Mr.Ravdanbazar is 55 years old lives with his wife in Ger, in a traditional nomadic yurt in Zavhan province, Mongolia. His wife Byambasuren is 53, retired and stays at home.
Ravdanbazar has been working at a local company for years and has recently retired. He purchased a second hand car to start his taxi service business in town during the summer of 2013. He has been running his taxi service for few months now and has already become well-known among clients with his reliable and safe service. He is now requesting loan of 500,000 MNT to purchase spare parts and install them on his car to continue his business.
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.