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Update on Gantugs

Mr. Gantugs, 35 years old, lives with his wife and three children in Ulaanbaatar, the capital city of Mongolia. The family resides in their own house on a plot of land. His wife works as a nursing officer at a rehabilitation center. His two sons, 15 and 10 years old study in ninth and seventh grade respectively. His only daughter who is three years old stays at home. He himself has been working as a stonemason for the Mongolian Stonemason Association since 2000 and has accumulated a vast amount of experience in this art. The house they live in has deteriorated and needs some serious repair. Using his previous loans, he almost finished renovating his house. Now only some interior repair work such as ceiling installation, wallpaper decoration, etc. remains. So he is requesting a loan of 1500000 MNT to cover the costs of building materials such as wallpapers, emulsion and glue. As well as payment for the repair work. Then the family can live in a comfortable, warm house. They will be able to burn less coal thus contributing to the efforts against air pollution. The borrower is a very hardworking individual who wants to improve his family’s living standard as well as invest in his children’s education.

Previous Loan Details

Mr. Gantugs is a 33-year-old stone worker. He lives with his wife, Ariunzaya, and 3 children in Ulaanbaatar, the capital city of Mongolia. His eldest two children attend a local secondary school. His wife works at a rehabilitation center as a nurse. Gantugs is member of the Mongolian stone workers… More from Gantugs'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
  • 17
    View loans »
    Mongolia Loans Fundraising
  • $15,289,050
    Funds lent in using Kiva
  • 1,387.6
    Mongolia Tugriks (MNT) = $1 USD
Ended with Loss - Currency Exchange Loss learn more
A loan of $1,100 helped Gantugs to purchase building materials such as emulsion, wallpapers and glues to finish interior renovations.
94% repaid
Repayment Term
14 months (Additional Information)
Repayment Schedule
Feb 8, 2013
Feb 15, 2013
Currency Exchange Loss:
Mar 17, 2014