Update on AmarjargalMr. 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 DetailsAmarjargal 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 »
About XacBankThis 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.
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Success!! The loan was 100% repaid
- Repayment Term
- 23 months (Additional Information)
- Repayment Schedule
- Aug 18, 2013
- Sep 23, 2013
- Currency Exchange Loss:
- Nov 17, 2013
Photo from previous loan
Kiva allows our Field Partners to re-use the same photo for individual borrowers that have been posted on Kiva's website once before in a 24 month period, and we allow them to re-use group photos for up to 24 months, provided that 80% of the current group's membership is represented.
Taking, collecting, and uploading photos of borrowers is one of the most challenging elements of using Kiva for our Field Partners. In order to make Kiva easier for Field Partners to use, we have allowed them to post successive and concurrent loans without taking a new photo of the borrower if the criteria above are met.