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Bayasgalan

Update on Bayasgalan

Mr.Bayasgalan is 30 years old, and lives with his parents in a ger in the Hovd province of Mongolia. His parents are retired, and stay home.

The borrower has been working as driver with his own transportation company since 2006. He is now needs to replace his vehicle in order to continue his business of public transportation in town.

Bayasgalan is requesting 5,000,000MNT to purchase a large truck for his transportation service business.

He is a hardworking, friendly, and diligent man.

Previous Loan Details

Bayasgalan is a 30-year-old man who lives with his parents in Hovd province in Western Mongolia. He started an intercity transportation business in 2006. He drives between the capital city and Hovd province. Previously, he worked as an assistant driver for a company. The advantages he has in ... More from Bayasgalan's previous loan »

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.

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

  • $2,175
    Average annual income
  • 0
    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 $3,625 helped Bayasgalan to purchase a large truck for his transportation service business.
90% repaid
Repayment Term
25 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
Jan 18, 2013
Listed
Feb 17, 2013
Currency Exchange Loss:
Possible
Ended:
Sep 22, 2014
This photo was used before for a previous loan for Bayasgalan. It was first posted on Kiva on Mar, 2012. Learn More