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Altanzul

Update on Altanzul

Altanzul, 25, works as a electrician in a private company. He used to work as a builder for a few years. He has two children who are babies and who live with their grandparents in the countryside. Altanzul lives with his wife on his small plot of the land in the ger district (ger is a Mongolian traditional nomadic yurt) in Ulaanbaatar, the capital city of Mongolia. His wife works as a receptionist in a hotel. Both of their salaries are low and usually do not meet their family's necessities. So, Altanzul also runs a taxi business on nights and weekends to earn extra income.
He owns an old, small house on his land plot and lately it has been in very bad condition and cold to live in. It was built about 20 years ago and it has not had any major renovation or repairs. In winter it has a heat loss through the walls and windows. So he sent his children to his parents in the countryside.
This summer he is planning to repair his house by installing wall insulation and building a small, one-room addition. It is very beneficial for his family to live comfortably and to stay warm at home. Every winter it costs much money to buy the coal to keep his house warm. He knows that it is harmful to his family's health and living environment. Also, he has a plan to build a small garage beside his home for his taxi car. Now he needs some money to buy the building materials for his house repair project.

Previous Loan Details

Mr. Altanzul is 24 years old. He is a young father who lives with his two children and wife in Ulaanbaatar, the capital city of Mongolia. He and his wife both work hard and are busy during the weekdays. Altanzul is a builder and makes home furnaces through the clients' subscription. In 2008, he ... More from Altanzul's previous loan »

Additional Information

More information about this loan

This loan is part of Credit Mongol's green loan program,  which helps clients to gain access to electricity through solar panel kits, as well as other products for improving their heating and ventilation systems, reducing pollution and health problems caused by burning fuel.

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 Housing Loans

Many poor families cannot afford housing that meets their needs. When you make a housing loan on Kiva, you give people access to flexible capital to obtain or improve their homes. Better housing means better health, sanitation, and even educational outcomes for children. A house can also be much more for entrepreneurs who run businesses out of their homes. In this way, housing and small business loans on Kiva share a common purpose: to alleviate poverty and enable families to enjoy more stable lives.

About Mongolia

  • $2,175
    Average annual income
  • 3
    View loans »
    Mongolia Loans Fundraising
  • $15,307,900
    Funds lent in using Kiva
  • 1,335.0
    Mongolia Tugriks (MNT) = $1 USD
Ended with Loss - Currency Exchange Loss learn more
A loan of $1,875 helped Altanzul to buy the building materials for his house repair, wall insulation and house extension, and for building a garage.
93% repaid
Repayment Term
21 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
Jul 19, 2012
Listed
Jul 24, 2012
Currency Exchange Loss:
Possible
Ended:
Mar 17, 2014