Mr.Humar is 32 years old and lives with his wife and a daughter in a small house in Bayan-Ulgii province, Mongolia. His wife is unemployed and stays home taking care of the family; his daughter goes to the local primary school.
Humar graduated from college. Since job openings in Bayan-Ulgii are very rare and people tend to be self-employed with their own small businesses, he started his taxi service business in town. He has wanted to replace his car for a long time now but cannot afford to do so. He is requesting a loan of 1,200,000 MNT to purchase spare parts to maintain his car and continue his business with no sudden stops.
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.