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Buyanjargal
Mr. Buyanjargal is 26 years old and lives with his wife and son in Ger in Uvurhangai Province of Mongolia. His wife works at a local market as a saleswoman, and now she is on maternity leave and taking care of their newborn baby boy, Gan-Erdene, 3 months old. This borrower used to be a herdsman. He moved to the province center in 2010 and worked in various industries. He started his business of a taxi service in town with a motorcycle last year. His motorcycle has been broken several times, and he is planning to replace it with a better one. He is now requesting 800,000 tugriks to purchase a secondhand motorcycle to run his business smoothly. He is a hardworking and diligent man who says, "I need to work even harder since we have a newborn baby and my wife is on maternity leave."

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

  • $5,900
    Average annual income
  • 2
    View loans »
    Mongolia Loans Fundraising
  • $15,397,050
    Funds lent in using Kiva
  • 1,387.5
    Mongolia Tugriks (MNT) = $1 USD
Ended with Loss - Currency Exchange Loss learn more
A loan of $600 helped Buyanjargal to purchase a secondhand motorcycle to run his transportation business smoothly.
90% repaid
Repayment Term
25 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
Dec 24, 2012
Listed
Jan 22, 2013
Currency Exchange Loss:
Possible
Ended:
Dec 17, 2014