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Narmandakh

Update on Narmandakh

Narmandakh, 32 years old, lives with his wife and two children in Ulaanbaatar, the capital city of Mongolia. He has been providing taxi services to local people since 2004. His wife runs a grocery store. Narmandakh is requesting a loan of 2,000,000 MNT to buy spare parts to repair his automobile. Recently, his car has deteriorated due to inadequate road maintenance and snow. It is necessary for him to repair his automobile, as it is the main source of income for his family. The borrower is a very hardworking individual who strives for a better future.

Previous Loan Details

Mr. Narmandakh is 31 years old and lives with his wife and two children in Ulaanbaatar, which is the capital city of Mongolia. The family resides in traditional Mongolian ger (portable felt dwelling) on a plot of land. In May of 2012, his wife rented a grocery store and the business is prospering... More from Narmandakh's previous loan »

Additional Information

About Credit Mongol

Credit Mongol is the largest non-banking financial institution (NBFI) in Mongolia. Its mission is to contribute to the prosperity of Mongolians by providing high-quality, affordable and varied financial services to micro-entrepreneurs and small-to-medium-sized businesses. It prioritizes serving remote, rural populations that have typically lacked access to credit and other financial services. Uniquely, it offers solar panel loans to nomadic herders, most of whom live without electricity.

Concurrent and Successive Loans

Our Field Partners often work with borrowers over a series of loans as the borrowers build credit, take out bigger loans, and expand their businesses. In order to make it easier for our Field Partners to post loans for borrowers who have been listed on Kiva before, we allow them to post successive and concurrent loans for their Kiva borrowers. This means that our Field Partners are able to post a borrower's second, third, etc., loan on Kiva without having to re-enter all of the borrower's information.

This borrower has been listed on Kiva before, so you'll see an updated loan description, as well as excerpts of the original descriptions from earlier loans. Most borrowers take out loans consecutively, meaning that they receive a second loan after having repaid the first. However, sometimes our Field Partners give out concurrent loans, allowing borrowers to take out one primary loan and a secondary "add-on" loan along with it. These "add-on" loans are typically smaller than the borrower's primary loan and serve a different purpose. Because Field Partners can now post loans as successive and concurrent loans, you will be able to track borrower progress over time and see the various ways a borrower is working with our Field Partners through funds from Kiva’s lenders.

About Mongolia

  • $2,175
    Average annual income
  • 0
    View loans »
    Mongolia Loans Fundraising
  • $15,289,050
    Funds lent in using Kiva
  • 1,650.5
    Mongolia Tugriks (MNT) = $1 USD
Ended with Loss - Currency Exchange Loss learn more
A loan of $1,225 helped Narmandakh to repair his automobile.
97% repaid
Repayment Term
17 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
Nov 29, 2013
Listed
Dec 21, 2013
Currency Exchange Loss:
Possible
Ended:
Mar 17, 2015