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Update on Baasankhuu

Baasankhuu, 27 years old, lives with his wife in Ulaanbaatar, the capital city of Mongolia. Last year he began rendering taxi service to local people and is quite experienced at picking up customers, driving them quickly and shortening roads. Before the taxi business, he had worked at a petroleum importing company and due to hazardous work conditions he quit his job. Using his previous loan, he has finished building his house and now again he is requesting a loan in order to purchase a low pressure heater which is priced at 2,000,000 MNT. He thinks purchasing a heater will further reduce his coal consumption, which will greatly contribute to the efforts against air pollution as less coal burned means fewer pollutants released into the atmosphere. The borrower is a very hardworking individual who wants a comfortable and warm home before becoming a father.

Previous Loan Details

Mr. Baasankhuu, 26 years old, lives with his wife in Ulaanbaatar, capital city of Mongolia. He previously worked in a petroleum importing company but gave up his work due to the harmful working environment in 2010. Now he provides taxi service to local residents and his wife works in social netwo... More from Baasankhuu'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 purchase products for improving their heating and ventilation systems, reducing pollution and health problems caused by burning coal in the winter.

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.

About Mongolia

  • $5,900
    Average annual income
  • 11
    View loans »
    Mongolia Loans Fundraising
  • $15,437,650
    Funds lent in using Kiva
  • 1,446.5
    Mongolia Tugriks (MNT) = $1 USD

Success!! The loan was 100% repaid

A loan of $1,400 helped Baasankhuu to purchase a low pressure heater.
100% repaid
Repayment Term
15 months (Additional Information)
Repayment Schedule
Jun 27, 2013
Jul 19, 2013
Currency Exchange Loss:
Aug 17, 2014