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Erdenebold

Update on Erdenebold

Mr. Erdenebold, 49, has a taxi business. He has been running his business for 8 years nonstop. Currently, it is a main income source for his family. Before, he used to work as a driver in a private company. He lives with his wife and his children in Ulaanbaatar, the capital city of Mongolia. His wife is a doctor, but she has been unemployed for a long time.

Mr. Erdenebold spends the whole day for his business and he earns approx. 12-18 USD in a day with his old and bad car. But his business earnings do not usually meet with his family necessities, so he decided to change his taxi car with a better one. It was a little bit expensive for him, but his business will improve. The loan he is taking will be dedicated to cover some costs of his purchasing a new car. In addition, he really hopes that his business will be improved with the new car.

Previous Loan Details

Erdenebold is 48 years old, a father of 5 children and lives with his wife and four children in Ulaanbaatar, the capital city of Mongolia. They all live together in small house on their plot of land. His oldest son Narankhuu 24 is a student and currently living separately from the family, with his… More from Erdenebold's previous loan »

Additional Information

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.

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
  • 1,315.0
    Mongolia Tugriks (MNT) = $1 USD
Ended with Loss - Currency Exchange Loss learn more
A loan of $1,150 helped Erdenebold to cover some costs of his purchasing a new car.
99% repaid
Repayment Term
15 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
May 21, 2012
Listed
May 28, 2012
Currency Exchange Loss:
Possible
Ended:
Jul 17, 2013
This photo was used before for a previous loan for Erdenebold. It was first posted on Kiva on Mar, 2011. Learn More