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Munhktsetseg

Update on Munhktsetseg

Munkhtsetseg is 37 years old and lives with her two children in their wooden house in Ulaanbaatar, the capital in Mongolia. Her home is located in a boundary area of the city with no running water, minimal roads and spotty electricity. Munkhtsetseg bought the house a couple of months ago. Even though her house is located far from the downtown, she loves it so much. Her children attend a public school.

Since March, Munkhtsetseg has been working as gas filler in a gas station. Her husband has worked as a contract worker in Korea since 2010, and every month he sends $250 to his family in Mongolia. Every day, Munkhtsetseg and her children ride two types of bus to reach their school and work; they spend three hours a day just on the way. Sometimes they need to wait for the right bus for an hour. She doesn’t want her children to stand waiting for a bus when the outside temperature reaches -20°C so Munkhtsetseg is asking for a 4,000,000 MNT loan to buy a used car that runs on gas. By buying a car, she can take her children to their school and home. Two months ago she received a driver's license.

Previous Loan Details

Mrs. Munkhtsetseg, 36, runs a rental grocery store. Actually she sells the beverages such as a vodkas and beers. She has been doing her business since last year, and she has enough experience to run this kind of business because she used to work as a seller in her friend’s store. Lately she… More from Munhktsetseg'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 Mongolia

  • $2,175
    Average annual income
  • 20
    View loans »
    Mongolia Loans Fundraising
  • $15,289,050
    Funds lent in using Kiva
  • 1,397.5
    Mongolia Tugriks (MNT) = $1 USD
Paying Back - Currency Exchange Loss

This loan has been fully funded!

A loan of $2,875 helped Munhktsetseg to buy a used-car.
78% repaid
Repayment Term
31 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
Oct 16, 2012
Listed
Nov 16, 2012
Currency Exchange Loss:
Possible