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Bayar

Update on Bayar

Bayar, 47, lives with his wife, daughter and son in Ulaanbaatar, the capital city of Mongolia. The family lives in a traditional ger (portable felt dwelling) on rented land. During warmer periods of the year his wife makes interior decoration of house and do works at construction site on a contract basis with private businesses. His son previously worked as a security guard, and in 2010 he began to work as a service man at an auto repair garage. His daughter studies at university.

Bayar trucks goods between districts. From 2005 to 2010 he bought and sold livestock hides and buffs (A soft, thick, undyed leather made chiefly from the skins of buffalo, elk, or oxen). He recently bought some land and wants to fence it. So he is requesting a loan of 2,500,000 MNT through Credit Mongol to buy wood planks. Using these planks he can fence his land as protection against outsiders as well as serve as a symbol of ownership. The borrower is a very hardworking individual who cares deeply for his family.

Previous Loan Details

Bayar N. is 44 years old and lives with his wife and two children in Ulaanbaatar, Mongolia. He and his family live together in a relative’s ger, the Mongolian nomadic tent. His younger daughter Munkhzul is 17 years old and attends a secondary school. His wife Sarantuya is a builder, decorator. Hi... More from Bayar'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 Mongolia

  • $5,900
    Average annual income
  • 2
    View loans »
    Mongolia Loans Fundraising
  • $15,398,050
    Funds lent in using Kiva
  • 1,407.5
    Mongolia Tugriks (MNT) = $1 USD
Ended with Loss - Currency Exchange Loss learn more
A loan of $1,800 helped Bayar to buy wood planks to fence his land.
92% repaid
Repayment Term
14 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
Apr 12, 2013
Listed
May 6, 2013
Currency Exchange Loss:
Possible
Ended:
May 17, 2014