is requesting is 1,500,000 MNT to purchase the plumbing equipment for his construction business.
Previous Loan DetailsMunhbayar D., 27 years old, lives with his wife and two daughters in Hovd province of western Mongolia. His wife, Munhtsetseg, operates a construction business specializing in house decoration and plumbing with help of Munhbayar during the warm season. His two daughters both go to kindergarten.… More from Munhbayar's previous loan »
About XacBankThis 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.
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Success!! The loan was 100% repaid
- Repayment Term
- 26 months (Additional Information)
- Repayment Schedule
- Feb 17, 2012
- Mar 12, 2012
- Currency Exchange Loss:
- Dec 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.