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Mr. Erelhegmongol is 25 years old lives with his mother in a small house in Songinohairhan district of Mongolia. His mother helps him to restart his father's public transportation service. His father used to be a public transportation driver. He passed away a year ago. He has inherited his father's old car that is broken, and he is not be able to provide transportation business with it. So, he is now requesting MNT 3,900,000 to purchase a better second-hand car to provide transportation service to local customers. He is an honest and diligent 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

  • $5,900
    Average annual income
  • 0
    View loans »
    Mongolia Loans Fundraising
  • $15,491,375
    Funds lent in using Kiva
  • 1,392.5
    Mongolia Tugriks (MNT) = $1 USD

Success!! The loan was 100% repaid

A loan of $2,825 helped Erelhegmongol to purchase a better second-hand car to provide transportation service to local customers.
100% repaid
Repayment Term
27 months (Additional Information)
Repayment Schedule
Oct 23, 2012
Nov 22, 2012
Currency Exchange Loss:
Sep 17, 2014