Mrs. Bolormaa, 38, is a driver. She has been running a taxi business for the last few years. She lives with her family in a ger, a Mongolian nomadic traditional yurt, in Ulaanbaatar, the capital city. Since 2009, she has been working as a taxi driver in a private taxi company. She bought her car from her company two years ago and she has not been able to pay it off in full. Now she has to make her car’s remaining payment of 1.000.000 MNT with her loan. The rest of the loan will be used to make some repairs to her car, such as changing the spare parts for better ones. The loan she is taking will be used to cover the cost of her car and the repairs.
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.