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Update on Lkhagva

Mr. Lkhagva, who is 43 years old, lives with his wife and children in Darkhan, which is the second largest city of Mongolia. The family resides in their own house on a plot of land. Before moving to the house, they resided in a traditional Mongolian ger (portable felt dwelling) on another person's land. His elder daughter studies at the university of technology. His older son has graduated from his vocational course and now works as an electrician in Ulaanbaatar, the capital city of Mongolia. His younger daughter goes to high school while his youngest child attends kindergarten. Since 2006, he has begun rendering transportation services to local people using his own mini-van. In 2010, he purchased another mini-van and paid its' full price in January, 2011. In February, 2012 he rented another mini-van and employed one driver. His wife helps him by executing the role of money collector. This time of year, the price of automobiles is usually low compared with other seasons so he is requesting a loan of 6800000 MNT to purchase a car which runs on natural gas. The advantage of a car which runs on natural gas is that it emits less smoke and generates only harmless chemicals to atmosphere. The borrower is a very hardworking individual who is responsible and reliable. Purchasing a natural gas powered automobile is definitely reflective of his responsibility in all aspects.

Previous Loan Details

Mr. Lkhagva is 41 years old and lives with his wife and children in their own house in Darkhan – the second largest city in Mongolia. He runs a transportation business with his minivan and has been in this business since 2006. That year, he bought his second minivan to expand his business. Also, ... More from Lkhagva's previous loan »

Additional Information

More information about this loan

This loan is part of Credit Mongol's green loan program, which helps clients to purchase products for improving their heating and ventilation systems, reducing pollution and health problems caused by burning coal in the winter.

About Credit Mongol

Credit Mongol is the largest non-banking financial institution (NBFI) in Mongolia. Its mission is to contribute to the prosperity of Mongolians by providing high-quality, affordable and varied financial services to micro-entrepreneurs and small-to-medium-sized businesses. It prioritizes serving remote, rural populations that have typically lacked access to credit and other financial services. Uniquely, it offers solar panel loans to nomadic herders, most of whom live without electricity.

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
  • 0
    View loans »
    Mongolia Loans Fundraising
  • $15,491,375
    Funds lent in using Kiva
  • 1,387.5
    Mongolia Tugriks (MNT) = $1 USD
Paying Back - Currency Exchange Loss

This loan has been fully funded!

A loan of $4,925 helped Lkhagva to purchase an automobile which runs on natural gas.
86% repaid
Repayment Term
38 months (Additional Information)
Repayment Schedule
Jan 17, 2013
Jan 18, 2013
Currency Exchange Loss: