Mrs. Altanbayar is 44 years old, and lives with her husband and daughter in their wooden house in Ulaanbaatar, the capital of Mongolia. Her house is located in the boundary zone of the city, with no running water, minimal roads, and spotty electricity. Altanbayar's husband has physical challenges and receives 150 dollars per month from the government, as a disability pension. Her daughter studies at a secondary school. Her son has been working as a contract worker in Korea for several years, and every month he sends some money home for the family.
In 2010 Altanbayar built a 240-square-meter house with her son’s money, and split it into ten rooms for rent to students, who come from countryside. She manages this house and provides cleaning every day. Altanbayar receives 1,000,000 MNT (100,000 MNT per room), but she pays half of the income for heating and electricity. She uses a coal burning stove to heat the rental house. From the past years' experiences, she realized that using the coal burning stove is inconvenient. It generates harmful chemicals to the atmosphere, and needs to have fuel added every six hours. So Altanbayar is requesting a loan to buy and install a low-pressure furnace, to heat the rental house and to cut the usage of coal. By doing this she will save the environment, and at the same time she can save some of the money she would have spent for heating.
More information about this loan
This loan is part of Credit Mongol's green loan program, which helps clients to purchase products for improving their heating and ventilation systems, reducing pollution and health problems caused by burning coal in the winter.
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.