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Dambadarjaa

Update on Dambadarjaa

Mr. Dambadarjaa, 61 years old, lives with his wife, son, daughter, son-in-law and two grandchildren in Ulaanbaatar, capital city of Mongolia. The family resides in a house on a plot of land. He began transporting goods between cities in June and his son helps his father by finding clients and driving when he is tired. His daughter works at a beauty salon as a masseuse. His son-in-law renders taxi service to local people. His wife cleans houses for a living.

In spring just after the harsh winter period, he decided to build a new house on his land replacing his old wooden house which has deteriorated over the years and loses its heat easily through its walls and roof. Their old wooden house in the past years hasn't received any renovation and its wooden components all decayed and became beyond any repair. He has already built the house foundation but due to lack of finances, he hasn't begun other building work. So he is requesting a loan of 7,000,000 MNT to purchase bricks, cement, planks, fiberglass, vacuum-insulated windows, hardwood floors, shingles, foam and a iron door.

Using his purchased materials, he, together with his son and son-in-law, can build a high quality new house. The Important thing about building a new house is that it will allow the family to live in a more spacious and comfortable place where they will burn less coal for heating and release fewer pollutants into the air thus contributing to the efforts against air pollution. The borrower is a very hardworking individual who wants to see his grandchildren living happily.

Previous Loan Details

Dambadarjaa, 59, works as a watchman for a private company. He is also a driver. He worked as a driver for a public organization between 1981-1995 in rural areas, but he left his job due to illness. His salary is often not sufficient for his family's expenses. It is for this reason that he is pla... More from Dambadarjaa's previous loan »

Additional Information

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 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 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.

Tags

About Mongolia

  • $2,175
    Average annual income
  • 0
    View loans »
    Mongolia Loans Fundraising
  • $15,289,050
    Funds lent in using Kiva
  • 1,446.5
    Mongolia Tugriks (MNT) = $1 USD
Paying Back - Currency Exchange Loss

This loan has been fully funded!

A loan of $4,850 helped Dambadarjaa to purchase building materials.
68% repaid
Repayment Term
27 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
Jun 21, 2013
Listed
Jul 19, 2013
Currency Exchange Loss:
Possible