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Mr. Chinzorig is 25 years old and lives with his wife and daughter in a ger, a traditional nomadic tent, in the Uvs province of Mongolia. His wife, Oyun-Erdene, runs a small clothes retail business from a rental counter in a local market while she takes care of their new born baby daughter, Aminhuslen, age 1.

Chinzorig has been providing an inter-city transportation service with his brother's van and getting paid since 2010. He has already built a close relationship with his clients. He is now requesting a loan of 6,000,000 MNT to purchase a secondhand Russian van to start providing his own inter-city transportation service. He is a hardworking and energetic young man.

Additional Information

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 XacBank

This 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.

About Mongolia

  • $5,900
    Average annual income
  • 11
    View loans »
    Mongolia Loans Fundraising
  • $15,448,550
    Funds lent in using Kiva
  • 1,489.5
    Mongolia Tugriks (MNT) = $1 USD

Success!! The loan was 100% repaid

A loan of $4,050 helped Chinzorig to purchase a second hand Russian van to start providing his own inter-city transportation service.
100% repaid
Repayment Term
8 months (Additional Information)
Repayment Schedule
Jul 7, 2013
Aug 12, 2013
Currency Exchange Loss:
Mar 17, 2014