Mr. Lutsuh is a 31-year-old man who lives with his wife and 2 children in Ger, a traditional nomadic yurt, in Uvurhangai Province, Mongolia. His wife, Zahhorloo, breeds their livestock and takes care of the family. His 2 children attend the local primary school and kindergarten, respectively.
Lutsuh has been providing a motorcycle taxi service in town since 2011. He purchased a secondhand car in 2012 to use as a taxi. He has increased his income over this period. His car requires lot of maintenance and he is now thinking of exchanging his car for a better one. He is requesting a loan of 1,000,000 MNT to purchase a secondhand car with better quality than his existing one. He will sell his existing car to help with the purchase.
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.