Update on BayarsaikhanMr. Bayarsaikhan, 47 years old, lives with his wife and daughter in Ulaanbaatar, the capital city of Mongolia. The family resides in a Mongolian traditional ger (portable felt dwelling), on a plot of land. He has been rendering taxi services to local people for eleven consecutive years and accumulated a vast amount of experience. His wife purchases fruits from an outdoor market at wholesale prices, and sells them to local people at retail prices.
Even though the ger they live in has been insulated and renovated, the family is not sure whether it can shelter them properly from strong storms and frosts, during harsh winter times. So Bayarsaikhan decided to build a house, which will have vacuum-insulated windows, hardwood floors, hard steel roofing and brick walls. In order to build his dream house, he is requesting a loan of 6,900,000 MNT. He will use this amount to purchase building and insulation materials, such as planks, bricks, iron, fiberglass, foam and gypsum. Using those materials, he can build his own house, which will enable the family to live in a comfortable and warm place during harsh winter times. More importantly, this dream house will contribute to the efforts against air pollution, because the family will burn less coal and emit less smoke. The borrower, one of our reliable clients, used his previous loan for ger insulation as expected, and he paid each installment at the scheduled time, without delay.
Previous Loan DetailsBayarsaikhan is 45 years old. He is a taxi driver around Ulaanbaatar, the capital city of Mongolia. He has been running his business since 2002. Bayarsaikhan lives with his 2 children and wife in a ger, a nomadic Mongolian traditional tent, which is located in the ger district of Ulaanbaatar.… More from Bayarsaikhan's previous loan »
More information about this loan
This loan is part of Credit Mongol's green loan program, which helps clients to gain access to electricity through solar panel kits, as well as other products for improving their heating and ventilation systems, reducing pollution and health problems caused by burning fuel.
About Credit MongolCredit 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.
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This loan has been fully funded!