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Tuvshin-Engel

Update on Tuvshin-Engel

Mrs. Tuvshin-Engel is 54 years old and lives with her 2 children and her husband in a house in Uvs province in Mongolia. Her husband Damjin provides transportation services, her son serves in the military, and her daughter is a university student. Mrs. Tuvshin-Engel has been providing cobbler services at home for years and has regular clients. She is now requesting a loan of 7,000,000 Mongolian tugriks (MNT) to help her husband purchase a large amount of prepared planks and transport them to town for sale to local customers as a line of new business during the fall, when it's the high season for residents to build houses before winter and insulate their existing houses. Mrs. Tuvshin-Engel and her husband are hardworking, thoughtful, and diligent people.

Previous Loan Details

Tuvshin-Engel is 54 years old lives with her husband and two children in a small house in Uvs province of Mongolia. Her husband, Damjin, provides transportation service to the city from a coal mining site. Her son, Baljinnyam, is in military service and daughter Tsegmed has graduated secondary sc... More from Tuvshin-Engel's previous loan »

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.

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.

Tags

About Mongolia

  • $2,175
    Average annual income
  • 2
    View loans »
    Mongolia Loans Fundraising
  • $15,307,900
    Funds lent in using Kiva
  • 1,702.0
    Mongolia Tugriks (MNT) = $1 USD
Paying Back - Currency Exchange Loss

This loan has been fully funded!

A loan of $4,125 helped Tuvshin-Engel help her husband purchase a large amount of prepared planks and transport them to town for sale to local customers.
68% repaid
Repayment Term
32 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
Aug 17, 2013
Listed
Sep 20, 2013
Currency Exchange Loss:
Possible
This photo was used before for a previous loan for Tuvshin-Engel. It was first posted on Kiva on Aug, 2013. Learn More