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Yumjargal
Mr.Yumjargal is 33 years-old and lives with his wife and three children in Ger in Uvs province. His wife, Narantuya, is a construction designer and works part-time at a private construction company. His son Dashnyam, age nine, goes to a local primary school and daughter Nomin-Erdene, age five, and son Bat-Orgil, age three, go to a local kindergarten.

The borrower is an interior designer and also works part-time at private company from April to October. He is now planning to start a taxi service business within the area and is requesting a loan of 1'500'000MNT in order to purchase a used car to start his taxi service business. He is a hardworking and diligent man.

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
  • 20
    View loans »
    Mongolia Loans Fundraising
  • $15,289,050
    Funds lent in using Kiva
  • 1,387.8
    Mongolia Tugriks (MNT) = $1 USD

Success!! The loan was 100% repaid

A loan of $1,100 helped Yumjargal to purchase a used car to start a taxi service business.
100% repaid
Repayment Term
26 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
Nov 26, 2012
Listed
Dec 25, 2012
Currency Exchange Loss:
Possible
Ended:
Mar 15, 2013