Mr. Gansukh, 46, has been working as a plumber privately since 1995. He has three sons and lives with his family in a suburban district of Ulaanbaatar, the capital city of Mongolia. His wife has worked as a janitress in a state organization for many years.
One of his sons decided to run a taxi service outside his class schedule. Actually he is a senior student in the college. His annual school fees are expensive for his parents. Therefore he always wanted to assist his parents through earning money by himself as far as possible.
He needs to start by buying a car for his first business. It will not be so expensive; it costs about of MNT 5,000,000 in the Mongolian auto markets. But he is short MNT 2,000,000 at the moment. The loan he is taking will be dedicated to covering the remaining cost of the car he intends to purchase.
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.