Update on ErdenebatMr. Erdenebat, who is 52 years old, lives with his wife, daughter and grandchild in Ulaanbaatar, the capital city of Mongolia. His son lives separately from his parents and using his previous loan Mr Erdenebat had purchased a Mongolian traditional portable felt dwelling as a wedding gift to his son and daughter-in-law. His daughter studies at a medical college. During this time period, the final exams of universities begin and the university administration demands its students to pay the remaining tuition fee. He is therefore requesting a loan of 1,700,000 MNT in order to pay for his daughter's university tuition fee. As a result, his daughter will be able to sit her final exams and advance to the next grade. The borrower is a very hardworking individual who strives for a better future.
Previous Loan DetailsMr. Erdenebat is 50 years old.. He is a taxi driver in the city of Ulaanbaatar. He has a son and daughter. He has been running a taxi service since 2002 and his daily income is not enough for his life. In this year, his son Khishigbaatar is going to marry and will be living separately. So his… More from Erdenebat's previous loan »
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.
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