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Altanshagai
Mr. Altanshagai is 26 years old and lives with his wife, Uurintuya, and two-year-old son, Togsbileg, in an apartment in the Dornogovi province of Mongolia. He used to help his father to run a transportation service business, back and forth between the province and the province center. He has gained a lot of experience in long-distance driving with his father.

He has married and moved out of his parents' house, and now he is starting his own business providing transportation services, inter-city, to cover his family's living expenses. He is requesting a loan of 2,000,000 MNT. He will use the loan to purchase wheels and tires for his mini-van, with which he will provide inter-city, passenger transportation services. He is a hardworking, neat and responsible man.

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
  • 5
    View loans »
    Mongolia Loans Fundraising
  • $15,401,550
    Funds lent in using Kiva
  • 1,423.5
    Mongolia Tugriks (MNT) = $1 USD
Ended with Loss - Currency Exchange Loss learn more
A loan of $1,425 helped Altanshagai to purchase wheels and tires for his mini-van, which he will use to provide transportation services.
92% repaid
Repayment Term
14 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
Apr 30, 2013
Listed
May 17, 2013
Currency Exchange Loss:
Possible
Ended:
May 17, 2014