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Bayaraa

Update on Bayaraa

Mr. Bayaraa, 35, is an electrician and he has been doing this job since 2003 nonstop. He lives with his wife and his two children in her old house, which is located in the ger district, an area of the city with no running water, minimal roads, and spotty electricity. They live in Darkhan, the second largest city in Mongolia.

His house has some problems such as heat loss and damage to its roof, inside walls, etc. So he is planning to make repairs and insulation using rock wool, cement, and foam. As he thinks, his home will be warmer after the wall, roof insulation, and a new smart furnace are installed.

Although Mongolia has the lowest population density in the world, it is one of the most polluted countries in the world. This is due to the long and cold winters where temperatures frequently go below -40C (-40F) even in the cities. Also, in winter, many parts of the country are extremely cold and are known to have snow storms. Both homes and nomadic tents burn a lot of fuel and emit huge amounts of pollution every night from families just trying to stay warm. As well, the extremely toxic smoke from the cars is one of main reasons for Mongolian hard air pollution.

In response to this, Credit Mongol offers Green Loans to their clients to make home improvements that reduce heat loss and improve heating systems, and to buy the cars that run on natural gas. The loan Bayaraa is taking will used to buy some building materials for his home repair.

Previous Loan Details

Mr. Bayaraa, 35, is an electrician in the power plant in Darkhan, the second largest city in Mongolia. His salary is not so high and it does not usually meet his family's needs. He lives with his wife and his two children in their old house. His wife is a pharmacist, but she still has not been em... More from Bayaraa'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
  • 0
    View loans »
    Mongolia Loans Fundraising
  • $15,289,050
    Funds lent in using Kiva
  • 1,382.0
    Mongolia Tugriks (MNT) = $1 USD

Success!! The loan was 100% repaid

A loan of $600 helped Bayaraa to buy some building materials for his home repair.
100% repaid
Repayment Term
14 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
Sep 4, 2012
Listed
Sep 20, 2012
Currency Exchange Loss:
Possible
Ended:
Feb 15, 2013
This photo was used before for a previous loan for Bayaraa. It was first posted on Kiva on Jun, 2012. Learn More