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Otgonjargal

Update on Otgonjargal

Otgonjargal, 45 years old, lives with her husband and two children in Darkhan, second largest city of Mongolia. She and her husband have built their own house and ring fence parallel with her father’s fence. The house the family resides in is near to the road and, during day time, lots of passengers pass by. So, two years ago, they decided to open a grocery store and built it next to their house.

During summertime, Otgonjargal and her husband have lots of work since they are both specialized professionals in architecture. She makes decking of boardwalk and sells it to apartment owners.

Her elder daughter studies at a college which prepares seasoned, technical drafters. Also, the family plants vegetables on her father’s land and, in autumn, they harvest and sell their vegetables in their grocery store.

The house they live in has been deteriorated over two years, due to strong storms and floods and it needs some serious repair and expansion. So, Otgonjargal is requesting a loan of MNT 5,000,000 to purchase building materials, such as bricks, cement, boards, and metal.

As a result, the family can live in a comfortable and spacious place. The overall advantage of repairing the house is it enables the family to burn less coal, thus contributing to the efforts against air pollution. Otgonjargal is a very hard-working individual who strives for a better future.

Previous Loan Details

Mrs. Otgonjargal, forty-four, runs a grocery store in Darkhan, the second largest city in Mongolia. She lives with her parents-in-law and her husband and two children in her new house. Her husband plants vegetables in their backyard for their private use. She and her husband built a new house in ... More from Otgonjargal'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
  • 0
    View loans »
    Mongolia Loans Fundraising
  • $15,289,050
    Funds lent in using Kiva
  • 1,377.5
    Mongolia Tugriks (MNT) = $1 USD
Ended with Loss - Currency Exchange Loss learn more
A loan of $3,650 helped Otgonjargal to purchase building materials to repair and expand her home, such as bricks, cement, boards, and metal.
86% repaid
Repayment Term
26 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
Feb 22, 2013
Listed
Mar 1, 2013
Currency Exchange Loss:
Possible
Ended:
Mar 17, 2015