Update on MunhbatMunhbat is 47 years old and lives with his wife and son in a ger in Hovd province, Mongolia. He is a hard-working and modest person. His wife, Tsengel, aged 46, works with her husband at a local market selling firewood and coal at retail prices. His son, Buyanbat, is a university student.
Munhbat and Tsengel also work seasonally at construction sites during summer. They started their coal and firewood retail business in the local market in 2006. His oldest son has graduated from university, has married and lives separately. Munhbat is now requesting a loan of 1,000,000 MNT to pay his other son's university tuition and other school fees.
Previous Loan DetailsMunhbat is 46 years old and lives with his two children and wife in a house in Hovd province of Mongolia. He remarried in 2010 after his first wife died. His two children are college students. Munhbat started to sell wood and coal at the local market in 2006. He has many regular clients after… More from Munhbat'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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Success!! The loan was 100% repaid