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Nyambaatar
Mr. Nyambaatar is 26 years old and lives with his wife and a new born baby boy. They live in a Ger, a traditional nomadic yurt, on his uncle's plot of land in the Ih toiruu area of Ulaanbaatar city, Mongolia. His wife Ariunjargal is 20 and stays home taking care of their two-month-old son, Erdenebaatar.
Nyambaatar graduated from college as an excavator driver in 2007, and he has worked as a salesperson in the auto retail business since then. He has just started his tire service business to increase his income, in order to cover increased family expenses.
He is now requesting a loan of 7,000,000 MNT to purchase the necessary equipment and tools to start his business. He is dreaming about expanding his business, purchasing a plot of land, and building his own house.

Additional Information

More information about this loan

This loan is part of XacBank's startup loan program targeting loans to clients who are classified as very poor on the Progress out of Poverty Index (PPI). This program provides special training to startup loan recipients, and offers them an annual interest rate that is 2.4% to 3.6% lower than for standard loans. By funding this loan, you are supporting a program that helps borrowers get their businesses off the ground.

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.

Tags

About Mongolia

  • $2,175
    Average annual income
  • 6
    View loans »
    Mongolia Loans Fundraising
  • $15,337,175
    Funds lent in using Kiva
  • 1,680.7
    Mongolia Tugriks (MNT) = $1 USD
Paying Back - Currency Exchange Loss

This loan has been fully funded!

A loan of $4,175 helped Nyambaatar to purchase the necessary equipment and tools to start his business.
81% repaid
Repayment Term
26 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
Sep 30, 2013
Listed
Nov 3, 2013
Currency Exchange Loss:
Possible