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Tomorhuyag is 55 years old. He lives with wife and 2 children in a ger in Hovd Province, Mongolia. His wife, Altanchimeg, operates small retail store in the local market. His 2 younger sons, Enhbold and Monh-Erdene, are university students. The borrower has been operating a blacksmith shop since 2000. His wife and he have obtained lot of experience within the industry and built strong relationships with customers over the years. He paid his 2 older children's tuition and living expenses, and they got married and moved out. He is now requesting 6,000,000 MNT to cover his 2 younger sons' university tuition fees and living expenses. He and his wife are hardworking, responsible, well-behaved people.

Additional Information

More information about this loan

This loan is part of XacBank's education program, designed to finance school tuition for students whose families have low incomes or work in informal sectors of the economy. Funds can be used for partial or complete payment of expenses related to secondary and higher education.

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
  • 1,397.6
    Mongolia Tugriks (MNT) = $1 USD

Success!! The loan was 100% repaid

A loan of $4,300 helped Tomorhuyag to cover his 2 younger sons' university tuition fees and living expenses.
100% repaid
Repayment Term
26 months (Additional Information)
Repayment Schedule
Nov 14, 2012
Dec 15, 2012
Currency Exchange Loss:
Sep 17, 2014