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Jargalsaikhan

Update on Jargalsaikhan

Mr. Jargalsaikhan is 50 years old and lives with his wife and son in Ulaanbaatar, the capital city of Mongolia. The family resides in a traditional Mongolian ger (portable felt dwelling) on a plot of land. His wife works as a nursing officer at a private hospital. He has been providing transportation services to local people using his own minivan since 2006. The minivan he uses for transportation is purchased with a leasing service. His son is 12 years old and goes to high school. Last year he began building a large family house on the plot of land. The house will be complete this summer because using his previous loan he purchased cement, bricks, planks and sand. However due to a lack of finances, he can’t afford to pay all the construction costs. He is now requesting a loan of 4,150,000 MNT to cover the costs related to building his house. These costs include but are not limited to paying workers, installing a heating and conditioner system and connecting to an electricity line. As a result, he and his family will be able to live in their long awaited house with happiness. Most importantly, the high quality house will have an impact on coal usage due to its heat preserving feature. Burning less coal has considerable positive effects on efforts against air pollution.

Previous Loan Details

Mr. Jargalsaikhan is 48 years old and lives with his wife and son in Ulaanbaatar, the capital city of Mongolia. His eldest daughter is married and lives separately with her family. Jargalsaikhan is a driver and runs a transportation business. He owns a minivan and transports people on one of the… More from Jargalsaikhan'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 gain access to electricity through solar panel kits, as well as other products for improving their heating and ventilation systems, reducing pollution and health problems caused by burning fuel.

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 Housing Loans

Many poor families cannot afford housing that meets their needs. When you make a housing loan on Kiva, you give people access to flexible capital to obtain or improve their homes. Better housing means better health, sanitation, and even educational outcomes for children. A house can also be much more for entrepreneurs who run businesses out of their homes. In this way, housing and small business loans on Kiva share a common purpose: to alleviate poverty and enable families to enjoy more stable lives.

About Mongolia

  • $2,175
    Average annual income
  • 18
    View loans »
    Mongolia Loans Fundraising
  • $15,289,050
    Funds lent in using Kiva
  • 1,387.5
    Mongolia Tugriks (MNT) = $1 USD
Ended with Loss - Currency Exchange Loss learn more
A loan of $3,000 helped Jargalsaikhan to cover the cost of workers, installing a heating system and connecting to an electric system.
91% repaid
Repayment Term
18 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
Jan 11, 2013
Listed
Jan 22, 2013
Currency Exchange Loss:
Possible
Ended:
Jun 17, 2014