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Otgonbayar
Mr.Otgonbayar is 42 years old. He lives with his wife and 2 children in small apartment in Selenge Province, Mongolia. His wife Tsatsral is a pediatrician at the province's central hospital. His 2 children, Temuujin (19) and Tuvshinbayar (13), are university and secondary school students. He has worked at a retail stall selling shoes since 2008 and he has obtained lot of experience about which suppliers, customers and products he needs to focus more on. He is now planning to open his own shoe store in a local market. He is requesting a loan of 3500000 MNT to purchase his initial inventory from Erlian, China. He is a diligent, well-behaved and hardworking person.

Additional Information

More information about this loan

This loan is part of XacBank's startup loan program targeting loans to clients who are classified as very poor on the Progress out of Poverty Index (PPI). This program provides special training to startup loan recipients, and offers them an annual interest rate that is 2.4% to 3.6% lower than for standard loans. By funding this loan, you are supporting a program that helps borrowers get their businesses off the ground.

About XacBank

This 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.

About Mongolia

  • $2,175
    Average annual income
  • 6
    View loans »
    Mongolia Loans Fundraising
  • $15,337,175
    Funds lent in using Kiva
  • 1,389.9
    Mongolia Tugriks (MNT) = $1 USD

Success!! The loan was 100% repaid

A loan of $2,525 helped Otgonbayar to purchase his initial shoe inventory from Erlian, China.
100% repaid
Repayment Term
20 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
Oct 21, 2012
Listed
Nov 19, 2012
Currency Exchange Loss:
Possible
Ended:
Jun 22, 2013