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Mrs. Garamhand is 32 years old and lives with her husband and three children in a Ger in the Bayanhoshuu area of Ulaanbaatar, Mongolia. Her husband Anhbayar, age 31, runs a taxi service business in town. Her daughter Myagmarsuren, age 13, and sons Azjargal, age 9, and Elbegbayar, age 5, go to local schools and kindergarten. The borrower has been working at local cafeteria since 2010. Her family moved to the city one and half years ago. Her husband's car has been broken for while and they needed 1,500,000 MNT to fix the car and purchase spare parts in order to provide the taxi service business smoothly with no pause. Both the borrower and her husband are hardworking people.

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.

About Mongolia

  • $5,900
    Average annual income
  • 11
    View loans »
    Mongolia Loans Fundraising
  • $15,444,050
    Funds lent in using Kiva
  • 1,387.5
    Mongolia Tugriks (MNT) = $1 USD

Success!! The loan was 100% repaid

A loan of $1,100 helped Garamhand to fix the car and purchase spare parts in order to provide the taxi service business smoothly with no pause.
100% repaid
Repayment Term
15 months (Additional Information)
Repayment Schedule
Feb 28, 2013
Apr 17, 2013
Currency Exchange Loss:
Jan 17, 2014