Monhbat is 27 years old and lives with his parents in a ger, a traditional nomadic yurt, in Suhbaatar province, Mongolia. His parents are retired and stay home.
Monhbat started his motorcycle repair service business in 2009. He provides well-experienced, reliable and welcoming service to his clients. He is now planning to purchase a car for 6,000,000 MNT and now needs extra investment of 2,000,000 MNT to make a purchase. He is requesting 2,000,000 MNT to purchase a car for his business use to reduce transportation expenses and increase his income.
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.