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Jargalsaikhan

Update on Jargalsaikhan

Mr. Jargalsaikhan, 35 years old, lives with his wife and three children in Ulaanbaatar, the capital city of Mongolia. The family lives in a Mongolian traditional ger (portable felt dwelling) on a plot of land.

Since 2005, he has been rendering taxi service to local people for living. His wife runs a cafeteria near his home and pays monthly rent to a landlord. Two of his children go to high school and one stays at home and helps her mother.

Now he is requesting a loan of 7,000,000 MNT (Mongolian tugriks) to purchase building and insulation materials in order to build a new house on the plot of land. Why he needs a new house is that during winter time, a Mongolian traditional ger can't protect his children from cold and as a result, his children got sick frequently last winter.

He has built a house foundation and done some other construction work, and if now he can buy necessary materials, he could finish his new house before winter, which will come to Mongolia in three months. He wants to welcome the new year with his family in a new comfortable and warm house full of joy and happiness.

More importantly, the new house will stop losing its heat and preserve energy and enable the family to burn less coal for heating, thus releasing less pollutants into air, contributing to the efforts against air pollution. The borrower is a very hardworking and caring person.

In the profile picture, you can see the borrower's tarnished and deteriorated portable felt dwelling.

Previous Loan Details

Mr. Jargalsaikhan, 32 years old, lives with his wife and three children in Ulaanbaatar, the capital of Mongolia. They live in a ger, a Mongolian traditional nomadic tent. In 2005, he started a taxi business using a car which he bought with a loan from KIVA. This is his fifth loan through Credit… More from Jargalsaikhan'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
  • 17
    View loans »
    Mongolia Loans Fundraising
  • $15,289,050
    Funds lent in using Kiva
  • 1,527.5
    Mongolia Tugriks (MNT) = $1 USD
Paying Back - Currency Exchange Loss

This loan has been fully funded!

A loan of $4,600 helped Jargalsaikhan to purchase building and insulation materials in order to continue building a house.
58% repaid
Repayment Term
28 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
Jul 8, 2013
Listed
Aug 14, 2013
Currency Exchange Loss:
Possible