Update on GantumurGantumur is 61 years old. He lives with his wife and youngest daughter in the Dornod province of Mongolia. His wife, Suren, helps him to run his own butcher shop business at a local market. His daughter, Batzolboo, age 24, goes to the university.
For years, Gantumur had been working as an assistant worker of a butcher shop. After he retired, he started his own meat retailer and butcher shop business. His son has a truck and he buys cattle and other herds to let his parents, especially his mother, produce meat products, etc.
Gantumur is now requesting MNT 3,000,000 to pay for his daughter's tuition fee and living expenses for the next semester. Gantumur's daughter, Batzolboo, is a hard-working and welcoming woman.
Previous Loan DetailsGantumur is 61 years old and lives with his wife and son in a house in Dornod province in Mongolia. His son, who is 24 years old, attends college. Gantumur manages a meat trading business from a rented stall at a trading center in his town. He started his business after working as a butcher for… More from Gantumur's previous loan »
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 XacBankThis 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.
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.
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- Repayment Term
- 20 months (Additional Information)
- Repayment Schedule
- Nov 25, 2012
- Dec 24, 2012
- Currency Exchange Loss:
- Feb 17, 2014
Photo from previous loan
Kiva allows our Field Partners to re-use the same photo for individual borrowers that have been posted on Kiva's website once before in a 24 month period, and we allow them to re-use group photos for up to 24 months, provided that 80% of the current group's membership is represented.
Taking, collecting, and uploading photos of borrowers is one of the most challenging elements of using Kiva for our Field Partners. In order to make Kiva easier for Field Partners to use, we have allowed them to post successive and concurrent loans without taking a new photo of the borrower if the criteria above are met.