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Altantsetseg

Update on Altantsetseg

Mrs. Altantsetseg, 34 years old, lives with her husband and eight year old son in Darkhan, the second largest city of Mongolia. They live in their own house on a plot of land.

She has been operating a bakery for fifteen years and people who taste her baked goods say it is the most delicious cake I have ever eaten. Her husband is on disability due to an accident at the factory and now he gets a state pension. She has used her previous loan to make an extension to her house and it has made the house more comfortable and warmer.

Now she is requesting a loan of 7000000 MNT to purchase and install an electric boiler into her house for heating. As a result, the family will be able to give up coal for heating and contribute to the efforts against air pollution as burning coal is the main source of air pollution in Mongolia.

The borrower is a very hardworking individual who wants her husband and son to live in a warm and comfortable place.

Previous Loan Details

Altantsetseg, 33, works as a master in the bakery house. She has been doing her job since 1999 nonstop and most of her customers say her baked creations are very delicious. She lives with her husband and her 7-year-old son in her small family house in Darkhan, the second largest city in Mongolia.... More from Altantsetseg'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.

About Mongolia

  • $2,175
    Average annual income
  • 2
    View loans »
    Mongolia Loans Fundraising
  • $15,310,900
    Funds lent in using Kiva
  • 1,489.5
    Mongolia Tugriks (MNT) = $1 USD
Paying Back - Currency Exchange Loss

This loan has been fully funded!

A loan of $4,700 helped Altantsetseg to purchase and install an electric boiler into her house.
39% repaid
Repayment Term
38 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
Jul 2, 2013
Listed
Aug 5, 2013
Currency Exchange Loss:
Possible