Update on MyagmarjavMyagmarjav is 27 years old and lives with his wife and 3 daughters in Ger in the Uvs province of Mongolia. He got a job at local private company. His wife still runs a tailor service at home and takes care of their daughters. Myagmarjav is planning to run the taxi service during his off-duty time to increase his family's income. He is a diligent and hardworking man. He is now requesting a loan of 1,500,000 MNT to purchase a second hand car to start his taxi service business in town. He also drives his daughters to school and kindergarten on the way to work in the mornings, while his wife is busy with her tailoring business at home.
Previous Loan DetailsMyagmarjav is 27 years old. He lives with his wife and three daughters in Ger in Uvs Province, Mongolia. His wife, Gerelmaa, stays home and takes care of their newborn baby daughter Badamhatan, age 1. His daughter Altantuya, age 6, goes to the local primary school, and Saruul goes to kindergarten... More from Myagmarjav's previous loan »
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 XacBankThis 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.
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.
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- Repayment Term
- 26 months (Additional Information)
- Repayment Schedule
- May 2, 2013
- May 16, 2013
- Currency Exchange Loss:
- Oct 2, 2014
Photo from previous loan
Kiva allows our Field Partners to re-use the same photo for individual borrowers that have been posted on Kiva's website once before in a 24 month period, and we allow them to re-use group photos for up to 24 months, provided that 80% of the current group's membership is represented.
Taking, collecting, and uploading photos of borrowers is one of the most challenging elements of using Kiva for our Field Partners. In order to make Kiva easier for Field Partners to use, we have allowed them to post successive and concurrent loans without taking a new photo of the borrower if the criteria above are met.