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Amarjargal

Update on Amarjargal

Mr. Amarjargal is 35 years old and lives with his wife and three children in a Ger, a traditional nomadic tent, in Hovd province, Mongolia. His wife Shinehuu is currently unemployed and stays at home taking care of the family.

His two sons and daughter attend local schools. He lived in the countryside, breeding livestock until 2010. He started his taxi service business in town in 2010 with a second-hand Korean car, and have already built a regular client base.

He is now requesting 2,500,000 MNT to buy a better car to continue providing a taxi service business to provide a better living for his family. He is a hardworking, diligent and positive person.

Previous Loan Details

Amarjargal is 34 years old, married, and has three children, one of whom attends school. He lives in Western Mongolia. His wife is a door-keeper. He was a herder and in 2010, he moved to the province and started a taxi service. To run the business, he sold his livestock and bought an Excel van.… More from Amarjargal's previous loan »

Additional Information

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
  • 17
    View loans »
    Mongolia Loans Fundraising
  • $15,289,050
    Funds lent in using Kiva
  • 1,700.5
    Mongolia Tugriks (MNT) = $1 USD

Success!! The loan was 100% repaid

A loan of $1,475 helped Amarjargal to buy a better car to continue providing taxi service business and provide a better living for his family.
100% repaid
Repayment Term
23 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
Aug 18, 2013
Listed
Sep 23, 2013
Currency Exchange Loss:
Possible
Ended:
Nov 17, 2013
This photo was used before for a previous loan for Amarjargal. It was first posted on Kiva on Feb, 2012. Learn More