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Otgonbaatar

Update on Otgonbaatar

Otgonbaatar is 36 years old, married, and has two children. He lives in Ulaanbaatar, the capital of Mongolia. The family resides in a Mongolian traditional ger (portable felt dwelling) on his sister's plot of land. His wife has been working as a checker at a supermarket and recently has taken maternity leave. Otgonbaatar has a taxi service for local people, which he has been doing for four years.

Otgonbaatar is requesting a loan for 2,000,000 MNT, which he will use to purchase furniture such as a sofa, drawers, and chairs. As a result, his family can live in comfortable place. He is a very hardworking individual who strives for a better future.

Previous Loan Details

Mr. Otgonbaatar, 35, is a taxi driver. He has been running a taxi for 3 years. He lives with his family in the ger district (a Mongolian traditional nomadic tent district) in Ulaanbaatar, the capital city of Mongolia. Last autumn, he changed his car for a new one to expand his business opportunit... More from Otgonbaatar's previous loan »

Additional Information

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
  • 2
    View loans »
    Mongolia Loans Fundraising
  • $15,310,900
    Funds lent in using Kiva
  • 1,397.5
    Mongolia Tugriks (MNT) = $1 USD
Ended with Loss - Currency Exchange Loss learn more
A loan of $1,450 helped Otgonbaatar to purchase a sofa, drawers, and chairs.
88% repaid
Repayment Term
20 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
Apr 3, 2013
Listed
Apr 5, 2013
Currency Exchange Loss:
Possible
Ended:
Nov 17, 2014