Update on ByambasurenMr. Byambasuren is 21 years old and lives with his parents and sister in a small house in the Bayanzurh district of Ulaanbaatar, Mongolia. He is not married. His father drives a truck, his mother is unemployed and his sister is a pharmacist. He started a taxi service business in 2009. His business is sustainable and has many regular customers, but Byambasuren’s monthly income does not usually meet his family's necessities. He wants to expand his business. He would like to buy a new car for his business. The price of the car is 5,000,000 MNT. He has prepaid 4,000,000 MNT for the car. Now he is requesting 1,000,000 MNT to pay off the rest. He is a calm and diligent man.
Previous Loan DetailsByambasuren is 20, single and lives with his parents and sister in Ulaanbaatar city in Mongolia. His father drives a truck, his mother is unemployed and his sister is a pharmacist. He started his taxi service business in 2009 with his own car. He loves his business. Now that winter is app... More from Byambasuren'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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- Repayment Term
- 14 months (Additional Information)
- Repayment Schedule
- Aug 9, 2012
- Sep 1, 2012
- Currency Exchange Loss:
- Sep 17, 2013
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.