Update on TungalagMrs. Tungalag is 43 years old and lives with her husband and two sons in a ger in the Bayanhongor province of Mongolia. Her husband, Tuvshinjargal, age 45, works as a driver for a mining company. Her sons, Altangerel, age 22, and Nemehbayar, age 18, are university students. The borrower has been running her clothing sales business at a rental counter of the local market since 2002. She has gained a lot of experience and regular customers over the years. She is now requesting 3,000,000 MNT to pay for her sons' university tuitions and dormitory fees in Ulaanbaatar City. She is a hardworking, modest, and responsible woman.
Previous Loan DetailsTungalag H. is a 41-year-old and lives with her husband two sons in the Bayanhongor province of Mongolia. She and her family live in a ger, a traditional Mongolian nomadic home tent. Her oldest son is 20 years old and currently serves in the Mongolian military while her youngest son, age 16, atte... More from Tungalag's previous loan »
More information about this loan
This loan is part of XacBank's education program, designed to finance school tuition for students whose families have low incomes or work in informal sectors of the economy. Funds can be used for partial or complete payment of expenses related to secondary and higher education.
About XacBankThis 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.
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