Update on MunhbatMr. Munhbat is 35 years old and lives with his wife and two children in an apartment in Hovd Province of Mongolia. His wife, Sarantuya, works at a local market as a saleswoman. His daughter, Amarzaya, age 13, and son, Amarbayasgalan, age 12, go to a local school.
Munhbat has been running his small carpentry business since 2004. He has built a strong relationship with his customers and suppliers and he is well-known in town for his qualified products.
Munhbat is now requesting 3,000,000 MNT to purchase inventory to run his carpentry business smoothly without sudden pause in order to save for his children's future education.
Munhbat is a well-behaved, hardworking and modest man.
Previous Loan DetailsMunhbat, a 35-year-old father of three children, all studying at the secondary school level, lives in Western Mongolia where he started working as a carpenter in 2004. During these years, he earned many regular customers making a variety of house furniture which his wife sells in the market. His ... More from Munhbat's previous loan »
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
- 26 months (Additional Information)
- Repayment Schedule
- Dec 18, 2012
- Jan 17, 2013
- Currency Exchange Loss:
- Nov 17, 2013
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.