Mr. Batbaatar, 48 years old, lives with his wife and two daughters in Ulaanbaatar, the capital city of Mongolia. The family resides in a Mongolian traditional five-walled ger (portable felt dwelling) on a plot of land. His wife renders tailoring service to the local people, and before doing this, she worked as a janitor at a kindergarten. His eldest daughter is studying at college to become an elementary school teacher. His four-year-old daughter goes to kindergarten. He himself at one time held the position of driver at a private business entity. In 2012, he began rendering taxi services to the local people, and this was a better income generator compared to his full-time driver position. The automobile he uses for taxi service has been damaged and needs some serious repairs. So, he is requesting a loan of 1,000,000 MNT to cover the costs of purchasing spare parts and changing the front side of his car. As a result, he will be able to continue to use his car for taxi services, thereby generating income for his family. The borrower is a very hardworking individual who strives for a better life.
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.