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Nyamtseren
Nyamtseren is 42 years old and lives with his wife and 2 children in a Ger, a traditional nomadic tent house, in Uvs province, Mongolia. His wife Doljmaa stays home and takes care of their 2-year-old son while her older son attends the local school.

Nyamtseren has been providing a friendly taxi service in town for 3 years and has already built a client base. He is well-known among his clients as a reliable and skilled driver. He is requesting a loan of 4,250,000 MNT to purchase a small Hyundai truck, which consumes less fuel than other trucks, to start providing transportation service. He is hardworking and diligent man.

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
  • 0
    View loans »
    Mongolia Loans Fundraising
  • $15,289,050
    Funds lent in using Kiva
  • 1,697.8
    Mongolia Tugriks (MNT) = $1 USD
Paying Back - Currency Exchange Loss

This loan has been fully funded!

A loan of $2,525 helped Nyamtseren to purchase a small Hyundai truck, which consumes less fuel than other trucks, to start providing transportation service.
49% repaid
Repayment Term
36 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
Oct 13, 2013
Listed
Nov 14, 2013
Currency Exchange Loss:
Possible