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Munhbat

Update on Munhbat

Mr. 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 Details

Munhbat, 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 »

Additional Information

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.

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.

About Mongolia

  • $5,900
    Average annual income
  • 2
    View loans »
    Mongolia Loans Fundraising
  • $15,398,050
    Funds lent in using Kiva
  • 1,387.5
    Mongolia Tugriks (MNT) = $1 USD
Ended with Loss - Currency Exchange Loss learn more
A loan of $2,175 helped Munhbat to purchase inventory to run his carpentry business smoothly without sudden pause in order to save for his children's future education.
92% repaid
Repayment Term
26 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
Dec 18, 2012
Listed
Jan 17, 2013
Currency Exchange Loss:
Possible
Ended:
Nov 17, 2013
This photo was used before for a previous loan for Munhbat. It was first posted on Kiva on Feb, 2012. Learn More