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Mrs. Garmaa is 43 years old, and she lives with her husband and three children in a ger, in the Bayanhoshuu area of Ulaanbaatar, Mongolia. Her husband, Olziisaihan, works at a mining company as a driver. Her daughter, Davaajargal, age 20, is a university student. Oyun-Erdene, age 14, and son Gan-Erdene, age 8, go to local schools.

Borrower has been running a small retail store, in a rented place, for six years. She has gained a lot of experience and built close relationships with customers and suppliers over the years. She is now requesting a loan of 800,000 MNT to pay her daughter's university tuition. She is a hard-working, optimistic and neat woman.

Additional Information

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 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
  • 17
    View loans »
    Mongolia Loans Fundraising
  • $15,459,050
    Funds lent in using Kiva
  • 1,396.5
    Mongolia Tugriks (MNT) = $1 USD

Success!! The loan was 100% repaid

A loan of $575 helped Garmaa to pay her daughter's university tuition.
100% repaid
Repayment Term
13 months (Additional Information)
Repayment Schedule
Feb 17, 2013
Mar 19, 2013
Currency Exchange Loss:
Sep 25, 2013